Buyers snatch high-value Brentwood properties

Friday, December 21, 2007 at 12:38am

Different buyers snapped up two Brentwood commercial properties over past couple of days in transactions that could reach nearly $75 million.

Dallas-based Sarofim Realty Advisors has bought Brentwood Place Shopping Center at 330 Franklin Road from LaSalle Investment Management in Baltimore.

The price for the 315,000-square-foot power retail center wasn’t disclosed and the deed hasn’t been recorded yet. But it is certain to be among the top deals this year. Real estate experts say the price falls in the $50 million to $60 million range and depends on the income the property generates.

“Fundamentally, it has so many things going for it,” David Huddleston, an investment specialist with Vision Real Estate and no connection to the deal.

Huddleston said the center is in an area that won’t get more competition from the construction of a new center and the tenant mix is good.

The center is undergoing a $2.4 million renovation now for two new tenants Pet Super Market and Bricks Café. Borders Books, TJ Maxx, Stein Mart and Office Depot are part of the tenant mix already.

Baker Storey McDonald Properties will continue to lease and manage the property under the new ownership.

In a separate deal, Claymont, Del.-based Country Manor Associates bought the office building Virginia Way Plaza in the Maryland Farms Office Park for $14.2 million from TRP Investments Inc. in Westmont, Ill.

Douglass Johnson and Don Albright, both of CB Richard Ellis, represented the seller of the 76,457-square-foot building. The U.S. operations of Canadian-based Evolved Digital Solutions Inc. fill 20,000 square feet. Legal and professional service firms push the building to 96 percent occupancy.

Eakin Partners constructed the building in 2001 and sold it to TRP two years ago for $11.5 million.

Filed under: City Business
By: dxfret on 12/31/69 at 6:00

What about the sale of the Murray Corp. headquarters building and the Tennessee Baptist Convention buildings on Franklin Rd.? I hear these two properties are being sold, torn down and redeveloped in Brentwood.