Amstar Sells Class “A” Office Building Near Nashville, TN
Cool Springs, TN (May 2, 2012) – Amstar today announced the sale of McEwen Place, a 175,000-square-foot class “A” office building located in Cool Springs, Tenn., 15 miles south of Nashville. KBS Realty Advisors was the buyer; the sale price was not disclosed. Amstar, in partnership with Southern Land Company, developed the property starting in 2008. Through an aggressive marketing and leasing plan, Amstar and Southern Land Company stabilized the property within two years of its delivery. The property is currently 97% leased and hosts strong credit tenants including Renal Advantage, Mars Petcare, Raymond James, Carlisle Companies, Inc. and Cisco Systems, Inc.
The building was designed and built to LEED standards and features continuous floor-to-ceiling windows, 360 degree views, an efficient floorplate, exterior balconies, shower facilities, a 4/1,000 parking ratio and a park with Wi-Fi. The six-story property is conveniently located within the 90 acre McEwen mixed-use, master-planned development and is one-half mile west of Interstate 65, which provides easy access to all points in Metro Nashville. Don Albright of Cornerstone represented the seller in this transaction.
“Amstar is excited to sell the property to such a capable buyer and landlord as KBS Realty Advisors”, remarked Amstar Senior Vice President Della Wegman. “While we remain excited about the remaining opportunities at McEwen, including 39 acres of developable land on the north side of McEwen Drive, we are very pleased to welcome KBS as a neighbor.”
McEwen Place is adjacent to a 45,000-square-foot Whole Foods Market and BrickTop’s, a popular Nashville-based upscale restaurant. In addition, also adjacent to the office building, Amstar and Southern Land Company are building a 40,000-square-foot in-line retail property, expected to open during the fall. Announced tenants for that project include Pei Wei and Uncle’s Barbershop, among others.
Amstar Advisers, LLC is a global investment manager focused on creating value for its clients through the implementation of sound real estate-related investment strategies. The firm is an affiliate of, and is commonly managed by, Amstar Group, LLC, a real estate investment manager with more than 25 years of experience in acquisition, development, and capitalization of office, hotel, multifamily, industrial, and retail properties within the major markets of the United States and select markets in Europe and Latin America.
Together, Amstar Advisers, LLC and Amstar Group, LLC, collectively referred to as “Amstar”, have approximately $1.7 billion in assets under management. Amstar Advisers, LLC is an SEC-registered investment adviser with approximately $750 million in assets under management. For more information on Amstar, go to www.amstar.com or contact Amstar Managing Director Rob Toomey at firstname.lastname@example.org.