The Dilweg Cos. traded the nearly 166,000-square-foot Class B asset for more than $26 million, with Pinnacle Bank providing the buyer with acquisition financing.
March 7 2019 — Innovatus Capital Partners has acquired Vantage Place, a 165,656-square-foot Class B office building in Nashville, Tenn., for $26.5 million from The Dilweg Cos., according to public records. Pinnacle Bank provided the buyer with $14.2 million in financing for the purchase. The asset last changed hands in April 2017, when Atapco Properties sold the mid-rise for $17.7 million, according to Yardi Matrix.
Located at 44 Vantage Way, the five-story building is in the heart of the MetroCenter submarket. Interstate 65 and Tennessee Route 12 are a short distance away, providing access to downtown Nashville, less than 3 miles south. Approximately 1.6 million square feet of office space is within 1 mile of the structure, per data from Yardi Matrix.
The property opened its doors in 1981 and the previous owner invested in capital improvements in 2017. Vantage Place is home to several tenants, including Centerstone SBA, OpenSky and Tennessee Titling & Registration. The asset has a vacancy rate of 7.2 percent.
Earlier in March, Wheelock Street Capital acquired a 435,525-square-foot Class A office property in the city center. The asset changed hands for more than $110 million.
About Innovatus Capital Partners
Innovatus Capital Partners, LLC, is an independent adviser and portfolio management firm with ~$1.9B in assets under management. The firm adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories. Through deep industry networks and experience across asset classes, Innovatus will acquire or create assets with a focus on premium and durable income streams. Innovatus will invest through various channels including joint ventures and/or partnerships with industry-leading companies, the creation of de novo entities, and investments in or acquisitions of established companies. A unifying theme of Innovatus’ investment strategy is capital preservation and income generation. More information about Innovatus Capital Partners can be found at www.innovatuscp.com.
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