Nashville Monthly CRE Wrap-Up (Feb. 2020)
Starwood shells out $264 million for office tower. PGIM buys Amazon facility. Read our February selection of Nashville real estate must-knows.
222 Second Ave. Image via Google Street View
The Nashville metro had its fair share of notable deals in the past four weeks. Regional and national investors continued deploying capital across sectors, following a banner 2019. In February, companies including Hines and PGIM made major moves in the Music City. Here is Commercial Property Executive’s list of Nashville must-knows for the month:
1. DEAL – Hines sells office tower for $264.1 million.
Starwood Property Trust acquired the office component of the 25-story skyscraper located at 222 Second Ave. S., according to Nashville Post. Completed in 2017, the 390,000-square-foot building includes 29,000 square feet of ground-floor retail. The tower is home to CBRE, Bank of America and Universal Music Group.
2. DEAL – PGIM Real Estate pays $40.5 million for Amazon distribution center.
A partnership between Distribution Realty Group and Crow Holdings sold Interchange Center I, a 517,500-square-foot warehouse in Antioch, according to Nashville Business Journal. Completed in 2018, the property is located on 32 acres at 3818 Logistics Way. The building is close to Interstate 24 and roughly 10 miles from Nashville International Airport.
3. DEAL – Stockbridge acquires Trader Joe’s-anchored retail asset.
Boyle Investment Co. finalized the $45.3 million sale of Lion’s Head Village, a 100,000-square-foot retail center anchored by Trader Joe’s. The property at 90 White Bridge Road is also home to Stein Mart and Plato’s Closet, with Target as a shadow anchor. JLL negotiated on behalf of the seller.
4. DEAL – Winston Hospitality sells 161-key hotel poised for expansion.
JMI Realty acquired Indigo Hotel Nashville for $59.3 million, according to public records. Located at 301 Union St. on 0.3 acres, this is the company’s first Music City property, Nashville Business Journal reports. An adjacent building at 231 Third Ave., which has been approved for a 13-story extension, was also included in the deal. Granite Point Mortgage Trust is providing $50.2 million in financing.
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