Westmount Realty Capital has bought a 709,652-square-foot industrial asset in metro Nashville, Tenn. 840 Logistics Heart is a Class A distribution facility that Westmount had acquired in 2020 for $30.9 million, in line with CommercialEdge knowledge.
“The profitable sale of this asset stems from our continued dedication to buying well-located purposeful industrial property in progress markets at a beautiful foundation entering into,” Brant Brown, president & COO of Westmount, informed Industrial Property Government. “From there, the worth was additional created by executing a marketing strategy that stabilized the asset with third-party logistics tenants benefiting from the constructing’s bodily specs and instant entry to Interstate 840.”
READ ALSO: Prime Initiatives That Will Reshape Nashville
Constructed on 44 acres in 2008, the warehouse options 32-foot to 36-foot clear heights, 366 parking areas and 76 trailer stalls. Westmount has invested a number of million greenback in property enhancements previously two years; upgrades included epoxy flooring sealant, new dock and light-weight packages and LED lighting, amongst others.
The power was absolutely leased on the time of sale by two third-party logistics tenants. Considered one of them, Superior third Social gathering Logistics, signed a 237,000-square-foot, five-year lease on the location in 2019.
Situated at 245 Couchville Industrial Blvd. in Mt. Juliet, within the Wilson County submarket, 840 Logistics Heart is adjoining to Interstate 840, additionally gaining access to interstates 24, 40 and 65. The property is in a high-growth space, as Wilson County accounted for 72 p.c of the Nashville space’s industrial leasing exercise within the third quarter of this 12 months, in line with a JLL report.
Industrial areas, in excessive demand
JLL analysis exhibits demand for industrial areas elevated in metro Nashville throughout this 12 months’s third quarter. The commercial emptiness fee reached a brand new low at 3 p.c, marking a 20-basis-point enchancment over the quarter.
Almost 8.4 million sq. ft of commercial area was beneath building within the metro on the finish of October, in line with CommercialEdge data. Considered one of these developments is Beechcroft Industrial Park, a 815,530-square-foot challenge of PCCP LLC and Distribution Realty Group.
