Nashville’s Bank of America Plaza Tower. (Courtesy of the Lingerfelt Cos.)
A Richmond-based real estate developer has added a 435,000-square-foot Nashville office building to its portfolio – its second eight-figure investment in Music City the past year.
Richmond-based Lingerfelt Companies announced Thursday that it had purchased the Bank of America Plaza Tower, a 21-story office building in downtown Nashville. The $41.75 million acquisition comes after Lingerfelt picked up five Nashville office buildings in July 2012.
“The Nashville office market is on fire,” Lingerfelt principal Al Lingerfelt said. “Occupancies are trending upward. Every submarket, downtown and suburbs.”
The Bank of America Plaza deal, which closed Wednesday, brings Lingerfelt’s Tennessee holdings to more than 900,000 square feet. Lingerfelt bought the property from Parkway Properties, a Florida-based REIT, and has been working on the transaction for about six months.
The tower is anchored by Bank of America and Louisiana Pacific Corporation. Parkway reported that the building is 93 percent occupied. Lingerfelt said occupancy would be about 70 percent by the end of the year, as a couple of tenants are leaving.
Lingerfelt said the company plans to put a couple million dollars into the building to upgrade its common areas and mechanical equipment. Commonwealth Commercial Partners will manage the building, and CBRE has been retained to handle leasing and marketing of the property, according to a Lingerfelt press release.
Last summer, Lingerfelt paid $41 million for five buildings totaling almost 500,000 square feet near the Nashville airport. The company’s portfolio includes more than 1.5 million square feet of office space in the Richmond area, including 14 office buildings at Innsbrook.
Bank of America Plaza is the second property Lingerfelt has purchased from Parkway in the past two years. It picked up an 81,000-square-foot Henrico County property from the Florida-based REIT in August 2011.
Nashville’s Bank of America Plaza Tower. (Courtesy of the Lingerfelt Cos.)
A Richmond-based real estate developer has added a 435,000-square-foot Nashville office building to its portfolio – its second eight-figure investment in Music City the past year.
Richmond-based Lingerfelt Companies announced Thursday that it had purchased the Bank of America Plaza Tower, a 21-story office building in downtown Nashville. The $41.75 million acquisition comes after Lingerfelt picked up five Nashville office buildings in July 2012.
“The Nashville office market is on fire,” Lingerfelt principal Al Lingerfelt said. “Occupancies are trending upward. Every submarket, downtown and suburbs.”
The Bank of America Plaza deal, which closed Wednesday, brings Lingerfelt’s Tennessee holdings to more than 900,000 square feet. Lingerfelt bought the property from Parkway Properties, a Florida-based REIT, and has been working on the transaction for about six months.
The tower is anchored by Bank of America and Louisiana Pacific Corporation. Parkway reported that the building is 93 percent occupied. Lingerfelt said occupancy would be about 70 percent by the end of the year, as a couple of tenants are leaving.
Lingerfelt said the company plans to put a couple million dollars into the building to upgrade its common areas and mechanical equipment. Commonwealth Commercial Partners will manage the building, and CBRE has been retained to handle leasing and marketing of the property, according to a Lingerfelt press release.
Last summer, Lingerfelt paid $41 million for five buildings totaling almost 500,000 square feet near the Nashville airport. The company’s portfolio includes more than 1.5 million square feet of office space in the Richmond area, including 14 office buildings at Innsbrook.
Bank of America Plaza is the second property Lingerfelt has purchased from Parkway in the past two years. It picked up an 81,000-square-foot Henrico County property from the Florida-based REIT in August 2011.