(Read more on the industrial market.)
NASHVILLE, TN-Sacramento, CA-based Panattoni Development Co. LLC has acquired the five-building, 121,000-sf flex Metroplex Business Park at 475 Metroplex Dr. The seller was LaSalle Bank, Trustee.
Mark Robbins, with Robbins Properties, represented the seller. The property, located near the Interstate 24/Harding Place Interchange, is about 80% occupied. The acquisition price was not released, but similar properties have sold for about $15 million.
Panattoni plans to make significant improvements to the property, including “white boxing” of the vacant space as well as landscaping and parking lot improvements. PDC Properties Inc. will operate the buildings and Janet Sterchi and Lisa Maki, with CB Richard Ellis, will be the leasing agents.
Additional properties that Panattoni owns in Tennessee include the 372,800-sf EastPark Distribution Center Building in Memphis and the 1.025-million-sf Memphis Oaks Distribution Center Building 3 Phase II in Memphis.
According to a CB Richard Ellis industrial market report for Nashville for 3Q, the vacancy rate in the Nashville industrial market is 5.83% with 383,567 sf of positive absorption experienced during the quarter, and average asking gross rents of $3.88 per sf.
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