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NASHVILLE-JMJ Development has acquired 2,014 acres on the western edge of this city. The property has a current Planned Unit Development in place for a mixed use development to include retail, office, hospitality, multifamily, town home, and single family development. Construction is expected to begin in the first quarter of 2006, according to a JMJ announcement.JMJ declined to reveal the purchase price. Sources within Davidson County government tell GlobeSt.com the acquisition price was $5,000 an acre, which translates to $10.07 million. The property is located at the intersection of Interstate 40 and McCrory Lane. About 1,500 acres are in Davidson County and 500 acres are in Cheatham County, according to Davidson County employees. The seller was the Branstetter family, according to the county, and the buying entity officially includes Devereaux Cannon Jr. and Nashville Biltmore LP. JMJ says the Nashville acquisition and a previous acquisition of the 1,000-acre Spillar Ranch in Austin, TX, are “pre-fund takedowns” for a property investment fund that will invest $200 million in mixed-use land development projects. JMJ has raised $100 million in anticipation of the fund and is in the process of raising another $100 million this year from European investors for a total fund of $200 million. The fund is targeting 25%+ returns and will use leverage while seeking opportunistic investments.

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