Global company pays $62.3 million for Wilson County industrial development | Development

Nashville-based CA South announced Thursday the $62.3 million sale of Park 109, a newly constructed four-building industrial and logistics property located in Wilson County.

The new owner is Principal Real Estate Investors, which is affiliated with global financial investment management and insurance firm Principal Financial Group, based in Des Moines, Iowa.

Park rendering 109

Principal paid the equivalent of approximately $166 per square foot for the unleased properties. The release notes that the brand set a record for industrial property located in the Nashville market.

The main financial group’s annual revenue for 2021 was $14.26 billion. The company – known for its retirement planning and insurance services – has more than 17,000 employees, including thousands in India.

Located near Mount Juliet and Lebanon at 1770 Callis RoadPark 109’s Class A quartet of warehouses offer a collective 375,000 square feet, with each building averaging 75,000 to 100,000 square feet.

“The completion of Park 109 is a game-changer for the community,” CA South CEO Meg Epstein said in the release. “The addition of a Class A logistics development to the Nashville Market will help meet the growing demand for high-quality, well-designed warehouse space near downtown Nashville.

“Not only will this first-class property provide an economic development opportunity for Nashville and our small business community, this listing has sold at a new record price for the city, demonstrating the demand for more projects like this. ”

CA South worked with co-development partner Griffin Partners, as well as general contractor Harvey Cleary, lender Crossfirst Bank, equity provider and broker Cushman & Wakefield (for rentals and sales).

The land opened at Park 109 in December 2020 and represents one of CA South’s first logistics projects built from the ground up.

Sara H. Byrd