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NASHVILLE-Greenbriar Business Park has traded for $12.4 million to a joint venture between Adler Real Estate Fund and Kawa Capital Management. KBS REIT I, a public non-listed REIT, sold off the institutional-quality property that spans 135,653 square feet of office and flex space in Nashville’s Airport North submarket.

CBRE brokers Steve Preston and Douglass Johnson represented KBS REIT I in the transaction. HFF’s Miami office helped Adler secure a primary mortgage with favorable terms from SunTrust Bank.

Greenbriar Business Park is 88% occupied. Matthew L. Adler, the Adler Real Estate Fund’s Chief Investment Officer, tells GlobeSt.com the property is home to strong credit tenants with a healthy cash flow and has outperformed the greater Nashville office market for the past five years.

“Nashville has performed well from an occupancy and rent rate growth perspective,” Adler says. “In some ways, Greenbriar Business Park has become our new poster child. If we can buy higher than a nine cap and leverage below 4% there is a lot we’re doing right.”

The Adler Real Estate Fund is a closed-end discretionary fund managed by commercial real estate firm The Adler Group. The fund owns more than 4.5 million square feet of office, industrial and flex space and accounting for more than $460 million in transactions.

The Greenbriar Business Park acquisition follows the fund’s first Nashville-area investment: the January 2011 purchase of the Parklane Building, a 110,000 square foot office building. The fund primarily targets multi-tenant, management-intensive office and industrial properties in growing U.S. markets. Greenbriar Business Park becomes the fund’s eighth asset.

“We plan to maximize the asset’s value over the coming years through growth in occupancy and by maintaining a satisfied tenant base resulting from our property management capabilities,” Adler says. “And we have a very good pipeline. We’re sort of occupying the middle ground, looking for good value-add opportunities.