The Lingerfelt Companies announced this week that it had acquired a Nashville Airport North Portfolio of five Class A office buildings from Highwoods Properties. Lingerfelt purchased the portfolio, totaling 484,047 square feet, for $41 million according to a Nashville Business Journal article.
Ryan Lingerfelt, Principal at Lingerfelt, said in a statement regarding the purchase, "This portfolio is comprised of Class A office buildings that have been institutionally owned and maintained, and have an impressive tenant roster and favorable occupancy of 86 percent. The properties are within close proximity to Nashville's central business district and are convenient to the Nashville Airport and Brentwood/Cool Springs/Franklin submarkets. The building product mix, range of sizes and rental price points will provide the company the ability to increase income through existing contract rental increases, additional lease-up activity, and a manageable tenant rollover in an improving office market."
The properties in the portfolio include Lakeview Ridge II (2630 Elm Hill Pike), Lakeview Ridge III (2636 Elm Hill Pike), Century City Plaza I (51 Century Blvd.) and BNA Corporate Center 100/200 (402, 404 BNA Drive), according to Davidson County Property records. These properties are, on average, 96.1% leased according to a Highwoods press release.
For more news and information visit Blumberg Capital Partners.
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