Greenville Firm Buys Industrial Building In Nashville
Jul 16, 2018 03:57PM
By Kathleen Maris
Greenville-based RealOp Investments, which specializes in value-add and opportunistic commercial real estate investments, recently purchased a building at 109 Kirby Dr. in Portland, Tenn. The 219,870-square foot building will be getting a major overhaul, including LED lighting, parking lot repair, roof work, exterior enhancements, and updated office suites.
Nexsen, RealOp’s vice president of acquisitions, said that 109 Kirby’ s location in
the I-65 North submarket of Portland was a key factor in the purchase. The
recent completion of Tennessee State Route 109 and the new I-65 exit at the
Tennessee/Kentucky border connects 109 Kirby to all of Tennessee.
The I-65 North submarket has extremely low vacancy and strong rent growth, he said. This favorable supply/demand skew provides an ideal opportunity to reposition a second-generation property.
The building is currently 100 percent occupied by Sun Products. However, RealOp will be completing near-term improvements to attract other prospects looking in the I-65 corridor for a long-term lease.
“Portland has a strong history of leveraging location, resources, and assets,” Nexsen said. “The submarket is home to 45-plus national and international manufacturers and distributors such as Gap, Tyson Foods, Sun/Huish Products, Macy's, and DuPont. It is an attractive submarket for bulk and manufacturing tenants due to its access to major interstates.”