Albany Road Expands Nashville Holdings With Brentwood Office Buildings
Albany Road Real Estate Partners acquired two office buildings in Brentwood—5409 Maryland Way and 115 East Park Drive—for $26M from Sun Life, a Canadian investor. According to Albany Road managing director Scott Cloud (shown, center, at the Bisnow Nashville State of the Market this summer), the buildings were a "perfect fit" for the company's portfolio, and a rare opportunity to acquire a stake in the Brentwood submarket, the Nashville Business Journal reports.
The Boston-based investor is no stranger to the Nashville market. Using funds from its high-net-worth clients, Albany Road has invested $146M in the region, beginning in spring 2014 when it bought the ServiceSource Tower in Downtown Nashville.
The 87k SF Maryland Way building is almost fully occupied, while the 45k SF building on East Park Drive is full. Citizens Bank financed both purchases, and Avison Young repped Sun Life. [NBJ]