NASHVILLE, TENN. — The Lionstone Group, a real estate investment trust based in Houston, has acquired The Carothers Building, a four-building, 509,000-square-foot office park in Nashville. The purchase price was nearly $100 million, according to the Nashville Business Journal.
The Class A complex is situated on 50 acres in the heart of Nashville’s Cool Springs office submarket along Carothers Parkway with convenient access to I-65.
Originally constructed as a build-to-suit for Ford Motor Credit Co. in 1994, the property was expanded in 1997 and has room for an additional 600,000 square feet of office space. The seller, J.P. Morgan Asset Management, purchased the property in 2006 for approximately $70 million. It is now fully leased to five credit tenants.
The deal was originally announced at the end of September, but closed on Monday.
Stewart Calhoun and David Meline of Cushman & Wakefield’s Atlanta office, along with Don Albright of the firm’s Nashville office, represented the seller in the transaction.
J.P. Morgan Asset Management is part of JPMorgan Chase & Co. (NYSE: JPM) with $1.4 trillion in assets under management. JPMorgan’s stock price closed at $40.48 per share on Wednesday, up from trading at $33.25 per share a year ago.