Illinois-based TRP Investments has purchased the Willow Trace I business park near downtown Nashville for $3.1 million.
The previous owner, Indiana-based Holladay Properties, let go of the 52,366-square-foot complex on Fesslers Parkway for roughly $59 per square foot. The property, constructed in 1987, is made up of three flex buildings and is 90 percent occupied. Its tenants include Crescent Bowling Co. and Electric Technologies Inc.
TRP owns five properties in Tennessee and Alabama, including the Noel Place building in downtown Nashville and the Overlook building in Brentwood, which it bought earlier this year.
"This [property] is a little different from the others, but we think Nashville is a great city with great economic fundamentals and we're happy to own another property there," said Joel Teglia, the firm's principal. The deal was funded with a loan from Avenue Bank.
Teglia said he has no other specific plans for other purchases in Nashville right now, but is "always looking."
Douglass Johnson, who along with CB Richard Ellis colleague Morgan Hillenmeyer represented Holladay, could not be reached Wednesday.
Smaller deals like TRP's are likely going to be typical in the commercial property market in the coming months. The National Association of Realtors this morning said the investment market is largely frozen across the board.