Unico Properties Acquires 24-Story Office Building in Nashville for $139.5M
NASHVILLE — Unico Properties LLC, a subsidiary of Unico Investment Group LLC, has acquired One Nashville Place, a 24-story office building located in the state capital’s central business district.
The Nashville Business Journal reports that the sale, which includes an adjoining six-story parking garage, fetched a price of $139.5 million. The deal marks Unico’s first commercial investment in Nashville. The seller was not disclosed.
The Class A property, which totals 418,824 square feet, is situated near the city’s SoBro neighborhood, as well as the Broadway strip and several new hotels under construction on historic Fourth Avenue. The building was completed in 1985.
Amenities at One Nashville Place include a tenant conference center, 24-hour security and a deli. The building’s common areas were recently upgraded as well. Unico plans to further invest in capital improvements to the building.
“One Nashville Place is positioned at the nexus of everything we find exciting about this vibrant city,” says Andrew Cox, Unico vice president and regional director. “Nashville’s business-friendly environment and proactive approach to job creation have led to a multi-decade corporate relocation winning streak.”
Cushman & Wakefield brokered the acquisition on behalf of the seller, and will manage the property and leasing alongside Unico’s in-house team. Stewart Calhoun, Samir Idris, Crews Johnston, David Meline and Andy Johns were the listing brokers. Cushman & Wakefield also arranged acquisition financing for the deal.
— Taylor Williams