$15M penthouse? Chicken feed for ‘Canes’ founder

(As seen in the 6/28/24 Ledger column)

While the century remains in its infancy as centuries go, the years that have sped by have had their moments – especially in the local real estate market. While Y2K +23 crept into being with no global pandemics, no recessions, some inflation, higher interest rates and a stock market that had increased about 30% over the past three years, it was a ho-hum transition.

In Nashville real estate, the landscape and hardscape had tilted to the upper-end with the sales numbers dropping jaws and opening eyes. Five days into 2024, the home of Dr. Thomas Frist at 1304 Chickering Road sold for $32 million. The parcel included almost 50 prime acres in the middle of Belle Meade proper, and that added a few million to the value.

Dr. Frist was, along with his father, Dr. Thomas Frist, and Jack Massey of Kentucky Fried Chicken fame, one of the founders of Hospital Corporation of America. Since its founding, there have been numerous spinoffs companies and copycat endeavors, and Nashville has become the health care capital of the nation, a title that balances the city also known as the Bachelorette Capital of the World. And then there is the music.

When the Fisk Jubilee Singers were invited to perform before Queen Victoria, the Queen was so impressed she said the singers must be from “a city of music,” and that is how the phrase “Music City USA” was born. It stuck and overshadows all of the other crowns laid atop the city’s head.

When Kentucky Gov. John Y. Brown and Jack Massey bought KFC, the company had 600 franchises and, after going public, the company bought back the 600 franchises. Much to the dismay of Col. Harlan Sanders, the founder of the company, Massey brought the headquarters of the company to Nashville, making the city the Chicken Capital of the World. The company had 3,000 outlets in 48 countries when it sold to Heublein in 1979 for $285 million, which roughly translates to $1.8 billion in 2020 dollars.

The chain’s expansion and subsequent sale left Massey in position to turn his attention to hospitals. With the Frists joining him, they did with HCA what Massey and Brown had done with chicken.

Massey benefited from money pouring from the health care leaving him well-heeled to pursue another chicken enterprise when he founded, Mrs. Winners, in 1979, making him the only person at the time to take three companies public. The company grew to 184 stores, but by 1989, with Massey in poor health, the company sold for $30 million after four years of losses. Mrs. Winners had laid an egg.

Thus, Nashville abdicated the chicken throne – until now.

With the purchase of the $15 million penthouse condo at the Four Seasons, Todd Graves, founder and CEO of Raising Canes Chicken Fingers, is perched atop the residences of the health care executives, inhabiting the tallest and most-expensive condo in Nashville.

The lines at his White Bridge Road and other area restaurants are even longer than those at area hospitals and his rival, Chick-fil-A. With area Krystal restaurants closing all over town and White Castles crumbling to the ground, it appears that ad campaign with the cows on the billboards enticing drivers by to “Eat Mor Chikin” has worked for both companies.

Raising Canes ended 2023 with net sales of $3.7 billion and is on track to hit 850 stores with $4.5 billion in sales, not bad for a company that started on the campus of LSU in 1996. Raising Canes was named for Graves’ dog, a golden lab. The dog’s master is reported to have a net worth of $7.6 billion, which is not chicken feed.

The penthouse is on the 40th floor and is listed by agent Erin Krueger, one of the city’s top listing and selling brokers. She noted the condo “went through a multimillion-dollar buildout with architecture layout by Miller Hull.”

That multimillion-dollar buildout would have been after the sellers paid $11 million for the shell. Krueger noted there is an almost 1,000-square-foot balcony that is sometimes “above the clouds.”

Julie Dretler, the fast-rising star of Nashville realty, represented the buyer but never crowed about her client and watched puzzledly as publications like Bloomberg broke the news. The 3,953-square-foot property sold for $3,795 per square foot, so no buyer should ever worry about that statistic again. Ever. The end. That stat was been laid to roost.

Tim Villager dies

Longtime, revered and greatly respected Tim Villager died May 30 after an extended Illness. Tim was known for his extensive research, and long before the computer age he could be found in the basement of Fridrich and Clark poring over old multiple listing books in search of any information that he could glean on the houses he was listing.

His phone number, 615 351-1011, often struck fear in the hearts of those he called, as he would often begin the conversation with “Remember that house on Elm Street you sold 18 years ago?” It was then time to pour a cup of tea and grab a comfy chair as the conversation – inquisition – would be long, tedious and embarrassing, as he knew more about the property than the recipient of the call.

It was even worse if he had an offer on a listing as since he, once again, knew every inch of the property and its history. He argued his position with respect – although often not deserved – and aplomb, and never, ever lost his cool. Nor did he lose a debate.

On Habitat for Humanity builds, he was the first volunteer to hit the site and the last to leave, often volunteering to help companies that lacked the interest to show up on their scheduled build days.

He won more awards than could be counted, as his sales were driven by his passion for his clients and his determination to give them the best representation possible. He knew the rules, played by them and insisted that all within earshot followed suit. In many sales, it took a Villager, and it was Tim.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at [email protected].