Nashville City Center
NASHVILLE—CapRidge Partners, LLC has acquired a major commercial office property in Downtown Nashville—the 27-story Nashville City Center office building here.
The Austin, TX-based firm acquired the building from Alliance Partners HSP, which is headquartered in Bryn Mawr, PA. The Nashville Business Journal reported the sale price, citing public records. for the 477,261-square-foot office building was $105.3 million.
CBRE negotiated the sale of Nashville City Center. The brokerage firm's Will Yowell, Jay O'Meara, Morgan Hillenmeyer and Douglass Johnson represented the seller Alliance Partners HSP, LLC, an affiliate of The Shidler Group, in the transaction.
Since 2016, Alliance Partners invested $3 million in a state-of-the-art fitness center, a free-standing restaurant in the property's courtyard and the “Jamnasium”, an onsite music studio created from tenant demand and available for tenant use.
“This offering was a very rare opportunity to acquire one of Nashville's most prominent office assets at an attractive basis and we received significant of investor interest because of it,” says Yowell, vice chairman at CBRE. “Nashville City Center benefits from its location in the thriving Nashville CBD, walkable to all of the city's new projects, including Nashville Yards, 5th and Broadway, Capitol View and the Federal Courthouse.”
The office tower at 511 Union St. has a historical average occupancy rate of 95% since 2011.
New York City-based CIT Group Inc.'s Real Estate Finance division reports it provided acquisition financing for the transaction. Holliday Fenoglio Fowler worked on behalf of CapRidge Partners, LLC, to secure the four-year, floating-rate acquisition/bridge loan through CIT Group Inc.
The HFF debt placement team that represented the borrower was led by senior managing director Andy Scott and managing director Jim Curtin.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
