NY Investor Snaps Up Its First Industrial Property In Nashville For $30M
NY-based DRA Advisors acquired a 606k SF warehouse in the MetroCenter business park for $30.8M from Boston-based Cabot Properties, the Tennessean reports. The building's tenants are a distribution center for Electrolux appliances and offices and a warehouse for hospital chain HCA's Parallon Business Solutions subsidiary. The property, which sits on about 40 acres, is at 245 Great Circle Road.
The MetroCenter purchase is the latest in a wave of out-of-state investors interested in Volunteer State real estate. The property is DRA's first industrial buy in Tennessee, although it owns two office and six multifamily properties here. The company, which holds commercial properties across the spectrum of types, owns nearly 200 industrial properties totaling more than 35M SF in 17 states. [Tennessean]