NASHVILLE, TN-The CMT office building here, home to the corporate headquarters of Country Music Television, was sold to a locally-based partnership for $11.2 million.
The buyer is Commerce Street Nashville Partnership, which bested a number of other local and out-of-state investors for the four-story, 114,038-square-foot property at 330 Commerce St., says Lisa Maki, associate director of the Cushman & Wakefield | Cornerstone Capital Markets Group, who marketed the building for seller, Wells Real Estate Funds.
Country Music Television, a subsidiary of Viacom, recently renewed its lease of 86,000 square feet of space for an additional seven years, according to The Tennessean.
"This sale, along with others properties currently in the market or that have recently sold, reflect the improving underlying fundamentals in the market, particularly in the Central Business District, for investors as both rental rates continue to increase and vacancies decrease," Maki said. See story in The Tennessean.
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