{"id":1004692539,"date":"2023-12-04T03:24:50","date_gmt":"2023-12-04T11:24:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004692539"},"modified":"2023-12-04T04:56:13","modified_gmt":"2023-12-04T12:56:13","slug":"velocis-lincoln-property-sell-nashville-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/","title":{"rendered":"Velocis, Lincoln Property Sell Nashville Office Asset for $75M"},"content":{"rendered":"
\"211<\/a>

CBRE brokered the sale of The Baker Donelson Center. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

PNH Properties <\/strong>has acquired 211 Commerce, an office building spanning 233,314 square feet in Nashville, Tenn., for $75 million. The seller was a joint venture between Velocis <\/strong>and Lincoln Property Co.<\/strong> CBRE <\/strong>brokered the deal on behalf of the buyer.<\/p>\n

The asset previously traded in 2021 in a $50.3 million deal that involved a $51.9 million acquisition loan from Prime Finance Partners<\/strong>, according to CommercialEdge data.<\/p>\n

Built in 2000, the property also known as The Baker Donelson Center rises 11 stories featuring 21,461-square-foot floorplates and ground-floor retail space. The previous ownership recently implemented $16 million in capital upgrades to the building, adding a new conference center and business center, along with renovating the lobby, tenant lounge, elevators and facade. Tenants include FirstBank, Nashville Health Care Council and IRiS Networks, the same source shows.<\/p>\n

Located at 211 Commerce St., the building is within downtown Nashville, across the street from the AT&T Building. The property is also within walking distance of the Riverfront transit stop and of the Tennessee State Capitol.<\/p>\n

CBRE Senior Vice Presidents J. Roscoe High and Morgan Hillenmeyer represented PNH Properties in the off-market transaction.<\/p>\n

Nashville outperforms national average<\/h2>\n

Year-to-date as of October, Nashville registered a total investment volume of $161 million, at a price of $248 per square foot\u2014well above the national average of $196, a recent CommercialEdge report<\/a> shows. The metro ranked third across southern markets in terms of average sales price, lagging Austin ($413 per square foot) and Miami ($365 per square foot).<\/p>\n

The metro\u2019s office market has been performing well, with vacancy rates dropping 2.6 percent year-over-year and reaching 16.1 percent in October. Nashville’s vacancy was below the national figure of 17.8 percent, according to the same source.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE brokered the deal on behalf of the buyer.<\/p>\n","protected":false},"author":3120,"featured_media":1004692540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,36077,21742,21747,32781],"tags":[32789,32838,39251,33083],"class_list":["post-1004692539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-nashville-knoxville","category-latest","category-office","category-southeast","tag-cbre","tag-lincoln-property-company","tag-prime-finance-partners","tag-velocis"],"acf":[],"yoast_head":"\nVelocis, Lincoln Property Sell Nashville Office Asset for $75M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"PNH Properties has acquired 211 Commerce, an office building spanning 233,314 square feet in Nashville, Tenn., for $75 million.\" \/>\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\/velocis-lincoln-property-sell-nashville-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Velocis, Lincoln Property Sell Nashville Office Asset for $75M\" \/>\n<meta property=\"og:description\" content=\"PNH Properties has acquired 211 Commerce, an office building spanning 233,314 square feet in Nashville, Tenn., for $75 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/\" \/>\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=\"2023-12-04T11:24:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T12:56:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/211-Commerce-e1701684476937.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/\",\"name\":\"Velocis, Lincoln Property Sell Nashville Office Asset for $75M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/211-Commerce-e1701684476937.jpg\",\"datePublished\":\"2023-12-04T11:24:50+00:00\",\"dateModified\":\"2023-12-04T12:56:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"PNH Properties has acquired 211 Commerce, an office building spanning 233,314 square feet in Nashville, Tenn., for $75 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/velocis-lincoln-property-sell-nashville-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/211-Commerce-e1701684476937.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/211-Commerce-e1701684476937.jpg\",\"width\":1000,\"height\":750,\"caption\":\"CBRE brokered the sale of The Baker Donelson Center. 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