Carothers Building in Cool Springs is set to be sold for a price of around $100 million. It's being reported that a Houston-based real estate investor could soon close the deal on property. If and when it happens, this could very well be the priciest office building sale in the Nashville area in 2012.
J.P.Morgan Chase & Co. originally held a contract with the Lionstone Group. The former has been the owner of this 500,000 square foot building just off Carothers Parkway since 2006. A few of the tenants here include Ford Motor Credit, Nissan, Community Health Systems and Cybera. Lionstone, in partnership with Teacher Retirement System of Texas when buying real estate, is no newbie in the Nashville area.
A Lionstone executive states that the company doesn’t comment on ongoing/ pending transactions.
The Nashville metro area has seen over USD210m worth of office investment sales in the past nine months.
Lisa Maki, associate director of the capital markets group at commercial real estate firm Cushman & Wakefield in Nashville says that in the past nine months, the Nashville metro area has seen more than $210 million worth of office investment sales. That easily beats the USD178M sales throughout 2011.
Maki continues,” Cushman & Wakefield’s capital markets group in itself has closed or listed over USD300M worth of commercial/ office properties in Nashville. The Carothers Building deal in the Williamson County would be the latest sale in the office/ commercial property market”.
Just a few months ago, the McEwen Building was bought by the KBS Real Estate Investment Trust for USD40M. The sale of the Synergy Business Park in Brentwood was closed at USD62.8M.
Rob Lowe, a principal in Cassidy Turley real estate, “This goes on to emphasize that institutional investors’ have great appetite for acquiring properties in the Nashville area, especially around the Cool Springs. With a steady employment base and being home to large corporations and a historically low vacancy rate, the Cool Springs area is especially enticing for similar sales activity. All of this translates to a safe investment opportunities”.
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