Transwestern Represents Seller in Disposition to Hessel Properties
June 15, 2022
NASHVILLE – The Worsham Group has sold a three-property office portfolio, totaling 217,820 square feet in Nashville, Tennessee, to Hessel Properties for $30 million, or $138 per square foot. Transwestern Real Estate Services’ (TRS) Senior Managing Directors Kevin Markwordt and John Bell represented the seller in the 1031 exchange transaction, which included the following properties:
- Airways Plaza I and II, a 147,598-square-foot, two-building office complex at 1281 and 1283 Murfreesboro Pike in Nashville, Tennessee. Airways I was 100% occupied Airways II was 100% vacant at the time of sale.
- 112 Long Hollow Pike, a 25% occupied, 43,622-square-foot property in Goodlettsville, Tennessee.
- 750 Envious Lane, a 50% occupied, 26,600-square-foot asset in Nashville, Tennessee.
“With an influx of capital entering the market and a high volume of properties trading, a 1031 exchange can be the smartest play,” said Markwordt. “We are tracking an increase in these types of transactions with investors targeting value-add assets that can be purchased at a lower basis.”
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, investment management, and opportunistic endeavors for high-net-worth investors. 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.