SOURCE: WexTrust Capital, LLC

September 04, 2007 10:27 ET

WexTrust Capital Announces Sale of Two Tennessee Industrial Parks

CB Richard Ellis Represents WexTrust Capital in the Sale

CHICAGO, IL--(Marketwire - September 4, 2007) - WexTrust Capital announced today that it has sold its Space Park North Portfolio of industrial properties near Nashville for $33,050,000 to an undisclosed buyer. The Space Park North Portfolio consists of two industrial parks, Space Park North and Old Stone Bridge. Together both industrial parks include 13 buildings with a total of approximately 957,691 square feet of warehouse/distribution/flex space.

Space Park North and Old Stone Bridge are located within a half mile of each other near Long Hollow Pike and I-65 North in the city of Goodlettsville, Tenn., a suburb that is 13 miles north of downtown Nashville. Space Park North, constructed during 1979-1984, resides on 39 acres and consists of nine buildings totaling 707,321 square feet of primarily bulk warehouse and distribution space. Ten percent of Space Park North's square footage is flex office space. Old Stone Bridge, built from 1986-1989, is situated on 19 acres and has four buildings with a total of 250,370 square feet. Ninety-one percent of Old Stone Bridge's square footage is warehouse and distribution space, and nine percent is flex office space.

"We are very pleased with our investment in the Space Park North Portfolio since acquiring the properties in 2002," said Mike Gorney, principal of WexTrust Equity Partners, a division of WexTrust Capital. "We made significant capital improvements to the parks and have experienced very strong leasing over the past two years, attracting such major tenants as DuPont, ReMedPar, Cadbury Schweppes, Wei Chuan and Miller Mott Technical College. I'd like to thank Douglass Johnson and Don Albright of CB Richard Ellis in the sale of this property, and Nashville Commercial Real Estate Services, which is a member of the Cushman & Wakefield Alliance, for leasing and management of this project."

Both Johnson and Albright were initially involved in the Space Park North when WexTrust Capital purchased the portfolio from Lord Baltimore Properties in December 2002.

"Space Park North and Old Stone Bridge continue to show staying power with strong occupancy, a great in fill location, and continued institutional quality ownership," commented Johnson. "Industrial properties continue to get traction in the capital markets as institutional investors are looking to balance their portfolios."

WexTrust Capital's other holdings in Nashville and its surrounding areas include a 528,500 square feet distribution and tech center at 530 Myatt Drive, and two state office buildings totaling 30,000 square feet on Blanton Avenue and Dickerson Road. In addition to Tennessee properties in Clarksville, Murfreesboro, Knoxville, Memphis and Chattanooga, WexTrust continues to expand its presence in the southeastern U.S. with the recent acquisition of another $150 million of office and warehouse properties in Alabama and Louisiana.

About WexTrust Capital

WexTrust Capital is a globally diversified private equity and specialty finance company with a proven track record for protecting its clients' assets and delivering a superior return-on-investment through its diverse portfolio of principal investments. WexTrust Capital specializes in unique investment opportunities ranging from real estate to specialty finance and investment banking. Headquartered in Chicago, the company also maintains offices in New York; Norfolk, Va.; Atlanta; Boca Raton, Fla.; Nashville, Tenn.; Tel Aviv, Israel; and Johannesburg, South Africa. More information can be found at

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE: CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. In 2007, BusinessWeek named CB Richard Ellis one of the 50 "best in class" companies across all industries. Please visit our Web site at

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