Single-tenant industrial building in Nashville sells for $10.2M

ATLANTA, April 13, 2022 – JLL Capital Markets announced today that it has closed the $10.2 million sale of a single-tenant, 51,528-square-foot industrial warehouse triple net leased to Fiserv in an infill area within Nashville, Tennessee.

JLL marketed the property on behalf of the seller, an affiliate of Next Realty, LLC who acquired the property in 2017. Bridge Net Lease acquired the asset.

Fiserv (NASDAQ: FISV), a global provider of payments and financial technology solutions, has occupied the property since 2005, and uses it to manufacture credit and payment cards. Next Realty recently had negotiated and executed a new long-term lease extension with Fiserv. The property offers a side-load configuration, clear heights ranging from 20 to 22 feet, three dock-high doors, one drive-in door, office finish and 0.46 acres of potential land for expansion or outdoor storage.

“After successfully executing our business plan for the property, which culminated with the long-term lease extension, we determined it was an appropriate time to maximize our investment and provide strong returns to our investors,” said Next Realty CEO and Managing Principal Andrew Hochberg.

Positioned on 4.26 acres at 575 Brick Church Park Dr., the building is approximately 5 miles from downtown Nashville and proximate to Interstate 24, which provides exception connectivity to the region. This last-mile location is within the North Industrial submarket, one of the densest and most-sought after submarkets in the Nashville MSA. This strong logistical location positions the tenant to service more than 2.2 million customers within a 60-minute drive and 75% of the U.S. population within a one-day drive. Additionally, the property is 10.5 miles from Nashville International Airport.

The JLL Capital Markets and Industrial Brokerage team that represented the seller was led by Mitchell Townsend, Anthony Walters, Perry Wolcott, Matt Wirth and Robin Stolberg.

“This transaction demonstrates that investor appetite for long-term, single-tenant, net-leased deals in primary infill locations remains strong, despite recent volatility in the interest rate markets,” Townsend said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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