A New Jersey-based real estate company has paid $1.1 million for a South Nashville warehouse property — almost three times what it sold for five years ago.
The Avidan Group now owns the 2.32-acre property, located near Trevecca Nazarene University and with an address of 81 Trimble St. It is unclear if the 1954-constructed building (pictured) on the site has a tenant, with the building described as a “truck terminal” in marketing materials.
Nashville-based general contractor American Constructors was the seller, having paid $420,000 for it in February 2015, according to Metro records. Jamie Brandenberg and Cassie Norwood of Compass Commercial seemingly represented the seller.
The deal is the equivalent of approximately $11 per foot based on acreage and $128 per foot based on the building’s roughly 8,600 square feet.
Based in Elizabeth, New Jersey, The Avidan Group has real estate holdings only in that state, according to its website. The Post was unable to determine if The Avidan Group has representation in the transaction.
Austin firm establishes local presence
Austin-based real estate investment and private equity firm Pennybacker Capital Management LLC has opened a Nashville office, Nashville Business Journal reports.
The move comes mere months after Pennybacker raised $700 million from 56 investors and sold minority stakes in its business.
NBJ reports Pennybacker Capital Management LLC is renting space at the Industrious co-working hub space located in the Gulch Crossing mixed-use building in The Gulch. Sam Mysock is overseeing the local office.
In late 2019, NBJ reports Pennybacker finalized its first Nashville deal, helping fund a creative office project on Sidco Drive for Connecticut-based Forstone Capital (read here).
NBJ reports Pennybacker also has offices in Denver and New York and employs 34 people. It has about $1.9 billion of assets under management and invests in office, retail, apartment and industrial real estate.
