Ascentris and Huntington Industrial Partners Sell 188K Square Foot Industrial Property in Nashville, TN
Ascentris and Huntington Industrial Partners Sell 188K Square Foot Industrial Property in Nashville, TN
Denver, Colorado (July 1, 2016) – Ascentris, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients, announced today the sale of 1325 Heil Quaker, a 187,930 sf, single-tenant distribution building located in the Interchange City submarket of Nashville, TN. Frank Fallon, Chris Riley, and Brian Budnick of CBRE marketed the property for sale on behalf of the seller. The buyer and sale price were not disclosed.
Ascentris, in partnership with Huntington Industrial Partners, acquired Heil Quaker in June 2012, at which time the property was 100% leased to Regal-Beloit Corporation. The ownership group performed various capital improvements and aesthetics upgrades and executed a renewal with Regal-Beloit through June 2020. Constructed in 1989, the property features cross-dock capability and offers superior access to Nashville’s highway network, including three major interstate systems (I-40, I-24, and I-65), two inner loop connections (I-440 and Briley Parkway) and the outer beltway (SR 840).
In early 2012, Ascentris launched an industrial acquisition strategy on the premise that there was an opportunity to aggregate, through single property acquisitions, an attractive portfolio of well-located, income-producing industrial warehouse/distribution properties significantly below replacement cost. Ascentris has since partnered with Huntington Industrial Partners to acquire 2.3 million square feet of such industrial properties in Georgia, Tennessee, Texas, and California. In addition, Ascentris and Huntington have developed or are developing speculative industrial properties totaling 1.2 million square feet in Atlanta and Dallas.
“Ascentris is very pleased with the outcome of this investment. Once the extension with Regal-Beloit was executed, ownership maximized value by quickly selling while Regal-Beloit had nearly four years of lease term remaining. Huntington Industrial Partners did an exceptional job of adding value to the property, and the CBRE sales team did a great job of marketing the sale,” said Ascentris Managing Director Tricia Noble.
“We are very pleased that we were able to execute a successful sale of Heil Quaker. The Nashville market continues to show steady demand and positive absorption,” said David McDaniel, Principal of Huntington Industrial Partners.
About Huntington Industrial Partners
Huntington Industrial Partners is an industrial real estate operating company with a strategic focus on acquiring and developing infill industrial properties in select U.S. markets. Huntington has offices in Atlanta, Dallas, Houston and Denver that are staffed by local teams with extensive industrial experience, local market knowledge and established networks of market contacts.