The property was 89% leased to 14 tenants including the State of Tennessee, Bart Durham & Associates and Stillman & Friedland. The tenants-in-common investors purchased the property in May 2003 for $12.5 million, according to real estate sources. Triple Net Properties CIO Jeff Hanson tells GlobeSt.com that the property was acquired four years ago as a value-add opportunity. Two large leases, representing 54% of the space in the building, had been renewed prior to the sale. "We created a stabile rent roll and wanted to take advantage of the capital markets," Hanson says. "We saw an opportunity to sell the property, a sale which resulted in a double digit return to investors."
Hanson adds that the decision does not reflect a desire to exit the Tennessee market. "We're still buying property throughout the state so it was a market-driven decision," he says.
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