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NASHVILLE, TN-The 900,000-sf former Samsonite manufacturing and distribution facility in the Nashville suburb of Murfreesboro has been sold for $13.9 million. The seller was Townsend Capital of Nashville, Tenn. The new owner is an affiliate of Miami-based Savitar Realty Advisors.

Located within 250 miles of 12 different states and 15 miles from three major interchanges, the Murfreesboro area is a major bulk distribution hub. The former Samsonite building was developed in phases in 1966 and 1973. In 1998, it was converted for use as a multi-tenant distribution facility and renamed Rutherford Center. The building is currently 94% occupied and sits on 57 acres, leaving room for the development of additional square footage.

Savitar principal Cliff Stein tells GlobeSt.com describes the site as an industrial property in a retail location. Savitar is in the process of re-platting the surplus land and will develop more warehouse space on the back of the property and mini-storage and retail on the frontage road, says Stein.

Including the excess land, the acquisition price for the property works out to about $15.50 per sf. Stein says that is about half replacement cost for the building, which doesn’t have any leases expiring for more than four years. The investment has a “double digit” capitalization rate, says Stein.

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