Setzer Properties has purchased a Nashville, Tenn., shipping terminal from XPO Logistics for $17.3 million, according to public records. Traditional Bank provided the buyer of the 98,889-square-foot facility with a one-year, $14.6 million acquisition loan.
XPO Logistics had acquired the asset as part of its 2015 purchase of Con-Way Transportation Services, according to the Nashville Post. Setzer primarily invests in industrial properties occupied by XPO and a number of other shipping companies.
Located at 401 Enos Reed Drive, the asset is within 5 miles of both downtown and Nashville International Airport. Interstates 40 and 24 are less than 1.5 miles away, enabling direct access to the metro and wider region. The asset is some 10 miles west of a 362,000-square-foot industrial park slated for delivery this summer.
The main building has 67,270 square feet of industrial space and a 12,579-square-foot office component. The T-shaped structure has approximately 160 covered loading doors and the 18.3-acre parcel has ample on-site trailer parking. Most of the property dates back to 1963, though Con-Way constructed a 19,040-square-foot service garage in 2000 at the southern end of the site.