{"id":1004557565,"date":"2021-11-12T04:37:07","date_gmt":"2021-11-12T12:37:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004557565"},"modified":"2022-12-08T15:38:26","modified_gmt":"2022-12-08T23:38:26","slug":"blackstone-lands-168m-for-nashville-manufacturing-plant","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-lands-168m-for-nashville-manufacturing-plant\/","title":{"rendered":"Blackstone Lands $168M for Nashville Manufacturing Plant"},"content":{"rendered":"<div id=\"attachment_1004557566\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004557566\" data-attachment-id=\"1004557566\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/blackstone-lands-168m-for-nashville-manufacturing-plant\/1740-j-p-hennessy-drive-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"1740 J.P. Hennessy Drive\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1740 J.P. Hennessy Drive&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg?w=1000\" class=\"wp-image-1004557566 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg?w=300\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/1740-J.P.-Hennessy-Drive.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004557566\" class=\"wp-caption-text\">1740 J.P. Hennessy Drive<\/p><\/div>\n<p>A fully leased industrial facility in Nashville\u2019s Southeast Davidson County has received a $168.1 million loan, public records show. Blackstone\u2014which last month <a href=\"https:\/\/www.commercialsearch.com\/news\/breit-to-buy-torontos-wpt-industrial-reit-for-3-1b\/\">completed its $3.2 billion acquisition of WPT Industrial REIT<\/a>\u2014obtained the loan from Goldman Sachs, Bank of America and Bank of Montreal.<\/p>\n<p>The loan has a November 2023 maturity date, the records show, with three one-year extension options. WPT Industrial REIT bought the building in <a href=\"https:\/\/www.commercialsearch.com\/news\/wpt-industrial-picks-up-nashville-asset\/\">a $33 million double escrow deal<\/a> facilitated by the sole tenant\u2014Sinomax USA, a memory foam mattress and pillow manufacturer.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/while-supply-chain-slows-logistics-real-estate-moves-fast-report\/\">While Supply Chain Slows, Logistics Real Estate Moves Fast: Report<\/a><\/p>\n<hr>\n<p>The 505,000-square-foot, Class A building is situated in La Vergne, Tenn., on a 42.4-acre site at 1740 J.P. Hennessy Drive. Constructed in 1991, the property features one grade-level and 39 dock-high loading doors, sky lights, climate control and a 115- to 185-foot truck court.<\/p>\n<p>According to local news station <em>WKRN<\/em>, Sinomax first opened its doors in La Vergne in 2017, with the location serving as a manufacturing plant expected to add 350 jobs to the region. Interstate 24 is located just 2 miles west of the property, while downtown Nashville is less than 20 miles away. Nearby industrial users include United States Cold Storage, Steel Summit, a FedEx Freight facility, and multiple others.<\/p>\n<h2>Diversified growth<\/h2>\n<p>An array of multibillion-dollar deals this year positioned Blackstone to capitalize on multiple growing sectors. Its acquisition of WPT\u2019s portfolio\u2014roughly 37.5 million square feet\u2014was first announced in August, just two months after entering a definitive <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstones-buying-binge-continues-with-10b-data-center-merger\/\">agreement to buy QTS Realty Trust for $10 billion<\/a>, adding 7 million square feet of data center space to its holdings. In December last year, Blackstone also announced the acquisition of a <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-3-4b-life-science-portfolio\/\">life science portfolio for $3.4 billion<\/a>.<\/p>\n<p>Despite supply chain issues and the increasing cost of materials, to name just a few hurdles that the sector faced this year, industrial assets remain in high demand. In September, Nashville had 5.2 million square feet of new space underway, or 3.0 percent of total stock, according to a CommercialEdge report. Average rents increased by 6 percent year-over-year, while the market\u2019s vacancy rate remained at 2.4 percent as of September, far below the national average of 5.7 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs, Bank of America and Bank of Montreal provided the loan. <\/p>\n","protected":false},"author":1284,"featured_media":1004557566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,22251,21748,13,21742],"tags":[33250,47879,32892,33435,51467],"class_list":["post-1004557565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-in-focus","category-industrial","category-midwest","category-latest","tag-bank-of-america","tag-bank-of-montreal","tag-blackstone","tag-goldman-sachs","tag-wpt-industrial-real-estate-investment-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone Lands $168M for Nashville Manufacturing Plant - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Goldman Sachs, Bank of America and Bank of Montreal provided the loan. 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