Westmount Realty Capital has sold a 709,652-square-foot industrial asset in metro Nashville, Tenn. 840 Logistics Center is a Class A distribution facility that Westmount had acquired in 2020 for $30.9 million, according to CommercialEdge data.
“The successful sale of this asset stems from our continued dedication to acquiring well-located functional industrial property in growth markets at an attractive basis going in,” Brant Brown, president & COO of Westmount, told Commercial Property Executive. “From there, the value was further created by executing a business plan that stabilized the asset with third-party logistics tenants benefiting from the building’s physical specs and immediate access to Interstate 840.”
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Built on 44 acres in 2008, the warehouse features 32-foot to 36-foot clear heights, 366 parking spaces and 76 trailer stalls. Westmount has invested several million dollar in property improvements in the past two years; upgrades included epoxy floor sealant, new dock and light packages and LED lighting, among others.
The facility was fully leased at the time of sale by two third-party logistics tenants. One of them, Superior 3rd Party Logistics, signed a 237,000-square-foot, five-year lease at the location in 2019.
Located at 245 Couchville Industrial Blvd. in Mt. Juliet, in the Wilson County submarket, 840 Logistics Center is adjacent to Interstate 840, also having access to interstates 24, 40 and 65. The property is in a high-growth area, as Wilson County accounted for 72 percent of the Nashville area’s industrial leasing activity in the third quarter of this year, according to a JLL report.
Industrial spaces, in high demand
JLL research shows demand for industrial spaces increased in metro Nashville during this year’s third quarter. The industrial vacancy rate reached a new low at 3 percent, marking a 20-basis-point improvement over the quarter.
Nearly 8.4 million square feet of industrial space was under construction in the metro at the end of October, according to CommercialEdge information. One of these developments is Beechcroft Industrial Park, a 815,530-square-foot project of PCCP LLC and Distribution Realty Group.
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