Commerce Street Nashville Partnership has acquired the CMT Building at 330 Commerce St. in Nashville, Tennessee for $11.2 million. According to a Nashville Business Journal article, Commerce Street Nashville Partnership bought the property from Atlanta-based Wells Real Estate Funds, which paid just under $13.8 million for the property in 2007. Lisa Maki, associate director of the Cushman & Wakefield | Cornerstone Capital Markets Group, marketed the building for seller.
"This sale, along with others properties currently in the market or that have recently sold, reflect the improving underlying fundamentals in the market, particularly in the Central Business District, for investors as both rental rates continue to increase and vacancies decrease," Maki said.
The property was first listed for sale in January of this year, a listing that included four stories of office space totaling more than 114,000 square feet and two levels of parking. The building houses the Country Music Television headquarters, which renewed its lease on 86,000 square feet of space this year for an additional seven years. Besides CMT's headquarters and studio, the Tennessee Information Consortium leases just over 11,000 square feet.
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