Chicago, Nashville investors pounce on Brentwood buildings

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. 

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By Adam Sichko | June 6, 2019 https://www.bizjournals.com/nashville/

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