(To read more on the industrial market, click here.)
NASHVILLE-Principal Real Estate Advisors has acquired three buildings in the MidSouth Logistec Center here. The Des Moines-based company bought the industrial assets from Ozburn Properties for $67 million.
Rick Massa, acquisitions manager for PREI, declined to release the cap rate, but said the buildings fit into PREI's overall strategy to acquire high-quality properties. "This is one of the largest, if not the largest distribution park in Nashville," he tells GlobeSt.com.
Buildings I, III and IV in MidSouth Logistec Center total a combined 1.53 million sf. MidSouth Logistec Center is a 240-acre master planned distribution park with approximately 3.8 million sf, Massa adds.
The three buildings involved in the deal were developed in phases from 1998 to 2001 and the cross-deck facilities are situated on 80 acres. The buildings are 100% leased and the tenant roster includes Hewlett-Packard, Ozburn-Hessey Logistics, Waldenbooks, Genco and United Stationers. MidSouth Logistec Center is comprised of seven buildings, one other which is currently on the market, Massa adds.
Douglas McDowell and Randy Wolcott with ProVenture Commercial Real Estate brokered the deal.
Massa adds that PREI, which has other holdings in Nashville, is actively looking for additional acquisitions in the market, spanning all property types not just industrial.
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