Northern Nashville Office Changes Hands
- Mar 07, 2019
Innovatus Capital Partners has acquired Vantage Place, a 165,656-square-foot Class B office building in Nashville, Tenn., for $26.5 million from The Dilweg Cos., according to public records. Pinnacle Bank provided the buyer with $14.2 million in financing for the purchase. The asset last changed hands in April 2017, when Atapco Properties sold the mid-rise for $17.7 million, according to Yardi Matrix.
Located at 44 Vantage Way, the five-story building is in the heart of the MetroCenter submarket. Interstate 65 and Tennessee Route 12 are a short distance away, providing access to downtown Nashville, less than 3 miles south. Approximately 1.6 million square feet of office space is within 1 mile of the structure, per data from Yardi Matrix.
The property opened its doors in 1981 and the previous owner invested in capital improvements in 2017. Vantage Place is home to several tenants, including Centerstone SBA, OpenSky and Tennessee Titling & Registration. The asset has a vacancy rate of 7.2 percent.
Earlier in March, Wheelock Street Capital acquired a 435,525-square-foot Class A office property in the city center. The asset changed hands for more than $110 million.
Image courtesy of Yardi Matrix