Starwood Pays $62M for Nashville Airport Warehouses
- Sep 17, 2020
Starwood Capital Group has completed its $62.3 million acquisition of the first two phases of Airport Logistics Park in Nashville, Tenn. The company funded the 397,981-square-foot industrial purchase with a $35 million loan from MetLife, according to Davidson County records. Holladay Properties sold the six-building distribution portfolio.
The seller, which also developed the industrial complex, is working on the property’s third phase, which will add five buildings encompassing 328,500 square feet to the park. The first of the facilities is scheduled for completion in 2021. Upon full build-out, the 95-acre project will comprise 11 buildings totaling more than 700,000 square feet.
Located near Nashville International Airport at 1922 Old Murfreesboro Pike, the existing buildings delivered in 2019. The six warehouses are fully leased to 14 tenants, including DHL, Overhead Door and BrandSafway. The park is 4 miles from Interstate 40 and 10 miles southeast of the city center.
Cushman & Wakefield negotiated on behalf of the seller. The team included Vice Chairman Stewart Calhoun, Director Casey Masters, Executive Managing Director David McGahren and Executive Director Ronnie Wenzler.
Last year, Starwood paid $319.6 million for a 95 percent stake in a 33-property industrial portfolio across the Midwest. Becknell Industrial sold the assets which encompass 4.1 million square feet.