Franklin, Tenn. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory located roughly 21 miles outside Nashville in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory at Franklin is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex. The new ownership plans to turn the property into a “little city,” with plazas and courtyards alongside curated shopping, dining and entertainment venues. The development is currently home to tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams, Mojo’s Tacos, Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week. After the renovation project is complete, The Factory will offer about 310,000 square feet of mixed-use space. Nashville architecture firm Centric will design the redevelopment project. Construction is slated to be complete in fourth-quarter 2022. Elliott Kyle with Equitable Property Co. and Elam Freeman of Ojas Partners will handle leasing of the approximately 150,000 square feet of retail and restaurant space in the renovated Factory.