Unico Properties Enters Nashville Market
- Sep 25, 2018
Unico Properties has acquired One Nashville Place, a Class A office tower in Nashville, Tenn. This purchase marks the firms first investment in the city. Cushman & Wakefield brokered the deal and will also be managing the property alongside Unico’s team.
Located in the central business district, at 150 Fourth Ave. N., the property was built in 1985 and comprises 418,824 square feet across 24 stories, as well as a six-story parking garage. According to Yardi Matrix, the last known owner was TA Realty, which purchased the tower in 2014 for $98.8 million, from Newmark Knight Frank. Previous renovations included common area upgrades, parking renovation and expansion, lobby updates, system upgrades and tenant improvements. At the time of sale the building was 89 percent leased to tenants including Regions Bank, WeWork, the Nashville Bar Association, AARP and TransCore.
“Metrics like Nashville’s strong population and employment growth, its relatively low corporate tax rate, and the percentage of local college graduates who have stayed in the metro area are all indications of an urban environment that attracts workforce and companies alike. With these growth factors and the city’s one-of-a-kind cultural appeal, Nashville is in the early stages of becoming a target market for institutional real estate investment,” said Ned Carner, chief investment officer at Unico Properties, in a prepared statement.
Cushman & Wakefield’s Vice Chairmen Stewart Calhoun and David Meline, Executive Directors Samir Idris and Crews Johnston, along with Senior Associate Andy Johns were the listing brokers. Executive Managing Director Michael Ryan and Executive Director Brian Linnihan represented Unico in the transaction. Director Stewart Lyman, Senior Director Robby Davis and Executive Vice Chairman Rob Lowe are handling leasing for One Nashville Place.
Image courtesy of Unico Properties