CCP Commercial Real Estate buys Nashville office/flex portfolio
Virginia Beach-based CCP Commercial Real Estate has acquired a five-building office/flex portfolio in Nashville, Tenn., for an undisclosed price.
The company said the five-building, 413,000-square-foot portfolio in the Airport North and Metro-Center submarkets is 97 percent leased to multiple tenants. CCP acquired the property on May 4.
According to the company, CCP now owns about 1 million square feet of institutional grade commercial real estate in the Nashville market.
“We are very pleased with our continued expansion into one of the best secondary markets in the United States,” Jeremy R. McLendon, CCP’s president said in a statement.
“The Nashville office and industrial markets have experienced some of the highest rent growth in the country over the last few years, creating the opportunity for attractive net operation income (NOI) growth,” he said. “We were able to purchase the property at an attractive discount to replacement cost.”
CCP Commercial Real Estate owns and operates more than 3 million square feet of commercial property.