Greenville-based RealOp Investments recently closed on a 219,870-square-foot industrial building at 109 Kirby Drive in Portland, Tenn., marking the commercial real estate investment firm’s second Nashville-area acquisition in 2018.
RealOp, which specializes in value-add and opportunistic investments across the Southeast, previously purchased the Focal Pointe Business Park at 1645-1661 Murfreesboro Pike in Nashville in May.
This most recent asset, 109 Kirby, was 100 percent occupied by Sun Products at the time of sale and will soon undergo both exterior and interior improvements, including LED lighting, parking lot repair, roof work, and updated office suites. These improvements will be used to attract other prospects looking in the Interstate 65 corridor for a long-term lease.
Julian Nexsen, RealOp’s vice president of acquisitions, said 109 Kirby’s location along the I-65 north submarket of Portland, which is about 40 miles outside the center of Nashville, was a key factor in the purchase. The location became even more favorable because of the recent completion of state Route 109 and the new I-65 exit at the Tennessee-Kentucky border, connecting 109 Kirby to the rest of the state.
Nexsen said the I-65 north submarket has extremely low vacancy and strong rent growth, providing an ideal opportunity to reposition a second-generation property.
“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.”
So far in 2018, RealOp has added to its portfolio assets in Charlotte and Raleigh-Durham, N.C.