PORTLAND, Tenn. – The 219,870-square foot 109 Kirby building will be getting a major overhaul soon including LED lighting, parking lot repair, roof work, exterior enhancements and updated office suites.
The asset was recently purchased by Greenville, S.C.-based RealOp Investments, which specializes invalue-add and opportunistic commercial real estate investments.
Julian Nexsen, RealOp’s vice president of acquisitions, said 109 Kirby’ s location in the I-65 North submarket of Portland was a key factor in the purchase. The recent completion of Tennessee State Route 109 and the new I-65 exit at the Tennessee / Kentucky border connects 109 Kirby to all of Tennessee.
The I-65 North submarket has extremely low vacancy and strong rent growth, he said. This favorable supply demand skew provides an ideal opportunity to reposition a second-generation property.
The building is currently 100 percent occupied by Sun Products. However, RealOp will be completing near-term improvements to attract other prospects looking in the I-65 corridor for a long-term lease.
“Portland has a strong history of leveraging location, resources and assets,” Nexsen said. “The submarket is home to 45 plus national and international manufacturers and distributors such as Gap, Tyson Foods, Sun/Huish Products, Macy’s and DuPont. It is an attractive submarket for bulk and manufacturing tenants due to its access to major interstates.”
About RealOP Investments:
RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. Learn more at www.realopinvestments.com.
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