Industrial building sold in La Vergne
Nashville Business Journal - by Philip Nannie Nashville Business Journal
Perrigo Co. of Tennessee sold its industrial building at 400 Sanford Road in La Vergne to Stiles Corp. for $14.5 million last month in a deal that ranks among the largest industrial sales of the year.
"The building is part of the MidSouth Logistec Center complex located just off Industrial Boulevard and is the only building in the development Ozburn-Hessey doesn't own," says Whitfield Hamilton, vice president and industrial leasing specialist with Colliers Turley Martin Tucker.
Hamilton says Florida-based Stiles is not new to Nashville's industrial market and has been in Middle Tennessee for two years having built the Eastgate Tech Center in Lebanon.
Purchase plans were completed even though the industrial building will soon have no tenant. Cumberland Swan, which was sold by Perrigo, is moving out of the 515,828-square-foot facility. Stiles is looking for a new tenant.
Although listed as having more than 500,000 square feet, the building's square footage will soon near 750,000 when expansions planned for the fourth quarter are complete, Hamilton says.
"After the expansion, this will represent the largest potential square footage in the market," says Hamilton.
Perrigo built the Sanford Road industrial building for itself, making it one of the most attractive industrial buildings in the marketplace, says Hamilton.
Stiles' interest in the Nashville market is just beginning and the company is poised to acquire other properties when the time is right.
"Nashville continues to attract large national companies looking to relocate and consolidate major distribution operations to reduce costs and improve efficiencies. We expect this to continue and will expand Stiles' regional development presence and portfolio in order to leverage this trend," says Ray Hensler, Nashville division president for Stiles.
In addition to the La Vergne Distribution Center, Stiles' regional portfolio includes the fully leased 233,483-square-foot Eastgate Distribution Center Phase I, the International Plaza office building and other parcels of raw land.
Stiles has hired Colliers Turley Martin Tucker to exclusively market the property for lease or sale.
pnannie@bizjournals.com, 615-248-2222 ext. 109
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