A group of locally based investors led by Creed Investment Co president David Creed and Premier Parking president Ryan Chapman acquired the Pilcher Building at 144 Second Ave N for $8.4M. The Downtown property had been under contract to Atlanta-based The Ardent Cos, but the deal fell through. The buyers plan to move their businesses into the structure, the Nashville Post reports.

The building dates back to 1906, and is used for office space. The buyers will undertake major renovations that include a new mechanical system and energy upgrades, but with attention to historic detail. Perkins Construction has been tapped to do the work, and Snipes Properties will lease the space the owners don't occupy. Pilcher Partners, which has owned the property since 1992, was the seller. [Nashville Post]