This property is Off-Market
695 Grassmere Park
Nashville, TN 37204 ·
69,287 SF · Office For Sale
T-Mobile Call Center
|Building Size||69,287 SF||No. Stories||1|
|Property Type||Office||Building Class||A|
|Property Sub-type||Office Building||Tenancy||Single|
|Property Use Type||Net Lease Investment with 8 years left on lease||Year Built||2002|
|Cap Rate||7.50%||Lot Size||7.50 AC|
|Listing ID: 16074511||Date Created: 01/26/2009||Last Updated: 05/23/2012|
Nashville Commercial | Cushman & Wakefield Alliance, as exclusive agent for the seller, is pleased to offer for sale Nashville' s T-Mobile Call Center. Located in one of Middle Tennessee' s most prominent business parks, the property is under a NN lease expiring January 2017. The center was built specifically for the tenant, with the tenant investing over $4.2 million of their own capital into the facility. This property currently serves as a customer service call center for T-Mobile USA.
The existing financing is assumable and non-recourse, has a fixed interest rate of 5.59%, a maturity date of December 2016 and an LTV of 60.5% of the asking price. This capital structure allows for a 1st year leveraged return of 9.80% and a projected IRR of 12.64% over an 8-year hold.
This offering provides an investor the opportunity to acquire a secure real estate investment with favorable, non-recourse financing and earn an attractive, stable return.
Grassmere Business Park continues to be a highly desirable business destination. Located just off the Harding Place/Interstate 65 interchange, the park is less than 10 minutes from the Nashville CBD and 15 minutes to Nashville International Airport (BNA). The location also provides convenient access to the office markets and residential communities of both Davidson and Williamson counties.
- Lease secured by a credit rated tenant: T-Mobile USA is rated Ba2; parent company is rated Baa1
- Favorable Assumable Existing Financing: Non-recourse loan @ 5.59% fixed & 30yr amortization
- Attractive Leveraged Returns: 1st year leveraged return is 9.80% & and an 8yr IRR of 12%+
- Nashville, Tennessee: One of the most attractive business environments in the country
- Located in Grassmere Business Park: One of Nashville's most desirable office destinations
- Proximity to executive housing: Grassmere is convenient to Brentwood, Belle Meade, Forest Hills, Green Hills and Oak Hill
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