X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NASHVILLE, TN-Rockville Centre, NY-based investment firm Northeastern Security Development has acquired the 203,371-sf Parkway Towers at 404 James Robertson Parkway. The acquisition price was not disclosed, but sources say the building sold for $17.5 million. The 21-story property was sold by Santa Ana, Calif.-based Triple Net Properties LLC on behalf of tenant-in-common investors. Crews Johnson and Perry Gooch, of Colliers Turley Martin Tucker, represented the sellers and Northeastern Security Development in the transaction.

The property was 89% leased to 14 tenants including the State of Tennessee, Bart Durham & Associates and Stillman & Friedland. The tenants-in-common investors purchased the property in May 2003 for $12.5 million, according to real estate sources. Triple Net Properties CIO Jeff Hanson tells GlobeSt.com that the property was acquired four years ago as a value-add opportunity. Two large leases, representing 54% of the space in the building, had been renewed prior to the sale. “We created a stabile rent roll and wanted to take advantage of the capital markets,” Hanson says. “We saw an opportunity to sell the property, a sale which resulted in a double digit return to investors.”

Hanson adds that the decision does not reflect a desire to exit the Tennessee market. “We’re still buying property throughout the state so it was a market-driven decision,” he says.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.