Pinchal pays $13 million for buildings

Two industrial buildings totaling 487,000 square feet have been sold to Houston-based Pinchal & Co. LLC for $13 million.

Menlo Logistics occupies one of the buildings, a 237,000-square-foot facility at 801 Swan Drive in Smyrna. Pillsbury occupies the second, 250,000-square-foot building located at 606 Butler Drive in Murfreesboro. The sale is strictly an investment deal and won't affect the current tenants.

"This is the first big package to sell since Sept. 11," says Whitfield Hamilton, vice president and industrial leasing broker with Colliers Turley Martin Tucker. Hamilton and fellow broker John Ward represented both buyer and seller in the deal.

The sale bodes well for the future of Nashville's industrial market. Hamilton says Pinchal's interest is indicative of larger regional and national players becoming interested in Nashville.

Tim Howard, Pinchal's vice president and principal over acquisitions, says his company is looking to add more Nashville industrial properties to its portfolio. Howard says Nashville will be the western cornerstone of Pinchal's $100 million Southeast investment, which includes industrial properties from Atlanta to Richmond, Va.

"Fifty percent of the country's population is within one-day travel time from Nashville, which makes our acquisition a perfect fit for our investment focus," says Howard. "There's more going on in Nashville than in some of the other major markets like Chicago, Atlanta, and Dallas."

Howard says Pinchal plans more investment in Nashville in 2002.

Nashville-based Vista Commercial Mortgage Group provided the financing for the deal through one of its life insurance company clients.

"This was an excellent investment opportunity for one of our correspondent life insurance companies who is very impressed with the Nashville industrial market," says Carrie Marlow, vice president. She declined to name the insurance company.

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