Published 3 :04 p.m. CT Mar. 12, 2019
Texas-based CapRidge Partners has purchased Nashville City Center, the downtown tower branded with First Tennessee Bank’s logo, for just over $2 million more than its 2013 sale price.
The real estate investment firm paid $105.3 million on Monday for its first Nashville acquisition, according to county property records. The firm invests heavily in fast-growing Sun Belt cities.
The seller, Pennsylvania-based boutique investment firm Alliance HSP, bought the office tower for $103 million nearly six years ago. Alliance is an affiliate of The Shidler Group.
“CapRidge is excited to enter the vibrant Nashville market,” said CapRidge founding partner Tom Stacy. “Nashville fits perfectly with the other CapRidge growth markets of Austin, Denver, Atlanta, Charlotte, Raleigh, Phoenix, Dallas and Houston.”
Texas-based CapRidge Partners bought Nashville City Center for $105.3 million on Monday. Foundry Commercial
Alliance invested several million dollars into the 27-story, 480,000-square-foot building at 511 Union St. in recent years.
The parking garage was expanded, and a fitness center with a yoga studio and group exercise classes, an outdoor food kiosk, and a music performance venue were added.
In addition to First Tennessee Bank, the building houses offices for Warner Music’s U.S. Shared Services division and Philips’ Global Business Services unit.
CBRE negotiated the sale, and Foundry Commercial is actively leasing 45,661 square feet of unclaimed office space in the building.
CapRidge said its investment strategy is to buy “well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities.”
Since 2012, the company has bought 32 office buildings.