Industrial p Tennessee

Avison Young sells 118,000-square-foot industrial portfolio in Nashville

Avison Young has negotiated the sale of a 118,833-square-foot, two-building industrial portfolio in Nashville.

The fully leased warehouse buildings, located within two miles of Nashville International Airport, are at 5270 Harding Place and 5207 Linbar Drive.

Avison Young principals Erik Foster and Mike Wilson, who are both based in the firm’s Chicago office and leaders of the company’s National Industrial Capital Markets Group, worked in conjunction with Nashville-based Avison Young principal Sue Earnest to broker the sale of the portfolio on behalf of Pinchal & Co., a Houston-based fund manager.

The buyer is The Silverman Group, a New Jersey-based private equity and development firm. Financial terms were not released.

The warehouse at 5270 Harding Place is within the Airpark Business Center, near the intersections of I-40 and I-24, and has 122 parking spaces. The warehouse at 5207 Linbar Drive is within Haywood Oaks, adjacent to I-24, and has 124 parking spaces.

The portfolio is in Nashville’s southeast submarket, which has posted the strongest net absorption in the MSA at more than 2.8 million square feet. Overall, the market had 965,765 square feet of absorption in the third quarter of 2017, marking the 14th consecutive quarter of positive net absorption.