Rosemont Realty Picks Up Lakeview Place

A joint venture of Nashville-based Smith/Hallemann Partners and Harbert USREF IV, an affiliate of Birmingham, Alabama-based Harbert Management Corporation, has sold the Lakeview Place office complex in Nashville, Tennessee to Santa Fe-based Rosemont Realty. According to a Nashville Business Journal article, Rosemont paid $42.25 million for the office park near Nashville International Airport in a deal brokered by Crews Johnston, Perry Gooch and Drew Flood, all with Cassidy Turley. The acquisition of Lakeview Place has added 380,963 square feet of Class A office space to Rosemont Realty's portfolio, which the company said consists of approximately 16 million square feet of commercial office space valued at over $1.5 billion.

"Nashville is a major business hub in the Southeastern U.S. benefiting from a strong historical connection to health care technology companies," said Daniel Burrell, CEO of Rosemont Realty. "We have confidence that the Airport market will continue to outperform most of its suburban peers and become a good addition to our growing portfolio."

Lakeview Place is a three-building office campus located at 25 Century Boulevard. The six-story office buildings were developed by Duke Realty between 1986 and 1998. Lakeview Place was 95% leased at the time of sale with major tenants including Amerigroup Tennessee, Mitsui & Co., Continental Casualty, Cummings Resources, Paychex and V. Alexander & Co. Cassidy Turley will continue to provide asset management, property management and leasing services for the property after the ownership transition.

For more news and information visit Blumberg Capital Partners.

Duke Realty Unloads Portfolio for $97M

A joint venture managed by Smith/Hallemann Partners has purchased a five-building office portfolio for $97.5 million from Duke Realty Corporation according to a Cincinnati.com article. The portfolio includes two Cincinnati Class A buildings with about 609,275 square feet of space and three Nashville Class A buildings covering around 379,264 square feet. Duke Realty is reportedly repositioning its portfolio with these disposals and has exited certain markets in an attempt to concentrate in areas where it already has a strong presence. The JV includes individual investors and a fund managed by Harbert Management Corporation.

The Nashville properties include a three-building plaza near the airport and known as One, Two and Three Lakeview Place in the Century City Office Park. Current tenants of the plaza include Thomas Nelson Publishers, CNA Insurance, Vista-Pro, Amerigroup and Hartford Insurance. The Cincinnati properties includes The Enquirer Building and an additional building in the city's central business district; tenants include Mitsui Marine, The General Services Administration and Harland Financial Solutions.

For more news and information visit Blumberg Capital Partners.