Tag Archives: Brentwood

New High Density Office Space in Mallory Park Alleviates Growing Employer Occupancy Costs

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This press release was originally released on Oct. 10, 2016.

New High Density Office Space in Mallory Park Alleviates Growing Employer Occupancy Costs

Higher parking ratio featured in completed Phase I project

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NASHVILLE, Tenn. Oct. 10, 2016 – Southeast Venture has announced the completion of the first phase of a high-density office complex in Brentwood’s Mallory Park. The 87,100-square-foot project at 1573 Mallory Lane is now home to Quorum Healthcare Corporation.  The building type is similar to the Healthspring/Cigna Health campus that Southeast Venture developed in Metro Center in 2010.

The Healthspring/Cigna Health complex ­– a 175,000-square-foot build-to-suit project – filled a need that more and more Middle Tennessee employers are facing today.  Finding office space that can accommodate higher parking densities.

 The solution, said Southeast Venture Principal Michael Finucane, is simple. “Put more people in less office space; however, to do that, buildings need to have more parking spaces.  To maximize the efficiency of our project we simply built more parking spaces.”

 This increase in office density has become increasingly prevalent since the recession, as business owners look for ways to lower occupancy costs per employee. Beginning with the Healthspring/Cigna Health project in Metro Center and now in Mallory Park, Southeast Venture is providing options to resolve this issue, he added.

 “We had tremendous success with our building in Metro Center so we wanted to take that same product to the Brentwood/Cool Springs market. We saw a real need for higher density office space that, quite frankly, did not exist in this market,” Finucane said.

 “Suburban office space typically has a parking ratio that is four parking spaces per 1,000 square feet of office space,” he added. “The ratio for our Mallory Park project is six parking spaces per 1,000 square feet of office space. A tenant with 100 employees can rent 16,667 square feet in our project, versus 20,000 square feet in a building with four spaces per 1,000 square feet. Based on current office rents, that’s a $100,000 or more savings in occupancy costs per year. In addition, because these buildings have no shared common lobbies, exit corridors or elevators, each tenant only leases the space they occupy, which makes our buildings even more efficient.”

 Phase II of Southeast Venture’s Mallory Park project broke ground this spring and will include 68,000 square feet of one-story office space designed for multiple points of entry and parking around the perimeter of the building. The shell of Phase II will be delivered in the fourth quarter of 2016 and could be ready for tenants as early as the first quarter of 2017.

 About Southeast Venture:

Founded in 1981, Southeast Venture is a diversified commercial real estate and design services company guided by a mission of “Building Value by Valuing Relationships.” The firm provides and coordinates the delivery of brokerage, development, architectural and interior design and property management. This unique, comprehensive approach to commercial real estate offers a cost effective and efficient way of meeting its clients’ commercial real estate needs. For more information, visit SoutheastVenture.com, or find Southeast Venture on Twitter @SEVentureCRE.

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Tennessee Baptist Convention Plans Move into LifePoint Hospitals’ Seven Springs Headquarters

The Tennessee Baptist Convention has signed a sublease from LifePoint Hospitals for 20,600 square feet of unused space in its new 203,000-square-foot headquarters at 330 Seven Springs Way in Brentwood.

The Class A, seven-story office building, which Highwoods Properties built to LifePoint’s specifications at its Seven Springs development, will serve as the Tennessee Baptist Convention’s home for the next three years. When this lease is up the Tennessee Baptist Convention plans to build and move into a permanent space that has yet to be announced.

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“LifePoint’s headquarters is a beautiful new office building, with high ceilings, plenty of structured parking and lots of natural light. It will be a great space for Tennessee Baptist Convention to call home while it plans its next steps,” said Axson West, principal for Southeast Venture. West and Southeast Venture Broker Coleman Boyd represented the Tennessee Baptist Convention in the sublease. Barry Smith, co-founder and president of Eakin Partners, represented LifePoint.

In November 2013, H.G. Hill Realty Company purchased Tennessee Baptist Convention’s previous 5.25-acre, 88,000-square-foot property at 5001 Maryland Way, at the corner of Franklin Road and Maryland Way in Brentwood. West and Boyd represented the Tennessee Baptist Convention in the sale.

The Tennessee Baptist Convention is expected to move into its new space within the next 30 days.

Nashville CRE Week in Review: Week of Dec. 2

Nashville CRE Links

  1. AmSurg plans new HQ in Green Hills — Nashville Business Journal (link)
  2. Brentwood medical office building sells for $9.2M — Nashville Business Journal (link)
  3. Historic auto factory finds new life as retail, office hub — Nashville Business Journal (link)
  4. Metro to acquire 600 acres for Donelson park — Nashville Business Journal (link)
  5. Planners name 5 top goals for SoBro plan — Nashville Business Journal (link)

Nashville CRE Week in Review: Week of Sept. 16

Nashville CRE Links

  1. BNY Mellon breaking ground on expansion — Nashville Post (link)
  2. Brentwood business park expands after Porsche, Audi, Mini dealers break ground — Tennessean (link)
  3. Lexus of Nashville dealership moving to MetroCenter — Nashville Business Journal (link)
  4. P & M To Break Ground on The Shoppes at Maple Center — The CoStar Group (link)
  5. Ray Hensler’s $80M Gulch building is a go; design revealed — Nashville Business Journal (link)

Infrastructure Work Begins at Brentwood’s ‘Flagpole Property’

Area will add 35 acres of available commercial property

This week marks the official beginning of Mallory Park Phase II development. Infrastructure work at the historically dubbed ‘Flagpole Property,’ so named for several flagpoles that could be seen along the Highway 65 corridor in Brentwood, commenced Monday. Approximately 300 feet of road will be added as well as water and sewer systems, opening up about 35 additional acres for commercial development.

The property is C3 zoned and allows for warehouse, showroom space and office spaces.We will develop only about 35 acres. The nearly 24 acres of remaining land will be used for two parks, one which is contiguous to Mallory Park.

The area shaded dark pink represents Phase II

In June 2010 the Brentwood City Commission approved rezoning that allowed for the extension of the Mallory Park business park and the creation of a new city park.

The park property is in two parcels: 15 acres are bounded by Wikle Road and the CSX Rail Line and 8.7 acres adjoin Mallory Park Phase II on the north, acting as a buffer between the business park and the adjacent residential neighborhood on Gen. MacArthur Drive

Last month, Sonic Automotive Group broke ground on a new 9,178-square-foot Porsche dealership and 32,010-square-foot Audi dealership at 1576 and 1580 Mallory Lane. The new Porsche of Nashville and Audi Nashville are located where Phase I of Mallory Park connects to Phase II. Construction is supposed to last about a year.

Nashville CRE Week in Review: Week of August 19

Nashville CRE Links

  1. Brentwood commercial real estate bounces back in big way — Tennessean (link)
  2. Developer near deal for prominent Charlotte site — Nashville Post (link)
  3. Green Hills building plan expands to 7 stories — Tennessean (link)
  4. Local group purchases East Nashville apartment building — Tennessean (link)
  5. Nashville apartment sold for $27.6M — Nashville Business Journal (link)

Nashville CRE Week in Review: Week of June 24

Nashville CRE Links

  1. Brentwood planners consider Virginia Way office buildings — Tennessean (link)
  2. Fontanel owner buys MetroCenter warehouse — Nashville Business Journal (link)
  3. Hickory Hollow’s revival needs heart (and money) to succeed — Tennessean (link)
  4. Nashville commercial real estate sales activity up 77 percent — Nashville Business Journal (link)
  5. Report: Nashville’s office and industrial real estate markets see growth — Nashville Business Journal (link)