Wells Real Estate Funds has acquired the Country Music Television (CMT) headquarters building in Nashville for about $13.8 million, according to CB Richard Ellis, which negotiated the deal.
The deal for the distinctive four-level office building, perched atop a nine-level parking facility, rounds out to about $117 per square foot. Wells acquired the office portion and the top two parking levels of the property, and plans to market about 29,000 square feet for lease.
The building is at 330 Commerce St. in downtown Nashville, a few blocks off of the Cumberland River. CMT, a subsidiary of media conglomerate Viacom, occupies 75 percent of the 118,082-square-foot facility under a lease that expires in 2012.
Douglass Johnson and Don Albright of CB Richard Ellis represented the seller, Ferrari Partners LP, a manager and owner of residential, multifamily, commercial and developmental properties in Illinois and Tennessee. Atlanta-based Wells was self-represented.
source: costar.com
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