Photo: Angelina Castillo

New York City-based global real estate company Thor Equities Group has paid $32 million for the Cannery Row complex, and hopes to eventually add mixed-use buildings with a collective 500,000 square feet to the 2.8-acre site, according to a press release. The 110,000-square-foot building is home to live music venues Cannery Ballroom, Mercy Lounge and The High Watt, which will remain operational.

The sellers were brothers Edward Warner and Scott Warner. Edward Warner acquired the property in 1992 for $240,000, according to Metro records. Thor Equities chairman Joseph Sitt has been active in real estate since 2000, owning various properties in New York City, as well as in London, Mexico City, Paris, Madrid, Milan and Montreal. The purchase of Cannery Row marks his first in Nashville.

“Having emerged as a tech hub in recent years, the city has attracted a host of companies across all industries ready to capitalize on the talent base and take advantage of all the city has to offer,” Sitt said in the release. “The live, work, and play lifestyle has thrived in Nashville and we are thrilled to enter the market with an acquisition that is emblematic of the city’s culture.”

The Cannery Row buildings (pictured) date back to the late 1880s. Originally constructed as a flour mill, the area got its name from Dale Foods, which operated the site in the 1950s. Since Mercy Lounge opened in 2003, the area has hosted everything from up and coming local bands to major national acts.

Todd Ohlhauser, owner of the three Cannery Row music venues and ONE Historic Event Space, told Nashville Business Journal for a previous article that he has a long-term lease for the businesses and they will remain operational for the foreseeable future. Joey Valenti, a broker with Centennial Retail Services, was to have represented the Warners, NBJ previously reported. The release does not note if Thor had representation.