Plaza Tower And The Plaza at MetroCenter Sold To Canadian Firm
June 13, 2006 - Nashville, TN
The Plaza Tower and The Plaza at MetroCenter have sold to Toronto-based firm IPC US REIT announced Tom Frye, managing partner with CB Richard Ellis in Nashville and Randy Parham, Principal, Southeast Venture, LLC. The purchase marks IPC US REIT's initial entry into the Nashville (Tennessee) real estate market. The sale was brokered by CB Richard Ellis and Southeast Venture LLC. The CB Richard Ellis national investment properties disposition team, led by Russell Ingrum and Gary Carr in Dallas and Don Albright, senior associate, and Douglass Johnson, First Vice President, in Nashville, work in conjunction with Randy Parham, Southeast Venture's representative, in the sale of the property. Southeast Venture LLC will continue to lease the property for IPC US REIT.
Plaza Tower is a nine-story building with 198,421 square feet of Class "A" space. The Tennessee Education Lottery Corporation and the State of Tennessee Department of Human Services fully occupy Plaza Tower. The second office property, Plaza at MetroCenter, is comprised of two Class "A" office buildings: the five-story, 138,755 square feet Plaza Building 1 and the two-story 15,552 square feet Plaza Building 2. These two buildings are 93% leased. Their tenants include the State of Tennessee Department of Health, Nortel, Henkel Chemical Management, EnSafe Inc, and Consoer Townsend & Associates. A total of 1,162 parking spaces are available to the tenants of Plaza Tower and The Plaza at MetroCenter.
The three building complex was originally constructed in 1985 to serve as U.S. headquarters for Nortel. In 2002 and again in 2004, Plaza Tower and The Plaza at MetroCenter were awarded the Office Building of the Year Award by the Building Owners and Managers Association (BOMA).
"The outstanding quality of these properties, their proximity to major interstates and downtown Nashville, plus the overall attractiveness of the Nashville market were all factors in attracting the buyer," said Frye.
"This office complex has long been one of the most attractive in this market and it has been well-maintained by the USAA Real Estate, the previous owner," Parham said. "As is evident by the current level of development, leasing and sales in MetroCenter, it has become one of the city's most desirable locations for investors and organizations seeking a quality environment conveniently located to downtown and the interstate system".
Plaza Tower and The Plaza at MetroCenter offer an extensive amenity package that includes an advanced card-key access security system, video surveillance, on-site security, onsite deli, fitness room with lockers and showers, and fiber optic cabling. In addition, the properties are located in a park-like setting with lake views.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2005 revenue). The Company serves real estate owners, investors and occupiers through more than 350 offices (including affiliate and partner offices) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; investment management; appraisal and valuation; and research and consulting. Founded in 1906, CB Richard Ellis marks a century of excellence in real estate services this year. Please visit our Web site at www.cbre.com.
About IPC US REIT
IPC US Reit is the only real estate investment trust in Canada that invests exclusively in U.S. commercial real estate. The REIT beneficially owns an 86.5% interest in IPC (US), Inc. ("IPC US") which has ownership interests in a portfolio of 34 office buildings, comprising a total of 10.5 million square feet of rentable space.
The units of REIT are listed on the Toronto Stock Exchange under the symbol "IUR.UN" for Canadian dollar quoted unites and "IUR.U" for US dollar quoted units. For more information on IPC US REIT, please visit the REIT's website at www.ipcreit.com.
About USAA Real Estate Company
USAA Real Estate Company has more than $2.6 billion of assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investments in real estate operating companies. Our annual volume of transaction is in excess of $500 million.