Evelyn Capital Purchases Office Property In Franklin, TN From TA Realty For $31 Million

The property involved in this transaction is an office asset located at 302 Innovation Drive, Franklin, TN. The sale price was recorded at $31,000,000, reflecting a price per square foot of $199. The building encompasses 156,000 square feet of space distributed across 16 acres.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $31,000,000
• Buyer: Evelyn Capital
• Seller: James O. Buckingham & Michael Haggerty - TA Realty
• Square Footage: 156,000
• Acreage: 16
• Price per Square Foot: $199

The deal was executed with Evelyn Capital purchasing the property from James O. Buckingham and Michael Haggerty, who represent TA Realty. Notably, TA Realty incurred a loss of $12.5 million from its original investment of $43.5 million upon acquiring the asset in 2019. The transaction highlights the ongoing challenges faced in the office market, as evidenced by high vacancy rates impacting property values.