A Dallas-based private equity firm snatched up a five-building industrial complex in East Nashville.
Stonelake Capital Holdings LLC spent $57.54 million on the 18-acre Space Park East, according to newly filed deeds. The complex is located near the intersection of East Trinity Lane and Ellington Parkway, less than four miles from downtown.
The seller was a business entity tied to Brookside Properties Inc., which appears to have bought the site for $13.6 million in 2015, according to Metro data.
Colliers International’s Max Smith and Zac Cypress represented Stonelake in the transaction.
Smith said in a news release that he predicts that rental rates will continue to rise and vacancy will remain low in the complex.
“Space Park East is one of the most well-known infill industrial parks in the city and offers a great mix of eclectic tenants,” Smith said in the release. “The future of this site is incredibly promising.”
Industrial is one of two commercial real estate asset classes that have grown stronger during the pandemic, the other being apartments. Locally, the industrial sector’s vacancy rate is just 3.4%, and more than 8.3 million square feet of space is under construction, according to Colliers research.
The 413,750-square-foot Space Park East complex houses tenants like Protective Flooring, Nashville Production Rentals, Meinl USA and Made First Experiential Marketing.
Stonelake Capital Holdings owns more than $3.5 billion in commercial real estate across the south and Arizona, according to the release.
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