Boyle Investment Company announced this week that it had acquired Synergy Business Park in Brentwood, TN for $62.8 million. The Nashville Business Journal reported that Boyle bought the complex from Brentwood-based ProVenture Commercial Real Estate and Philadelphia-based Urdang Capital Management; the partnership originally paid $56 million for the property in 2006. Terms of the deal were not disclosed.
"We were happy with the investment and happy with the exit strategy," said John Keller, senior vice president of ProVenture. "I think Boyle will do a fine job with it in the future."
Built in the 1980s, the Synergy Business Park campus sits on 33 acres of land and covers eight office buildings with roughly 500,000 square feet of space. According to Cassidy Turley's latest report, the occupancy rate was 95.4% in the fourth quarter of 2011, with major tenants including Ozburn-Hessey Logistics and the architectural firm Hart Freeland Roberts.
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