NASHVILLE, Tenn. –– October 31, 2022 – Westmount Realty Capital announced the recent sale of an industrial property in Nashville, 840 Logistics Center, which the firm acquired in 2020. The industrial Class A bulk distribution center is located on I-840, east of downtown Nashville in one of the city’s fastest-growing industrial submarkets, Wilson County.
840 Logistics Center was built in 2008, sits on 44 acres and spans 709,652 square feet. The state-of-the-art cross-dock warehouse and distribution facility was designed to today’s standards with 32 – 36 feet clear heights and excess trailer and car parking. The property features 366 parking spaces and 76 trailer stalls. The asset is 100% occupied by two high-quality third-party logistics tenants. Over the past years, several million dollars were spent on upgrades including LED warehouse lighting, exterior painting, epoxy floor sealant, and new dock and light packages on every loading dock within the facility.
“The property sits on I-840 and is within minutes of major interstate highways like I-24, I-40, and I-65, an ideal central location for national distribution across the country,” said Brian Scruggs, Westmount’s managing director of industrial acquisitions. “The region’s skilled and educated workforce coupled with the state’s low cost of doing business make it a desirable area in which to invest.”
The Nashville market has experienced tremendous growth over the past several years. According to data from Oxford Economics, Nashville’s net job growth of 4.4% from quarter one of 2020 to quarter two of 2022 ranks as the fifth highest of the 50 largest metros in the nation. Nashville is forecasted to see annual job growth of 1.8% from 2022 to 2026, above the U.S. growth of 1.3% over the same time frame.
Nashville’s industrial market had a solid second-quarter performance, ending with a positive 2.9 million square feet of absorption, with strong demand keeping vacancy at record lows. The city’s new development total remains robust, with over 8.3 million square feet under construction. Wilson County accounted for 27% of all leasing activity in the Nashville metro area.
“Nashville’s industrial market remains strong. The increased need for warehouse/distribution space during the pandemic has created tailwinds for Nashville’s industrial market, and this asset class has continued to see strong growth and increased investor interest,” said Brant Brown, president & COO at Westmount. “Upon our initial acquisition, Westmount actively managed and maintained 100% occupancy of the institutional quality asset, in a desirable submarket flanked by logistical advantages, an attractive labor force, a dynamic, quality of life, steady population growth and an overall strong economy.”
About Westmount Realty Capital
Westmount Realty Capital, LLC is a private Dallas-based owner and operator specializing in value-add, opportunistic and core-plus investments. For over 35 years, our time-tested and relationship-driven approach to commercial real estate investment has generated superior returns and earned the trust of numerous U.S. and foreign institutional and private capital sources.
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Westmount Realty Capital, LLC