hsa commercial real estate acquires 277,200 sf industrial facility in white house, tennessee
April 15, 2005
(Chicago – April 15, 2005) Jack Shaffer, chairman, HSA Commercial Real Estate, announced that the firm has purchased a 277,200-square foot industrial building in the Interstate Business Park in White House, Tennessee, a northern suburb of Nashville, continuing the firm's overall strategy of acquiring properties on a national basis.
The facility, just off Interstate 65 at 510 Hester Drive, is situated on a 50 acre site, with an additional 46.7 acres of land that can accommodate over 700,000 square feet of industrial development. The building is 100% leased to two credit tenants: Lowe's Home Improvement Centers and Ingersoll-Rand Company. The building can also be expanded on either end by 139,920 and 101,760-square feet, respectively.
This is HSA's 2nd industrial facility acquisition in the Nashville market, having purchased a 152,562-square foot building at 200 Beasley Drive in Franklin, Tennessee in March of 2003.
“Historically, Nashville has had one of the lower industrial vacancies in the country and a diversified, stable economy,” said Shaffer, “and it out performs the majority of markets around the United States.” The I-65 North industrial submarket is characterized as enjoying the strongest available labor market in the Nashville area.
Eric Ogden, vice president of HSA|READ, the firm's acquisition and development arm, led the HSA team that identified and put together this deal. The seller of the property, a private real estate investment group, was represented by Jeffrey Kahan, Jeffrey B. Devine and Steven C. Disse, all with Colliers Bennett & Kahnweiler in Chicago, and David McGahren, SIOR, a principal with Colliers Turley Martin Tucker in Nashville.
Celebrating more than 24 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 6,500 transactions in over 30 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 18 million square feet.
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