News release

Single-tenant industrial building in Nashville sells for $10.2M

JLL Capital Markets closed the sale of the triple-net-leased property occupied by an investment-grade tenant in an infill, last-mile location

April 13, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

ATLANTA, April 13, 2022 – JLL Capital Markets announced today that it has closed the $10.2 million sale of a single-tenant, 51,528-square-foot industrial warehouse triple net leased to Fiserv in an infill area within Nashville, Tennessee.

JLL marketed the property on behalf of the seller, an affiliate of Next Realty, LLC who acquired the property in 2017. Bridge Net Lease acquired the asset.

Fiserv (NASDAQ: FISV), a global provider of payments and financial technology solutions, has occupied the property since 2005, and uses it to manufacture credit and payment cards. Next Realty recently had negotiated and executed a new long-term lease extension with Fiserv. The property offers a side-load configuration, clear heights ranging from 20 to 22 feet, three dock-high doors, one drive-in door, office finish and 0.46 acres of potential land for expansion or outdoor storage.

“After successfully executing our business plan for the property, which culminated with the long-term lease extension, we determined it was an appropriate time to maximize our investment and provide strong returns to our investors,” said Next Realty CEO and Managing Principal Andrew Hochberg.

Positioned on 4.26 acres at 575 Brick Church Park Dr., the building is approximately 5 miles from downtown Nashville and proximate to Interstate 24, which provides exception connectivity to the region. This last-mile location is within the North Industrial submarket, one of the densest and most-sought after submarkets in the Nashville MSA. This strong logistical location positions the tenant to service more than 2.2 million customers within a 60-minute drive and 75% of the U.S. population within a one-day drive. Additionally, the property is 10.5 miles from Nashville International Airport.

The JLL Capital Markets and Industrial Brokerage team that represented the seller was led by Mitchell Townsend, Anthony Walters, Perry Wolcott, Matt Wirth and Robin Stolberg.

“This transaction demonstrates that investor appetite for long-term, single-tenant, net-leased deals in primary infill locations remains strong, despite recent volatility in the interest rate markets,” Townsend 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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Next Realty

Next Realty is a real estate investment and operating company with a 20-year history of success in the industry. With over 75 transactions completed, Next Realty continues to manage a diversified portfolio utilizing a Multi-Solution™ investment strategy that reflects an ever-changing environment. Assets include retail, parking, industrial, office and multifamily properties. Next Realty is highly regarded in the market as a buyer and operator of high-yielding value-added real estate assets.

About Bridge Net Lease

Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $31.8 billion of assets under management as of September 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.