Heritage Place, a five-story, 107,000-square-foot office building in MetroCenter, has been sold for $10.2 million.
An investor group led by Bert Mathews sold the property to a tenant-in-common investment group in Massachusetts. In all, five different entities now own the building. The primary entity is Heritage Place Partners, but all have the same address at 160 Powder Ave., Duxbury, Mass. Sources say this investor isn't a typical TIC sponsor or someone who is in the business of creating these investments. This deal was just structured that way, the sources said.
Mathews and his investors acquired the building in 2004 through a partnership with the owner at the time, another Nashville group of investors that included Ted Kromer, who is now with Giarratana Development. Kromer's group originally developed the building in 1985.
Kromer said he was pleased with the sale. "We got a terrific price for it," he said.
Mathews handled the sale along with Chris Grear and Lee Paradise, both from NAI Nashville. Douglass Johnson and Don Albright, both of CB Richard Ellis, represented the buyer.