CBRE Arranges $75 Million, Off-Market Sale of 211 Commerce in Downtown Nashville, Tennessee

CBRE has arranged the off-market sale of 211 Commerce, a 233,314-sq.-ft. office tower in downtown Nashville, to PNH Properties LLC, a Tennessee company, for $75 million.

CBRE’s J. Roscoe High and Morgan Hillenmeyer represented the buyer in the transaction. 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.

“This transaction marks a successful exit for the seller and presents the buyer with a stake in Nashville and the continued momentum this great city has to offer.” said CBRE’s High.

Situated on the corner of Commerce and 3rd Avenue, 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.