Thursday, May 12, 2011

$23 Million Office Portfolio Trades in Tennessee

FRANKLIN, TN, May 12, 2011– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 133,200-square foot office building portfolio in Franklin. The sales price of $23 million represents $173 per square foot.

Joseph Massa, a senior associate in the firm’s Nashville office, represented the seller, a local real estate partnership managed by Preston Ingram.

 Drew Babcock and Scott Taylor, net-leased investment specialists in Marcus & Millichap’s Columbia, S.C., office, represented the buyer, Windcross Realty, an Orlando, Fla.-based investment group led by Ed Wideman, president of Susquehanna Holdings Ltd.

“Both buildings are currently 100-percent occupied by United Healthcare, a subsidiary of UnitedHealth Group, which is one of the nation’s leading health care companies,” says Massa.

“The leases are absolute, triple-net and contain 3 percent annual increases, “adds Babcock.

“The Cool Springs office market is desirable for a variety of tenants because of its central location and ease of access,” concludes Taylor.

The property is located at 1009 and 1021 Windcross Court in the Cool Springs suburban business district, which is located primarily within the city of Franklin. Approximately 92 percent occupied, Cool Springs is home to 37 corporate headquarters. The portfolio’s location is near Interstate 65, approximately 10 miles south of Nashville.

Constructed in 1999 and 2004, the two buildings encompass 133,200 square feet of space.

Financing for this transaction was arranged by Wells Fargo Capital Mortgage Group of Orlando, Fla. The group is headed by Bill Lee, J. T. Tomlinson and Steve Markowski, notes Wideman.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

No comments: