Nashville commercial real estate market strengthens in 2012

The Nashville commercial real estate market improved to end the year.

Commercial property managers with interests in the Nashville area experienced a boost in its purchase activity last year.

The Nashville area saw nearly 150 property transactions during the fourth quarter of the year, according to a report from Chas. Hawkins Co. and CORFAC International. These purchases had a total sales volume of nearly $271 million, which was close to $100 million more than the final three months of 2011. The total number of transactions was nearly two-thirds higher than the previous fourth quarter.

The final three months of the year was the strongest fourth quarter in six years, the Nashville Business Journal noted, citing the report. Much of the improvement was from apartment complex sales.

“2012 was in many ways the year of the multifamily deal in Davidson County,” said company vice president R. Stephen Prather, according to the news source. ”Large multifamily transactions accounted for a very small minority of the number of transactions but accounted for a relatively large percent of the total volume of the transactions.”

Despite the strong figures, the quarter was still nearly 40 percent lower than the peak level in 2006, the report added.

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