CapRidge Partners Acquires 27-Story Office Tower in Nashville for $105.3M
NASHVILLE— CapRidge Partners has acquired Nashville City Center, a 27-story office tower. Multiple media outlets reported the sales price as $105.3 million.
Located at 511 Union St. in downtown Nashville, the 477,261-square-foot building features a fitness center, freestanding restaurant and an onsite music studio available for tenant use. The building is near the Tennessee Performing Arts Center and Bridgestone Arena as well as number of dining and entertainment options.
Andy Scott and Jim Curtin of HFF worked on behalf of CapRidge Partners to secure a four-year, floating-rate acquisition loan through lender CIT Group.
“We were pleased to arrange financing for the acquisition of this notable office property in Nashville, which is a vibrant market for commercial properties,” says Chris Niederpruem, managing director for CIT’s Real Estate Finance division.
Will Yowell, Jay O’Meara, Morgan Hillenmeyer and Douglass Johnson of CBRE represented the seller, Alliance Partners HSP LLC, in the transaction.
Since 2011, the property’s average occupancy is 95 percent.
“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 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.”
— David Cohen