According to a report by The Tennessean, the third-largest private parking facility in Nashville, Public Square Garage, was recently sold for $54 million which is nearly twice its 2015 value. The 12-story above-ground building was purchased by Philadelphia-based Stoltz Real Estate Partners. In 2015, the garage was valued at $26.2 million, in 2012 it was valued at 11.3 million. CBRE Group, which listed the sale in April, said a growing parking shortage downtown is driving up values on land that's dedicated to accommodating cars.

"With only 20,000 parking spaces for more than 65,000 employees and an average of 35,000 other daily visitors, the central business district suffers from a severe parking shortage, which makes Public Square Garage a great investment," said Douglass Johnson, senior vice president at CBRE.

The downtown parking shortage isn't expected to clear up anytime soon, either. Four of five hotels under construction within two blocks of the garage have no on-site parking, according to CBRE officials. The garage, built in 2004, has 1,069 spaces. A representative from Stoltz said the city's rapid growth prompted the investment, along with successes in past Nashville purchases.

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