Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.