A South Nashville industrial/flex property located near Trevecca Nazarene University and known as the Polk Center has sold for $30.35 million — about 2.5 times the figure it garnered in a sale nine years ago.
According to a release, the seller was an LLC affiliated with Smith/Hallemann Partners, a Nashville-based real estate investment firm. The LLC paid $12.4 million for the property in 2017 as part of a partnership with Trevecca.
The buyer is Charlotte-based real estate investment company Strato Capital. The company, which also has an office in Boca Raton, Fla., owns the Mallory Green Office Building located in Cool Springs.
The 257,000-square-foot facility that sits on the 17.24-acre site features a mix of educational, warehouse/distribution, office and showroom space. Originally constructed in 1955 with a renovation in 1998, the building is located near both Interstate 40 and Interstate 24.
“191 Polk is exactly the kind of irreplaceable asset we look for — 17 acres of urban infill, between [Wedgewood Houston and Nashville International Airport]. We’re committing real capital to make meaningful improvements here, for today’s tenants and the businesses that will call this place home for years to come,” Darren Hirsch, Strato Capital co-founder (with Brian Nelson) and managing partner, said in a release.
The release noted planned improvements include exterior repainting and architectural upgrades, truck court and site repairs, landscaping, rebranding, and optimization of the property’s industrial outdoor storage areas.
Tom Smith, chairman of Smith/Hallemann Partners, said the sellers have been pleased with Polk Center as a long-term investment.
“This sale reflects the continued strength of well-located industrial assets in the Nashville market,” he said in the release.
The transaction was brokered by Spencer Smith and Will Smith of Colliers Nashville.