UPDATED [Thursday, 2 PM]: According to a filing with the Davidson County Register of Deeds, the sale price for the office and retail space is $19 million to Nashville Terrazzo Partnership, a general partnership with a mailing address of 2400 Crestmoor Road in Green Hills. Neither that filing, the $11 million deed of trust nor the financing statement which accompanied the sale indicated who is behind the partnership.
The approximately 100,000 square feet of office and retail space at Gulch-based mid-rise Terrazzo has sold to an unidentified private investor group.
Financial terms of the deal were not disclosed. Cushman & Wakefield|Cornerstone Commercial Real Estate Services represented seller Canyon-Johnson Urban Funds. The latter placed Terrazzo, which also includes 109 higher-end condominiums, on the market last spring.
The Terrazzo office and retail space, rated Class A, is Silver LEED-certified. It is 82 percent leased with an average remaining term of seven years. The buyer is retaining Cushman|Cornerstone to handles leasing and management of the retail and office space.
Todd Prevost, associate director at Cushman & Wakefield, said the sale continues a particularly healthy year for Nashville-area commercial office and retail space.
“This sale represents the 20th commercial office sale within the Nashville MSA in a particularly robust year that is current approaching $370 million and 3.1 million square feet, over twice the volume of last year,” Prevost said in a statement. “And there are still a couple of transactions in process that may close before the end of the year.”
Canyon-Johnson, which includes former NBA star Magic Johnson as a partner, invested $20 million in the project in 2007. It opened at a cost of $68 million in 2009.