FD Stonewater Buys Nashville Office Asset
- Mar 01, 2019
Gramercy Property Trust—part of The Blackstone Group following a $7.6 billion deal last year—has sold Southplace Office Park, an 89,056-square-foot property in Nashville, Tenn., to FD Stonewater for $17 million, according to public records. Starwood Capital originated $11.1 million in acquisition financing for the buyer.
The Class B asset is fully leased to Aramark. The seller purchased the building from Elman Investors in May 2014 for $16.5 million, per Yardi Matrix data.
Located at 5880 Nolensville Pike in the Far South Nashville office submarket, the one- and two-story building is roughly 10 miles south of the city’s downtown, alongside U.S. Highway 41A. The property is a short distance from a number of retail properties, and a local bus route links it with the city center as well as Global Mall at the Crossings to the east.
Same as Southplace Office Park, the bulk of Nashville’s office sales in the past 12 months have been for suburban assets. Across the metro, Yardi Matrix noted 26 transactions totaling 3.4 million square feet valued at $644.6 million since February 2018. This marks a slight decrease from the previous year, as office transactions begin to slow nationwide.
Image courtesy of Yardi Matrix