NorCal Investor Snaps Up Franklin Office Property For $44M
Stockbridge Capital Partners acquired the 226k SF 113-117 Seaboard Lane (Dover Centre) in Franklin for $44.5M, the San Francisco investors' first Nashville-area office building. The office building is 93% leased, counting IASIS Healthcare, Fidelity Information Services, Triangle Tire North America and King University among its tenants.
Stockbridge SVP David Nix characterized Nashville as the "it city" to the Tennesseean. He says the Cool Springs market is especially hot, with a submarket vacancy rate of 2%. The company also co-owns the 254-unit Estates at Brentwood, an apartment complex in Brentwood. LA-based FORT Properties was the seller, and was repped by Avison Young in the deal. [Tennessean]