A 233,314-sq.-ft. office tower in downtown Nashville was picked up by PNH Properties, for $75 million. A CBRE team led by Roscoe High arranged the off-market sale of 211 Commerce. The seller was Velocis Lincoln Commerce SPE LLC, a joint venture between Velocis and Lincoln Property Company.
Built in 2000, the 11-story tower comprises office and ground-floor retail/restaurant space. The seller recently made $16 million in improvements to the property, including a new conference center, fitness center and windows, as well as renovations to the lobby, indoor/outdoor tenant lounge, elevators, outdoor plaza and exterior façade.
Situated on the corner of Commerce and 3rdAvenue, the property offers tenants on-site parking as well as quick access to 26 parking operators within two blocks. It’s also within a five-minute walk of numerous retailers, restaurants and hotels such as Fifth & Broadway and Assembly Food Hall, Ryman Auditorium, and the Fairlane and Bobby Hotels, among others.