Elmington Capital Buys Nashville Office Park for $46M
- Nov 06, 2019
Albany Road Real Estate Partners has sold Haywood Oaks Park, a 325,700-square-foot Class B office asset in Nashville, Tenn., to Elmington Capital for $46 million, per public records. JPMorgan Chase provided $32.2 million in acquisition financing to the buyer. The seller had purchased the five-building office park in June 2017 for $34.8 million from TPA Group, according to Yardi Matrix.
Located 10 miles south of the city center at 5209 to 5217 Linbar Drive, the asset is in a suburban setting alongside Interstate 24. Haywood Oaks Park is on 26.7 acres, but also includes 4.2 acres of vacant land on two neighboring parcels. Most of the metro’s office investment has been concentrated in more central areas: In the 12 months prior to Elmington’s acquisition, only $42.4 million of the market’s $1.1 billion in transactions were in the Far South Nashville submarket. In March, Gramercy Property Trust traded a fully leased Class B building 4 miles south of Haywood Oaks for $17 million.
Constructed in 1988 and 1989, the property has a mix of flex and medical office space in addition to roughly 24,000 square feet of retail. The buildings’ tenants include Gaylor Electric, DaVita, Terracon and United Technologies. Yardi Matrix shows the property’s vacancy was at 7.9 percent in October, higher than the submarket average of 5.9 percent.