Nashville Office Building Commands $13M
- Jul 09, 2018
Speedwagon Properties has acquired 814 Church St. and three vacant lots at 801, 813 and 817 Church St. in Nashville. Wedgewood sold the assets for $13.8 million.
Ron Greenfield of the Greenfield Co. represented the seller in the transaction. He also represented Wedgewood in 2017, when the company initially purchased the properties (sans the 801 lot) for $9.3 million. The 801 lot was acquired soon after for $2.5 million.
Steve Armistead of Armistead Arnold Pollard Real Estate Services LLC represented Speedwagon Properties in the deal.
“It’s an incredible building with great bones and we saw a lot of potential when we originally purchased it,” Lauryn Lyskin, Wedgewood’s commercial acquisition analyst, told Commercial Property Executive.
Lyskin added that Wedgewood invested approximately $1 million to renovate the 81-year-old office building. The company specializes in the acquisition and renovation of distressed properties.
“We put in a new roof, we updated the elevator interiors and updated the lobby, and renovated the entire third floor,” she said. “There were original wood floors hidden under some carpet, so we pulled that all out and restored the wood floors. And we also completed a masonry restoration to the front of the building and the 9th Ave. side.”
The properties are situated in Nashville’s West End, close to the future home of the Nashville federal courthouse and the Nashville Yards, a popular mixed-use redevelopment project.
“The location is ideally situated with development on each corner,” Lyskin said. “Nashville Yards will have a new Hyatt Hotel, and AIG Entertainment is developing an outdoor concert space and green space and they are really transforming the whole corridor.”
Big deals in the state
Tennessee, particularly Nashville, has been very active of late.
In June, CBRE Capital Markets arranged the $44 million sale of 4th & Church, a 266,054-square-foot, Class A office tower in downtown Nashville. In May, Viking Partners Fund III completed the acquisition of Parkside Plaza, a Class A, 100,340-square-foot office building in Knoxville, Tenn. And in March, Skanska extended a contract for a $430 million mixed-use project in Nashville.
This was Wedgewood’s first property in Nashville and the company was very happy with the outcome.
“We loved the property and it was a good fit for us,” Lyskin said “We were working on a couple of ideas for the lots—either a surface parking lot of ground-level retail with underground parking, but we received this offer so the plans came to a halt.”
Image courtesy of Wedgewood