KBS Real Estate Investment Trust III announced this week that it had completed the purchase of The McEwen Building in Cool Springs, Tennessee from Denver-based Amstar for $40 million. The Nashville Business Journal first reported on the sale early last month, after KBS disclosed its plans to buy the 175,000-square-foot building in a filing with the Securities and Exchange Commission. Amstar was represented by Don Albright of Cushman & Wakefield/Cornerstone in Nashville, while KBS represented itself in the transaction.
"From an asset perspective, The McEwen Building 'out-leased' several competitor buildings due to its quality, superior amenities and proximity to Interstate 65," said Stephen Evans, KBS Mid-Atlantic Region senior vice president and director of acquisitions and dispositions. "From a location perspective, the area has had positive net absorption for the past 10 years, and office vacancy stands at six percent and unemployment is low at seven percent. The building and the market have all the characteristics we are seeking."
The McEwen Building is a LEED-designed six-story office building 15 miles south of downtown Nashville. Amstar, in partnership with Southern Land Company, began developing the property in 2008 on a 10.7-acre site at the intersection of West McEwen Drive and Mallory Lane. The property is currently 97% leased to credit tenants, including Renal Advantage, Mars Petcare, Raymond James, Carlisle Companies, Inc. and Cisco Systems, Inc.
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