East Nashville distribution center sold for $30.9M
The Mt. Juliet facility is triple net leased and fully occupied by two tenants
ATLANTA, August 31, 2020 – JLL Capital Markets announced today that it has closed the $30.9 million sale of 245 Couchville Industrial, a fully leased, 709,652-square-foot, Class A warehouse and distribution facility in the fastest-growing industrial submarket in Nashville, Tennessee, Wilson County.
JLL marketed the property on behalf of the seller, a joint venture partnership between Sansone Group and Fortress Investment Group. Westmount Realty Capital, LLC acquired the asset.
The property is situated in Mt. Juliet on nearly 44 acres at 245 Couchville Industrial Blvd. in Nashville’s primary bulk distribution submarket. 245 Couchville Industrial is located along Interstate 840 and within minutes of Interstates 24, 40 and 65 and Highway 109. It is positioned to facilitate distribution to the Nashville metro and the rest of the country. Tenants at the facility can reach 75% of the U.S. population within a one day’s drive, and the property is located approximately 25 miles from Nashville International Airport.
245 Couchville Industrial is fully occupied with two high-quality tenants, including 67% of the space leased to Electrolux North America, Inc. ($4 billion in revenue in 2019), a wholly owned subsidiary of the investment grade parent Electrolux AB ($12.1 billion in revenue in 2019, S&P: A-).
The JLL Capital Markets team representing the seller was led by Managing Directors Britton Burdette, Pete Pittroff and Matt Wirth; Senior Managing Director Dennis Mitchell; Senior Vice President Jim Rodrigues and Associates Mitchell Townsend and Perry Wolcott.
“Investor demand is at an all-time high for industrial assets in high-growth sunbelt markets like Nashville, but opportunities to acquire them are rare,” Wirth said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.