Austin-Based CapRidge Partners Enters Nashville as New Owner of Nashville City Center
Posted on March 13, 2019
Nashville, Tenn. (March 12, 2019) – CapRidge Partners, an Austin, Tex.-based integrated commercial real estate firm, expands for the first time into the Nashville marketplace as the new owner of Nashville City Center, a 27-story Class A office tower located at 511 Union Street in the heart of Nashville’s Central Business District. CapRidge has selected Foundry Commercial to serve as the exclusive representative for the building, which features 480,000 square feet of commercial office space and 800 structured parking spaces.
CapRidge Partners has become widely recognized as a vertically integrated commercial real estate operator and investor dedicated to providing superior service to its investors and clients. The company is known for its keen sense for reading and forecasting the market, allowing for the successful purchase, repositioning and sale of numerous assets throughout the United States. The Nashville City Center building – the company’s first foray into the Middle Tennessee market – was sold to CapRidge by Alliance Partners.
“CapRidge is excited to enter the vibrant Nashville market with the acquisition of Nashville City Center,” stated Tom Stacy, founding partner of CapRidge Partners. “We look forward to serving our tenants and the community. Nashville fits perfectly with the other CapRidge growth markets of Austin, Denver, Atlanta, Charlotte, Raleigh, Phoenix, Dallas, and Houston.”
Foundry Commercial is a full-service real estate services and investment company with operations across the Southeast and Texas. Last Fall, the company expanded its presence in Nashville with the acquisition of the brokerage business of OakPoint Real Estate’s Nashville office, cementing the company’s significant investment in one of the nation’s hottest commercial real estate markets.
“Foundry Commercial is excited to work alongside CapRidge Partners to lease any remaining space in this progressive, highly amenitized, tenant-focused community,” stated Jason Holwerda, Nashville market leader for Foundry Commercial. “The whole vibe of the building and the resulting familial environment has been built around the concept of ‘southern hospitality,’ so we are setting our sights on identifying the perfect tenants who want to provide an exceptional working experience for their employees.”
Within the past year, Nashville City Center underwent a series of impressive upgrades, including updates to the building lobby; the launch of a 24/7 fitness center featuring weekly classes in yoga and meditation, balance barre, core pilates, and high-intensity interval training; and the debut of a new tenant lounge featuring Cafe 15, which offers grab-and-go options for breakfast and lunch.
Tenants of Nashville City Center have access to the building’s JamNasium, the only music studio featuring best-in-class instruments and recording equipment in an office building. In addition, tenants can engage in monthly sip and learn lectures, pop-up errands, happy hours, and more. Nashville City Center also boasts an outdoor plaza with a container coffee shop and The Shack, the building’s outdoor food stand for those looking to grab a quick lunch and enjoy the city’s weather.
Nashville City Center is located across the street from the five-star Hermitage Hotel and several highly regarded restaurants, including Capitol Grille, Rolf & Daughters, and the City Winery, among other dining and entertainment options.
Notable tenants within Nashville City Center include Warner Music Group, Waller Landsden Dortch & Davis LLP, as well as First Tennessee Bank, whose logo is perched atop the building.
For more information about leasing opportunities at Nashville City Center, visit https://www.foundrycommercial.com/properties/office/nashville-city-center.stml.
About CapRidge Partners
CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Nashville. Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has purchased 32 office buildings.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 300 employees and more than 50 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.
Media Contact for Foundry:
Lauren Leetun, APR