{"id":1004305955,"date":"2019-03-06T05:08:08","date_gmt":"2019-03-06T13:08:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004305955"},"modified":"2019-03-06T05:08:08","modified_gmt":"2019-03-06T13:08:08","slug":"wheelock-street-capital-pays-112m-for-nashville-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wheelock-street-capital-pays-112m-for-nashville-office\/","title":{"rendered":"Wheelock Street Capital Pays $112M for Nashville Office"},"content":{"rendered":"<div id=\"attachment_1004305961\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004305961\" data-attachment-id=\"1004305961\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wheelock-street-capital-pays-112m-for-nashville-office\/philips-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Jeffrey Hamann&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1551876913&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Philips Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Philips Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg?w=800\" class=\"wp-image-1004305961 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg\" alt=\"Philips Plaza\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Philips-Plaza.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004305961\" class=\"wp-caption-text\">Philips Plaza<\/p><\/div>\n<p>Partners Group has sold Philips Plaza, a 435,525-square-foot Class A office asset in Nashville, Tenn., to Wheelock Street Capital for $111.5 million, according to public records. SunTrust Bank originated nearly $72 million in acquisition financing for the buyer, which matures in 2026. The property last changed hands in May 2016, when Lingerfelt Commonwealth sold the building for $74 million, per Yardi Matrix data.<\/p>\n<p>Located at 414 Union St. in the city\u2019s downtown, the 20-story high-rise is a short walk from the State Capitol and shares a block with a 337-key DoubleTree by Hilton. The area is home to numerous retailers, along with other hotels and commercial properties. Some 3.8 million square feet of office space is within a quarter mile of the building.<\/p>\n<p>Philips Plaza has a vacancy rate of 3.1 percent, with a tenant mix including Philips Healthcare, Bank of America and coworking firm Industrious. Since 2015, the building\u2019s previous owners invested roughly $3.5 million in updates, upgrading the asset\u2019s lobby, HVAC system and roof, according to Cushman &amp; Wakefield, which marketed the most recent sale of the asset. The property includes 1,377 square feet of retail and underground parking at a ratio of two&nbsp; spaces per 1,000 square feet.<\/p>\n<p>Roughly 1 mile south of the tower, a joint venture between Endeavor Real Estate Group and Granite Properties <a href=\"https:\/\/www.commercialsearch.com\/news\/nashville-mixed-use-kicks-off-20-story-office-building\/\">broke ground on a 20-story office development<\/a> last summer. The building is the first phase of a larger mixed-use project slated to contain both multifamily and hospitality components.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SunTrust Bank provided the buyer of the recently renovated, nearly 436,000-square-foot Class A high-rise with roughly $72 million in acquisition financing.<\/p>\n","protected":false},"author":861,"featured_media":1004305961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,13,36077,21742,21747],"tags":[36351,32799,43475,33268,34336,34299],"class_list":["post-1004305955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-midwest","category-nashville-knoxville","category-latest","category-office","tag-capital-improvement","tag-cushman-wakefield","tag-lingerfelt-commonwealth-partners","tag-partners-group","tag-suntrust-bank","tag-wheelock-street-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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