Roche CEO Warns US Drug Price Deals Could Raise Costs of New Medicines in Switzerland 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
AstraZeneca’s LATIFY Phase III Trial of Ceralasertib Misses Primary Endpoint in Lung Cancer Study 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
Seatrium Reaches $475 Million Settlement With Maersk Over Offshore Wind Vessel Project 
Moore Threads Unveils New GPUs, Fuels Optimism Around China’s AI Chip Ambitions 
Google and Apple Warn U.S. Visa Holders to Avoid International Travel Amid Lengthy Embassy Delays 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
NASHVILLE, Tenn., Aug. 02, 2017 -- Priam Capital, a sponsor of boutique private equity real estate funds, has sold the Oaks Business Center in Nashville, TN. The transaction was part of Priam’s Fund II. The Oaks Business Center is a stabilized urban infill office project consisting of 61,770 rentable square feet. The property is located in Nashville’s Berry Hill submarket, and located adjacent to the 100 Oaks Mall, which is occupied by a substantial Vanderbilt outpatient facility and various large retail tenants. The property is 100% leased to a strong rent roll of local tenants, each with significant build—outs and fixture improvements. Priam purchased the asset in an off-market transaction from a local developer for $11.3 million (8.6% cap rate).
Once purchased, Priam worked diligently to add value to the Oaks Business Center by negotiating “blend and extends” with existing tenants and also signing new tenants to leases at the property. Specifically, Priam was able to backfill 16% of the property that was vacated to C3, and the Britt Hunt Company expanded its space while adding a considerable amount of their own TI dollars to its working space in the process. While holding the property, Priam and its investors were able to cash flow nearly $1 million in NOI. After running a full marketing process with CBRE, the property traded to a private equity firm out of Greenwich, CT.
Priam sold the asset for $13.3 million, achieving an IRR in excess of 50%, an average cash-on-cash return of 16% and a 2.15x equity multiple for its investors.
The Priam Capital Team was led by Brian Adams, Co-Founder and Partner and Abhishek Mathur, Co-Founder and Partner. This was the first disposition out of Priam’s Fund II.
About Priam Capital
Priam Capital is a sponsor of boutique private equity real estate funds based in Nashville, TN and currently deploying capital from its third investment vehicle. Priam’s focus is on acquiring stabilized multi-tenant office properties in secondary markets in the Southeast and Midwest, including Nashville, Memphis, Indianapolis, Louisville and Birmingham. The Fund seeks real estate opportunities that have high-quality tenants and targets cash on cash returns of 10 – 15%. Priam has acquired 800,000 square feet (each acquisition between $5 and $40 million) of commercial property. Priam is currently raising equity for its Fund III investment vehicle, with a target size of $50 million AUM.
Contact: Abhishek Mathur Priam Capital 102 Woodmont Boulevard Suite 100 Nashville, TN 37205 [email protected]
