Nashville Office Portfolio Changes Hands for $25M
- Jul 13, 2017
Stan Johnson Co. completed the sale of two office buildings in Nashville, Tenn., totaling 135,003 square feet. The buyer, a New-York-based boutique investment and asset management company, acquired the portfolio for $25 million from YTG Nashville LP. The sale closed in June.
“This deal represents the exponential recognition of Nashville as a premier investment market, and the increasing demand for high-quality office space therein,” said Britton Burdette, a director with Stan Johnson Co., in prepared remarks.
Capitalizing on Nashville’s heat
The two properties sold for less than the $38.1 million purchasing price that YTG paid in 2014, according to PropertyShark data. The transaction highlights the increased interest from out-of-state investors in Nashville commercial property.
The first asset is located at 601 Bakertown Road in Antioch, Tenn. Built in 1999, the property offers 78,811 square feet of office space on an 12.8-acre lot, per PropertyShark records. The building is leased to WEX Inc., a provider of corporate payment solutions.
The second asset is a 52,917-square-foot facility built in 1984 at 621 Mainstream Drive in Nashville’s Metrocenter/North Rhodes Park area. It is occupied by Parallon Business Solutions, a subsidiary of HCA Healthcare.
The two corporate centers are almost entirely leased.
Images courtesy of Stan Johnson Co.