(Read more on the industrial market.)
NASHVILLE-After a nearly five-year hold, WexTrust Capital has sold two industrial parks totaling 957,691 sf for $33 million. A spokesman for WexTrust Capital tells GlobeSt.com the portfolio is 94% occupied. He declined to name the Boston-based buyer.
The two parks, Space Park North and Old Stone Bridge, are within a half mile from each other in Goodlettsville, 13 miles north of Downtown Nashville. WexTrust Capital acquired the properties from Lord Baltimore Properties in December 2002.
Space Park North contains nine buildings on 39 acres. The buildings consist of 707,321 sf of mainly bulk warehouse and distribution space, with 10% set aside for flex office space. Construction began in Space Park North in 1979 and was completed in 1984.
Old Stone Bridge has four buildings on 19 acres and totals 250,370 sf--of which 91% is warehouse and distribution space, and 9% is flex office, according to a release from WexTrust Capital. Construction began in 1986 and was completed in 1989.
"We are very pleased with our investment in the Space Park North portfolio since acquiring the properties in 2002," says Mike Gorney, principal of WexTrust Equity Partners, a division of WexTrust Capital. "We made significant capital improvements to the parks and have experienced very strong leasing over the past two years, attracting such major tenants as DuPont, ReMedPar, Cadbury Schweppes, Wei Chuan and Miller Mott Technical College."
CB Richard Ellis' Douglass Johnson and Don Albright repped WexTrust Capital. Both were also involved in Space Park North the Chicago-based company took the deed to the portfolio in 2002. Nashville Commercial Real Estate Services leased and managed the portfolio for WexTrust.
"Space Park North and Old Stone Bridge continue to show staying power with strong occupancy, a great in fill location, and continued institutional quality ownership," Johnson adds. "Industrial properties continue to get traction in the capital markets as institutional investors are looking to balance their portfolios."
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