An industrial sale for a robust price outside Nashville, Tennessee, helped set a new benchmark for this type of real estate in the market.
Pearlmark, a Chicago-based real estate investment firm, bought the unfinished, roughly 410,000-square-foot Alligood Industrial Park in Lebanon, Tennessee, last year for around $54 million, or about $131 per square foot. Equity and financial hurdles complicated the transaction, but getting the deal over the line earned it a CoStar Impact Award as judged by real estate professionals familiar with the market.
The property was vacant at the time of sale. However, a tenant recently took roughly 125,000 square feet in the property, showing how strong the appetite is for industrial space in the outskirts of Nashville.
About the Project: The seller in the deal was a private investor. The property was built in 2023. Building 1 is located at 215 Alligood Way and Building 2 is at 303 Alligood Way.
What the Judges Said: "Alligood represents a new high-water mark in the market. ... It was a finished product and was a remarkable win for the seller and buyers," said Devin McClendon, CEO of NAI Nashville.
They Made It Happen: CBRE's Jack Armstrong, William Goodman and Steve Preston were listing brokers in the deal. Lee & Associates' William Sisk and Brett Wallach were also involved in the deal.
CoStar Market Manager Amanda Thomas contributed.