Nashville Office Transactions Flirt with Nine Figure Prices
- Sep 19, 2013
Nashville’s office market has experienced quite a flurry of activity recently. Things really heated up with the $152 million sale of the 520,000-square-foot Pinnacle at Symphony Place (details on the transaction here) and stayed hot with news of further large-scale office acquisitions.
The Nashville Business Journal reported that financial giant Goldman Sachs has entered a contract to acquire two office buildings near Nashville International Airport: Highland Ridge I and II, located on Marriott Drive.
No acquisition price has been reported for the transaction. However, real estate website PropertyShark.com puts the 2012 market value for Highland Ridge I at $14,917,600, and the market value of Highland Ridge II at $12,250,000. Both properties are owned by Hr Nash, LLC & Svf Highland Ridge, LLC, an entity with a San Antonio address, which purchased the properties in late 2005, paying $20,550,000 for Highland Ridge II and $21,750,000 for Highland Ridge I. The Nashville Business Journal identified San Antonio, TX-based financial services provider USAA as the company operating under the by Hr Nash, LLC & Svf Highland Ridge, LLC, names.
Highland Ridge I, located at 565 Marriott Drive boasts 193,961 square feet of space, according to PropertyShark. The eight-story building was built in 1983 and occupies 9.25 acres. Highland Ridge II also features eight stories. The 1984-built property features 181,173 square feet on 6.63 acres.
In other news, the Nashville business Journal also reported that Honolulu-based The Shidler Group is set to buy Nashville City Center at a sale price that is rumored to surpass the $100 million mark. Owner Parmenter Realty Partners paid $83.5 million in mid-2008 for the CBD asset. The 27-story Nashville City Center boasts 477,158 square feet and was built in 1988. Building amenities include a 340-car underground parking garage, tenant storage, café, two-story lobby and 24-hour security.
All acquisitions will by far surpass 2013’s second quarter highest sale, which clocked in at $34,400,000, according to Colliers International.
Image of Nashville City Center courtesy of Jice99 via Wikimedia Commons