{"id":1004241065,"date":"2018-07-09T07:28:35","date_gmt":"2018-07-09T15:28:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004241065"},"modified":"2022-12-08T01:43:21","modified_gmt":"2022-12-08T09:43:21","slug":"nashville-office-building-commands-13m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nashville-office-building-commands-13m\/","title":{"rendered":"Nashville Office Building Commands $13M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"814<\/a>

814 Church St.<\/p><\/div>\n

Speedwagon Properties has acquired 814 Church St. and three vacant lots at 801, 813 and 817 Church St. in Nashville. Wedgewood sold the assets for $13.8 million.<\/p>\n

Ron Greenfield of the Greenfield Co. represented the seller in the transaction. He also represented Wedgewood in 2017, when the company initially purchased the properties (sans the 801 lot) for $9.3 million. The 801 lot was acquired soon after for $2.5 million.<\/p>\n

Steve Armistead of Armistead Arnold Pollard Real Estate Services LLC represented Speedwagon Properties in the deal.<\/p>\n

\u201cIt\u2019s an incredible building with great bones and we saw a lot of potential when we originally purchased it,\u201d<\/em> Lauryn Lyskin, Wedgewood\u2019s commercial acquisition analyst, told Commercial Property Executive<\/em>.<\/p>\n

Lyskin added that Wedgewood invested approximately $1 million to renovate the 81-year-old office building. The company specializes in the acquisition and renovation of distressed properties. <\/p>\n

\u201cWe put in a new roof, we updated the elevator interiors and updated the lobby, and renovated the entire third floor,\u201d<\/em> she said. \u201cThere were original wood floors hidden under some carpet, so we pulled that all out and restored the wood floors. And we also completed a masonry restoration to the front of the building and the 9th<\/sup> Ave. side.\u201d<\/em><\/p>\n

The properties are situated in Nashville\u2019s West End, close to the future home of the Nashville federal courthouse and the Nashville Yards, a popular mixed-use redevelopment project.<\/p>\n

\u201cThe location is ideally situated with development on each corner<\/em>,\u201d Lyskin said. \u201cNashville Yards will have a new Hyatt Hotel, and AIG Entertainment is developing an outdoor concert space and green space and they are really transforming the whole corridor.\u201d<\/em><\/p>\n

Big deals in the state<\/strong><\/h2>\n

Tennessee, particularly Nashville, has been very active of late.<\/p>\n

In June, CBRE Capital Markets arranged the $44 million sale of 4th & Church<\/a>, a 266,054-square-foot, Class A office tower in downtown Nashville. In May, Viking Partners Fund III completed the acquisition of Parkside Plaza, a Class A, 100,340-square-foot office building in Knoxville<\/a>, Tenn. And in March, Skanska extended a contract for a $430 million mixed-use project in Nashville<\/a>.<\/p>\n

This was Wedgewood\u2019s first property in Nashville and the company was very happy with the outcome.<\/p>\n

\u201cWe loved the property and it was a good fit for us,\u201d<\/em> Lyskin said \u201cWe were working on a couple of ideas for the lots\u2014either a surface parking lot of ground-level retail with underground parking, but we received this offer so the plans came to a halt.\u201d<\/em><\/p>\n

Image courtesy of Wedgewood<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A little more than a year after acquiring the downtown property and three vacant lots, Wedgewood sold the portfolio to Speedwagon Properties.<\/p>\n","protected":false},"author":451,"featured_media":1004241074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,13,36077,21742,21747],"tags":[36351],"class_list":["post-1004241065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midwest","category-nashville-knoxville","category-latest","category-office","tag-capital-improvement"],"acf":[],"yoast_head":"\nNashville Office Building Commands $13M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nashville-office-building-commands-13m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nashville Office Building Commands $13M\" \/>\n<meta property=\"og:description\" content=\"A little more than a year after acquiring the downtown property and three vacant lots, Wedgewood sold the portfolio to Speedwagon Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nashville-office-building-commands-13m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-09T15:28:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:43:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Photo-provided-by-Wedgewood.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-office-building-commands-13m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-office-building-commands-13m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Nashville Office Building Commands $13M\",\"datePublished\":\"2018-07-09T15:28:35+00:00\",\"dateModified\":\"2022-12-08T09:43:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-office-building-commands-13m\\\/\"},\"wordCount\":420,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-office-building-commands-13m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/07\\\/Photo-provided-by-Wedgewood.jpg\",\"keywords\":[\"Capital improvement\"],\"articleSection\":[\"Deals\",\"Investment\",\"Midwest\",\"Nashville - 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