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ATLANTA-Locally based M.D. Hodges Enterprises, Inc. has purchased a vacant 597,546-sf, 40-acre industrial facility in Nashville, TN’s MetroCenter business park from the defunct Service Merchandise Co. for $7.4 million, or $12.38 per sf.

Hodges has begun a $2.7-million renovation of the property located at 245 Great Circle Road. Shiela O’Neill Riordan, Hodges’ marketing director, tells GlobeSt.com her company plans to rename the building.

Service Merchandise used the building as its main distribution center, and the property was once also the company’s headquarters.

Gemini Realty Advisors LLC represented Service Merchandise in the transaction. Michael Pelt, in-house broker, represented Hodges.

Whitfield Hamilton, David McGahran, Doug Howard and John Ward of the Nashville office of Colliers Turley Martin Tucker will handle leasing of the property.

The asking rental rate is undisclosed but is estimated in the $15-per-sf to $18 per-sf range by local brokers familiar with the submarket. Hodges will handle property management from Atlanta.

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