The air rights of the CMT Building on Commerce Street downtown have sold for $11.2 million.
Commerce Street Nashville Partnership — which has an address on Crestmoor Road in Green Hills — purchased the building, once known as the J.C. Bradford Building after the local investment firm.
At first blush, it appears the seller, Wells-VAF 330 Commerce, took a loss on the sale, after having paid $13.8 million for the building in 2007, but the sale is solely for the building's four levels of office — 114,000 square feet — and two levels of parking. The additional parking and the street-level retail spaces were not included in the deal.
Technically, according to the deed, Commerce Street paid for "a volume of air containing 3,200,912 cubic feet."
CMT recently re-upped in the building for seven years.
STAG adds in Airport South
STAG Industrial paid $5.65 million last week for a 145,000-square-foot warehouse located on 6.25 acres on Ezell Pike in the Airport South area. The seller was First Cal Industrial for the California State Teachers' Retirement System.
It's STAG's third foray into the Nashville area. The property-acquisition company also owns warehouses in Madison and Portland.
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