Nashville MetroCenter Office Changes Hands

Menlo Equities acquired the 107,000-square-foot, Class B asset for approximately $22 million—more than double the price the seller had paid in 2006.
Heritage Place

Realty Equity Partners has sold Heritage Place, a 107,000-square-foot, Class B office asset in Nashville, Tenn. According to public records, Menlo Equities paid $22.4 million for the property. PNC Bank originated $14.6 million in acquisition financing through an existing $750 million line of credit.

Located at 227 French Landing Drive in the MetroCenter submarket, Heritage Place is positioned within 3 miles of downtown Nashville. Interstate 65 runs through the immediate area, which is also served by multiple public transportation links. The neighborhood is home to more than 1.7 million square feet of office space along with a variety of industrial properties.

The five-story Heritage Place, constructed in 1984, features 25,000-square-foot floor plates, a load factor of 14 percent and parking at a ratio of 3.5 spaces per 1,000 square feet. The asset is fully occupied by TennCare and Ross Bryan Associates, per Yardi Matrix data. A previous owner, The Mathews Co., renovated the property in 2005, prior to selling the building to Realty Equity Partners for $10.2 million in November 2006.

In the past 12 months, Menlo Equities has purchased more than 1 million square feet of office space across four major markets, according to Yardi Matrix. Their largest acquisition of 2018 was the $171 million purchase of a 590,000-square-foot asset in the Twin Cities.

Image courtesy of Yardi Matrix