CBRE brokered the sale of The Baker Donelson Heart. Picture courtesy of CommercialEdge
PNH Properties has acquired 211 Commerce, an workplace constructing spanning 233,314 sq. ft in Nashville, Tenn., for $75 million. The vendor was a three way partnership between Velocis and Lincoln Property Co. CBRE brokered the deal on behalf of the client.
The asset beforehand traded in 2021 in a $50.3 million deal that concerned a $51.9 million acquisition mortgage from Prime Finance Companions, based on CommercialEdge information.
In-built 2000, the property often known as The Baker Donelson Heart rises 11 tales that includes 21,461-square-foot floorplates and ground-floor retail area. The earlier possession not too long ago carried out $16 million in capital upgrades to the constructing, including a brand new convention heart and enterprise heart, together with renovating the foyer, tenant lounge, elevators and facade. Tenants embrace FirstBank, Nashville Well being Care Council and IRiS Networks, the identical supply exhibits.
Situated at 211 Commerce St., the constructing is inside downtown Nashville, throughout the road from the AT&T Constructing. The property can also be inside strolling distance of the Riverfront transit cease and of the Tennessee State Capitol.
CBRE Senior Vice Presidents J. Roscoe Excessive and Morgan Hillenmeyer represented PNH Properties within the off-market transaction.
Nashville outperforms nationwide common
12 months-to-date as of October, Nashville registered a complete funding quantity of $161 million, at a value of $248 per sq. foot—effectively above the nationwide common of $196, a latest CommercialEdge report exhibits. The metro ranked third throughout southern markets when it comes to common gross sales value, lagging Austin ($413 per sq. foot) and Miami ($365 per sq. foot).
The metro’s workplace market has been performing effectively, with emptiness charges dropping 2.6 % year-over-year and reaching 16.1 % in October. Nashville’s emptiness was beneath the nationwide determine of 17.8 %, based on the identical supply.
