(This press release was originally published on August 11th, 2015)
Leasing Agent Southeast Venture Announces Building Is Also For Sale
NASHVILLE, Tenn., Aug. 11, 2015 – An affiliate of Community Health Systems (CHS), the hospital company that recently announced plans to invest $66 million in a to-be-constructed building in Antioch for back-office operations, has signed a long-term lease on a 18,569-square-foot building in the same area.
The one-story building, located at 5508 Crossings Circle in the Hickory Hollow area of Antioch, sits on 3.65 acres and has 300 parking spaces. It formerly housed The Paul Mitchell School and is owned by Kingdom Realty. CHS’s is expected to occupy the space in the next two months.
“What attracted CHS to this property was the high ratio of parking spaces to square feet in the building, which is 16 spaces per 1000 square feet. The usual ratio is more like four to six spaces per 1000 square feet. Having this number of parking spaces on-site allows CHS to make much more efficient use of the space. The cost per head is much less than it would typically be for a similarly sized building,S to make chsoierjh” said broker James Roscoe High of Southeast Venture, who represented the building owner in the lease. CHS was represented by Bo Tyler and Tom Hooper of JLL.
Tarek El Gammal, a Southeast Venture principal who assisted High in brokering the CHS lease, said that the building owner has also instructed Southeast Venture to market the property for sale.
“The property will be attractive to an investor looking for a stable, income-producing asset,” El Gammal said. “Additionally, the property has enough parking to accommodate a larger building one day that would still provide exceptional parking ratios. This could further enhance future returns on the asset. Given the strong market for commercial real estate in Nashville, and the interest that employers are showing in Antioch locations, we expect this property to sell relatively quickly.”