Plaza Tower is a nine-story, 198,421-sf class A office building. It is entirely occupied by the Tennessee Education Lottery Corp. and the State of Tennessee Department of Human Services. Plaza MetroCenter comprises two class A office buildings. Plaza Building I is a five-story, 138,755-sf property and Plaza Building 2 is a two-story, 15,552-sf property. Combined, Plaza MetroCenter is 93% leased. The tenant roster for the two-building property includes the State of Tennessee Department of Health, Nortel and Henkel Chemical Management.
The three-building complex was built in 1985 as Nortel's US headquarters. A total 1,162 parking spaces serve the complex.
Randy Parham, principal of Southeast Ventures LLC, declined to reveal to GlobeSt.com the acquisition price. Parham worked with the CB Richard Ellis investment properties disposition team, led by Russell Ingrum and Gary Carr in Dallas; and Don Albright, senior associate, and Douglass Johnson, first vice president, in Nashville. Southeast Ventures will continue to lease the complex. Calls to IPC US were not returned by deadline.
"This office complex has long been one of the most attractive in this market and it has been well-maintained by the USAA Real Estate, the previous owner," Parham says. "As is evident by the current level of development, leasing and sales in MetroCenter, it has become one of the city's most desirable locations for investors and organizations seeking a quality environment conveniently located to Downtown and the interstate system".
According to Colliers Turley Martin Tucker's 1st Quarter 2006 Market Report, the MetroCenter submarket continues to have positive absorption and declining vacancy rates, with a current vacancy rate of 8.5%.
Last fall, IPC US made news in Tennessee with the acquisition of Crescent Center in Memphis, as GlobeSt.com previously reported. IPC US bought the 339,000-sf property from the Arkansas State Teachers Association.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
