Westmount Realty Capital negotiated the recent sale of an industrial property in Nashville, 840 Logistics Center, which the firm acquired in 2020.
The industrial Class-A bulk distribution center is located on I-840, east of downtown Nashville in one of the city’s fastest-growing industrial submarkets, Wilson County.
840 Logistics Center was built in 2008, sits on 44 acres and spans 709,652 square feet. The cross-dock warehouse and distribution facility was designed to today’s standards with 32 – 36 feet clear heights and excess trailer and car parking. The property features 366 parking spaces and 76 trailer stalls.
The asset is 100% occupied by two high-quality third-party logistics tenants. Several million dollars were spent on upgrades including LED warehouse lighting, exterior painting, epoxy floor sealant and new dock and light packages on every loading dock within the facility.
The Nashville market has experienced tremendous growth during the past several years. According to data from Oxford Economics, Nashville’s net job growth of 4.4% from quarter one of 2020 to quarter two of 2022 ranks as the fifth highest of the 50 largest metros in the nation. Nashville is forecasted to see annual job growth of 1.8% from 2022 to 2026, above the U.S. growth of 1.3% over the same time frame.
Nashville’s industrial market had a solid second-quarter performance, ending with a positive 2.9 million square feet of absorption, with strong demand keeping vacancy at record lows. The city’s new development total remains robust, with over 8.3 million square feet under construction. Wilson County accounted for 27% of all leasing activity in the Nashville metro area.