Institutional Property Advisors Closes Suburban Nashville Class-A Office Building
MURFREESBORO, Tenn., Jan.24, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Stonegate Corporate Center, an 85,569 square-foot Class-A suburban office building in Murfreesboro, Tennessee.
“The subject property, built in 2005, is 94% occupied and anchored by The Department of Veteran Affairs, who occupy approximately 35 percent of the total rentable square-feet. Other notable tenants include Regional Information Sharing Systems, Baird, and Northwest Mutual,” said Anthony Lunceford, IPA senior managing director investments. “Located in one of the most coveted locations in Murfreesboro, Stonegate Corporate Center is located across from Ascension Saint Thomas Rutherford Hospital. Medical Center Parkway is surrounded by class-A retail, office, medical office, Multifamily, and hospitality properties, which made for a competitive sales process.” Massa, Anthony Lunceford and Michael Grenaway represented the seller, and procured the buyer.
“This transaction supports the continued demand for suburban class-A office properties, as the outlook remains bright for employees to get back into the office on a day-to-day basis.” Grenaway adds.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com