840 Logistics Center
Download Case Study- 2020
Acquisition Year
- 2
Years
Held - 709K
Total Square Footage
- 1
Number of Buildings
- 100%
Occupancy at Sale
OPPORTUNITY
Located east of downtown Nashville in the Wilson County submarket, one the most desirable industrial submarkets in the area, this building is a state-of-the-art bulk distribution facility constructed in 2008. In 2010, the property experienced floor slab settlement from subterranean erosion which prompted Wells Fargo, the original lender, to complete a $3 million structural repair and renovation. Westmount purchased the asset in August 2020 during the height of the COVID-19 pandemic. At the time of acquisition, the property was fully leased to two tenants, but the larger was a known vacate in May 2021.
SOLUTION
Westmount saw tremendous opportunity in this asset due to its desirable submarket location and our bullish view on the Nashville industrial market. Westmount oversaw $2MM of floor and sinkhole repairs during the hold. Despite the stigma from the slab settlement, our regional property management team successfully implemented a market lease-up. The asset was sold in 2022 at 100% occupancy for a considerable gain.
TAKEAWAY
Our commercial acquisitions team successfully identified the exceptional location and price of this asset while our due diligence/engineering teams conducted land surveys and tests to determine the building’s structural integrity. Finally, our leasing and property management teams worked together to create a comprehensive marketing and lease-up campaign with our 3rd party leasing agent on the leasing flyer and general marketing of the space.
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