Chicago, Nashville investors pounce on Brentwood buildings10 Jun 2019
An investment duo from Chicago and Nashville has paid almost $32 million for a pair of Brentwood office buildings - a nearly 25% jump in sticker price for what the same buildings fetched less than three years ago.
TRP Investments LLC, of suburban Chicago, and Nashville's Magnolia Investment Partners picked up a total of 126,500 square feet of office space with their purchase, which happened Thursday.
The deal is a reminder not to lose sight of the tried-and-true suburban Brentwood office market at a time when downtown Nashville is attracting so much of the spotlight and investor interest. Compared to Nashville, Brentwood has a lower vacancy rate for top-grade Class A space and higher asking rents, according to stats from real estate brokerage firm Avison Young.
The buildings are located within Maryland Farms, west of I-65. Two years ago, TRP and Magnolia teamed to buy a building on the other side of I-65, for nearly $20 million.
"Maryland Farms continues to be in high demand for a variety of office users," said Ben Bonner, president of Magnolia Investment.
Boston-based Albany Road Real Estate Partners, which has a Nashville office, was the seller in the deal for the buildings at 5409 Maryland Way and 115 East Park Drive. Albany Road bought the buildings in late 2016 for $26 million, and has now sold them for $5.6 million more.
Avison Young brokers Lisa Maki and Mike Jacobs represented Albany Road in the sale. TRP and Magnolia retained Avison Young to lease and manage the buildings going forward.
By Adam Sichko | June 6, 2019 https://www.bizjournals.com/nashville/
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