Another LN Shed For Sale

Live Nation has put the Verizon Wireless Amphitheatre in Selma, Texas, on the sales block through broker CB Richard Ellis, making five the number of sheds to date the company has sold or hopes to hive off this year.

The 19,262-capacity venue has shows on the books through November, including Ricky Martin, Kenny Chesney, Vans Warped Tour, Ozzfest, Family Values and the Honda Civic tours.

"We are continually evaluating our real estate holdings on a national basis and our decision to look into a sale at this time is based on a number of factors," Live Nation said in a statement confirming the potential sale. "This certainly does not mean that a sale is imminent or necessarily guaranteed.

"Regardless of whether a sale is completed or not, we are committed to the 2007 concert season and will continue bringing fans the same great music and customer service they have come to expect from Live Nation at the Verizon Wireless Amphitheatre in Selma, Texas."

The statement, however, did not address reports that a restriction has been put on the sale, and a spokesman for Live Nation told Pollstar the company would have no comment beyond its written statement.

Whoever buys the 110-acre property would be restricted from using it as a music venue for an unspecified length of time, according to the San Antonio Express-News. The implication is that the property will be sold for the land value, not the building – and no potential competitor will be able to use the venue for concerts in the foreseeable future.

CB Richard Ellis has the property listed as a good location for "industrial, commercial or residential uses," and carrying a $6 million price tag, according to the newspaper.

Meanwhile, after months of "serious discussions" with a buyer for the Starwood Amphitheatre in Antioch, Tenn., Live Nation has closed the sale of the 17,500-capacity shed to a Nashville land developer for $4.2 million. Three other sheds have been on the block since earlier in the year.

The amphitheatre sell-offs aren’t unexpected, as Live Nation continues to shift its focus to mid-sized venues such as its recently acquired House of Blues clubs and Fillmore-branded theatres, in addition to restoration projects at other theatres it has either bought or made management deals for.

Vastland Realty Group is expected to convert the 65-acre site for residential or commercial use, according to records obtained by the Tennessean. The developer reportedly counts a shopping center, condominiums and a mixed-use development among its projects.