Somera Road to Acquire Opportunity Zone Investment
The $18 million transaction is set to close in Nashville within the next week.
NASHVILLE – Somera Road Inc. is set to acquire the 110,000-square-foot Metrocenter building in Nashville, TN. The $18 million investment marks the firm’s fourth Nashville acquisition and second Opportunity Zone transaction within the market in the past three months.
The property is located at 501 Great Circle Road in the Metrocenter neighborhood of North Nashville. The deal also includes four-acres of developable land located at 540 Mainstream Drive, neighboring the office building.
Somera Road intends to make asset improvements, including building upgrades and amenity spaces featuring a basketball court, fitness center and rooftop terrace. The acquisition will be fully-leased at close, within the next week, following an undisclosed tenant’s long-term lease signing of 60,000 square feet.
The firm’s first qualified Opportunity Zone transaction in the market, WeHo Crossing, is currently under construction in Nashville’s Wedgewood-Houston neighborhood.
Somera Road Inc. is a New York-based commercial real estate investment firm, specializing in value-add and opportunistic off-market acquisitions. The company has $1 billion in real estate assets totaling 10 million square feet across 40 cities throughout the US.