The sale included 136 parking spaces on levels eight and nine, in addition to air rights above the garage. Terms of the deal were not disclosed, but other office properties sold recently in Nashville include the 198,421-sf Plaza Tower at 200 Athens Way for $28.3 million and the 154,307-sf Plaza at Metro Center at 220 Athens Way for $22 million.
Wells Real Estate Funds was represented by Wells SVP, acquisitions Keith Willby in the transaction. Country Music Television, a division of New York-based MTV Networks (Viacom Inc.) occupies 75% of the building. It has been the television station's corporate headquarters since 2002. Wells plans to market the remaining vacant space, which is about 29,000 sf.
The property is centrally located near numerous corporate office buildings, the State Capitol and Ryman Auditorium. "We think there is opportunity to create value with this property with the leasing of the vacant space," Willby tells GlobeSt.com. "We continue to like Nashville, especially the downtown area. With vacancy rates hovering around 10%, it's a tight market."
The seller was Franklin, TN-based Ferrari Partners LP. CB Richard Ellis Nashville office SVP Douglass Johnson and FVP Don Albright represented Ferrari. "The capital markets continue to view Nashville as having a balanced economy and strong real estate fundamentals," Johnson said in a prepared statement. "National buyers continue to raise allocations for commercial real estate and view Nashville as a viable player."
The building was completed in 1986 to serve as the corporate office of J.C. Bradford & Co. It was acquired by K & M Enterprises in 2000. Ferrari Partners acquired the building in May 2002.
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