Transwestern Marketing Value-Add Asset in Airport South Submarket
September 23, 2021
Nashville – Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team is exclusively marketing for sale Airways Plaza I and II, a 147,598-square-foot, two-building office complex at 1281 and 1283 Murfreesboro Pike in Nashville. Transwestern Senior Managing Directors Kevin Markwordt and John Bell are facilitating the disposition on behalf of the seller, The Worsham Group.
“This is an excellent opportunity for an investor to purchase the complex and generate added value from increased large office tenant demand and rising rental rates,” said Markwordt.
Well-located and highly visible along Murfreesboro Pike between Interstates 24 and 40 and Briley Parkway, the asset provides exceptional access to downtown Nashville and several surrounding high-end executive neighborhoods, including Belle Meade and Green Hills. Direct access to Nashville International Airport offers the ability to capture solid corporate demand.
“With immediate access to the airport and valuable signage opportunity, Airways Plaza offers an ideal corporate tenant occupancy solution to lease half the project and reap income from the existing occupied building or grow into the full campus,” said Bell. “We expect every large user in Nashville to be interested in the chance to purchase or lease the property.”
Nashville’s Airport South submarket is a well-established corporate hub positioned just east of downtown. A proven location occupied by household names that include Amazon, Tect Aerospace, HCA Healthcare and Dell, companies often choose the submarket due to its large concentration of educated workers, proximity to the airport and direct interstate connectivity to greater Nashville.
Nashville’s office market has been quietly outperforming the nation for several years and is one of the tightest in the Southeast in terms of vacancy,” said Keith Pierce, Vice President of Research at Transwestern. “Similar to Nashville, the Airport South submarket has enjoyed above-average rent growth for a decade, with stable demand and occupancy ranging from the mid-80s to the low 90s.”
Two of Nashville’s top 10 office leases completed in the past 12 months occurred in the Airport South submarket. Companies such as American Blue Ribbon Holdings, Education Networks of America and Trane Commercial have renewed their leases in recent quarters.
Photography available for download here.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.