X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

NASHVILLE-After a nearly five-year hold, WexTrust Capital has sold two industrial parks totaling 957,691 sf for $33 million. A spokesman for WexTrust Capital tells GlobeSt.com the portfolio is 94% occupied. He declined to name the Boston-based buyer.

The two parks, Space Park North and Old Stone Bridge, are within a half mile from each other in Goodlettsville, 13 miles north of Downtown Nashville. WexTrust Capital acquired the properties from Lord Baltimore Properties in December 2002.

Space Park North contains nine buildings on 39 acres. The buildings consist of 707,321 sf of mainly bulk warehouse and distribution space, with 10% set aside for flex office space. Construction began in Space Park North in 1979 and was completed in 1984.

Old Stone Bridge has four buildings on 19 acres and totals 250,370 sf–of which 91% is warehouse and distribution space, and 9% is flex office, according to a release from WexTrust Capital. Construction began in 1986 and was completed in 1989.

“We are very pleased with our investment in the Space Park North portfolio since acquiring the properties in 2002,” says Mike Gorney, principal of WexTrust Equity Partners, a division of WexTrust Capital. “We made significant capital improvements to the parks and have experienced very strong leasing over the past two years, attracting such major tenants as DuPont, ReMedPar, Cadbury Schweppes, Wei Chuan and Miller Mott Technical College.”

CB Richard Ellis’ Douglass Johnson and Don Albright repped WexTrust Capital. Both were also involved in Space Park North the Chicago-based company took the deed to the portfolio in 2002. Nashville Commercial Real Estate Services leased and managed the portfolio for WexTrust.

“Space Park North and Old Stone Bridge continue to show staying power with strong occupancy, a great in fill location, and continued institutional quality ownership,” Johnson adds. “Industrial properties continue to get traction in the capital markets as institutional investors are looking to balance their portfolios.”

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
 

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