Lincoln Property JV Buys $86M Nashville Portfolio
- Oct 14, 2019
Gaedeke Group has sold a Nashville, Tenn., office portfolio for $85.5 million to a joint venture between Lincoln Property Co. and Angelo Gordon, according to public records. The assets total 460,740 square feet across two buildings.
The smaller of the two assets, the 178,639-square-foot Highland Ridge III, last changed hands in late 1996, per data from Yardi Matrix, as part of a $18.6 million portfolio deal. The seller delivered the other building, the 282,101-square-foot Highland Ridge Tower, in 1998 and had owned and operated the property since.
Located at 535 and 545 Marriott Drive in the Donelson-Hermitage submarket, the properties are 6 miles east of downtown, close to the Nashville International Airport. The assets comprise two of the Highland Ridge campus’ five buildings. At the start of the year, Innovatus Capital Partners acquired two of the others for nearly $64 million.
The 12-story Highland Ridge Tower is leased to a mix of tenants including Concord Healthcare Development and PMA Cos. The building is LEED Gold-certified and includes an on-site café and conference facilities. Highland Ridge III, LEED-certified to the Silver level, is home to the U.S. Bureau of Indian Affairs, ROCIC and VF Imagewear.