From the Wires
Rosemont Realty Purchases Nashville's Lakeview Place Office Complex
Acquisition marks eighth office complex to join Rosemont Realty's growing portfolio in 2012
By: PR Newswire
Dec. 27, 2012 06:45 PM
SANTA FE, N.M., Dec. 27, 2012 /PRNewswire/ -- Rosemont Realty, LLC, a leader in commercial real estate acquisition and management with holdings of approximately 16 million square feet of commercial office space at a value exceeding $1.5 billion, has acquired the three-building Lakeview Place office complex in Nashville, Tenn.
The acquisition of Lakeview Place has added 380,963 square feet of Class A office space to Rosemont Realty's portfolio. Rosemont Realty purchased the office buildings from a joint venture of Nashville-based Smith/Hallemann Partners and Harbert USREF IV, an affiliate of Birmingham, Alabama-based Harbert Management Corporation, for an undisclosed amount.
In 2012, Rosemont Realty acquired eight Class A or Class B commercial properties, representing more than 2.5 million square feet valued at approximately $250 million, including the I-Bank Tower in Memphis. Other office property acquisitions were in Albuquerque, Birmingham, Denver, Houston, San Antonio and Tulsa.
Lakeview Place, located at 25 Century Boulevard in Nashville's airport north submarket, consists of three, six-story office buildings. Duke Realty developed Lakeview I, II and III in 1986, 1988 and 1998, respectively.
The Lakeview Place complex is leased to 95 percent, outperforming the Airport North Class A market that currently stands at 90 percent occupancy. Tenants include Amerigroup Tennessee, Inc., Mitsui & Co., Continental Casualty, Cummings Resources, LLC, Paychex and V. Alexander & Co. among others.
"Nashville is a major business hub in the Southeastern U.S. benefiting from a strong historical connection to health care technology companies," said Daniel Burrell, CEO of Rosemont Realty. "We have confidence that the Airport market will continue to outperform most of its suburban peers and become a good addition to our growing portfolio."
Rosemont Realty now owns six commercial properties in Tennessee, representing approximately 860,000 square feet, including:
Cassidy Turley will continue to provide asset management, property management and leasing services for the Lakeview acquisition (Perry Gooch at 615-301-2923).
Crews Johnston, Perry Gooch and Drew Flood with Cassidy Turley brokered the transaction.
About Rosemont Realty, LLC
Headquartered in Santa Fe, New Mexico, Rosemont Realty, LLC, is a market leader in commercial real estate acquisition and asset management. The company has approximately 16 million square feet in more than 165 office buildings in 25 states across the United States, valued at more than $1.5 billion. In 2012, Rosemont Realty acquired more than 2.5 million square feet of Class A and Class B office space valued at approximately $250 million.
Founded in 1991, Rosemont Realty has eight regional offices in Albuquerque, Atlanta, Dallas, Denver, Houston, New York, San Antonio and Washington D.C. For more information, please visit RosemontRealty.com.
SOURCE Rosemont Realty, LLC
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