Charlotte Avenue Gets More Attractive with New Property Sale
- Aug 19, 2015
The office building located at 1919 Charlotte Ave. in Nashville was sold to a Virginia-based investor for $7.57 million. The sale price per square foot reached $196, showing the growing appeal that the Charlotte Avenue corridor gained.
Real estate investor Michael Shmerling sold the 38,569-square-foot building along with several parking sites situated behind the property to an unnamed investor. The transaction involved six parcels totaling 1.86 acres. Shmerling acquired the property back in 2003 from Gambro Healthcare for $3 million and went on to invest another $3 million in renovations.
Built in 1988, the three-story office building is fully leased to medical-related companies such as Meharry Medical College, a VA (Veterans Affairs) clinic, Sheats Endodontic Group and a dialysis provider.
Henry Menge of XMi Commercial Real Estate represented Michael Shmerling’s selling entity, 1919 Investments LP, in the transaction. HEP Charlotte MOB LLC, the latest buying entity, lists an address in Charlottesville, Va.
Image courtesy of XMi Holding