Tag Archives: Cam Sorenson

Southeast Venture Purchases Property at Eighth and Division

We’re planning for a long-term investment in the growing East Gulch community

8th and DivisionWe closed yesterday on a 20,000-square-foot building at 714 8th Ave. S., which sits at the northeast corner of the Eighth Ave. and Division St. intersection. Located in a growing area recently coined “Gulch East,” the one-story building sits on 1.26 acres and has 63 parking spaces. The property was purchased for $4.25 million.

We see a lot of potential in this area of Nashville. The Music City Center has already kick-started hotel, restaurant and retail development. This will only intensify next year, when the city plans to extend Division Street over the CSX railroad tracks, which will connect two rapidly developing parts of town: the Gulch East area and lower SoBro.

As the city’s proposal for this project notes, this new connection will provide opportunities for infill development and connections between Music Row, Vanderbilt, Belmont, Midtown and the Gulch with the Lafayette neighborhood, Fulton Campus, Howard Office Building and Rolling Mill Hill. We’re excited to be a part of this growing neighborhood and expect to have a long-term partnership with the area.

The property’s current tenants will remain in the space. They include:

Tarek El Gammal represented Southeast Venture in the contracted sale. The seller, AWC Partners, worked directly with Southeast Venture without a broker.

There are a lot of opportunities for commercial and residential growth in this area as businesses and people continue to seek opportunities close to Nashville’s city center. This section of town is still developing its identity and neighborhood feel—we look forward to being a part of that transformation.

HealthSpring’s MetroCenter Campus Sells for $36.4M to Los Angeles Investment Company

Southeast Venture partnerships developed and owned property

HealthSpring

Los Angeles-based real estate investment company Griffin Capital Corporation has purchased the HealthSpring MetroCenter campus for $36.4 million, Southeast Venture officials announced today.

The two 72,163 and 98,352 square-foot office buildings, at 500 and 530 Great Circle Road in Nashville, were sold by partnerships controlled by Southeast Venture, a local diversified commercial real estate and design services company that designed and developed the property.

This is Griffin Capital’s first purchase in Nashville.

“It is a great time to invest in Nashville, and this campus is an ideal acquisition for our firm,” said Don Pescara, managing director of Griffin Capital. “We really like the combination of an attractive, new, build-to-suit real estate property, located in a dynamic, growing market, coupled with the long term lease to such a creditworthy company—that stability of cash flow is what we and our investors are looking for.”

“We’re very pleased with this investment and hope to find others with similar characteristics,” Pescara added.

The first phase of the HealthSpring campus opened in August 2011. The second phase of construction completed on time in May 2012. The project sits on just over 21 acres on Great Circle Road overlooking Amulet Lake.

HealthSpring2

“We bought this land in MetroCenter in 2007 with an eye towards developing a build-to-suit facility. Bringing an out-of-state investor into Nashville with this sale really validates our decision to invest in the MetroCenter submarket,” said Cam Sorenson, principal for Southeast Venture. “With its attractive proximity to downtown Nashville, MetroCenter is well positioned to capture more businesses that require high-density office environments. We’re excited to continue to help this area grow and flourish.”

The one-story HealthSpring facilities are located on a campus with ample green space and a 997-space parking area. The two U-shaped buildings mirror each other, with a connecting courtyard in between that serves as an inviting public space where employees can gather for events, lunch or meetings.

HealthSpring, which was acquired by Cigna Corp. in January 2012, uses the campus as the primary location for more than 1,000 of HealthSpring’s 3,600 employees.

CB Richard Ellis Brokers Douglass Johnson and Steve Preston assisted Southeast Venture in the sale.

“There was phenomenal interest from numerous U.S. and global investors for HealthSpring’s office campus, reflecting a continued flight back into the net lease property sectors. Long-term leased, mission-critical facilities located in strong markets like Nashville, are highly desired as they offer investors secured and stable yields over an extended period,” said Johnson. “Private capital and institutional investors alike are taking advantage of cheaper and more abundant capital, creating a very competitive environment for the best income producing properties.”

Southeast Venture’s property management arm will continue to handle the property’s long-term operation and maintenance.

Less than 30 acres of undeveloped land remain in MetroCenter, which is less than 10 percent of the business park’s total usable land of approximately 650 acres.

A Little History To Cap Our 30 Years

In addition to sharing pictures from our 30th Anniversary Party, we wanted to share some history of our company from over the past 30 years.

Dick Sorenson, a seasoned real estate developer from Atlanta, and George Volkert, a local real estate professional and Georgia Tech football star, established Southeast Venture in 1981.

The company is led today by seven principals: Todd Alexander, Wood Caldwell, Michael Finucane, Randy Parham, Paul Plummer, Cam Sorenson and Axson West. Wood, Paul, Cam and Axson have been with Southeast Venture for over 20 years.

Southeast Venture has grown with Nashville. And like Nashville, we’ve been fortunate to enjoy times of economic expansion and learned how to be resourceful during down times. Though no one wants to experience a recession—and in our history we’ve been through three—the lessons we’ve learned during the down times have made us a better, stronger company. It taught us how to turn obstacles into opportunities.

The firm’s story was born in 1981 when a banker called George and asked him and Dick to solve a problem. Perimeter Park, then under construction, had run into some difficulties and the bank needed someone to fix it. So Perimeter Park became the company’s first project. We handled the leasing, property management and landscaping, and turned a struggling property into a success.

The founding principals were also among the first to see the potential in Williamson County. As development partners with Gary Baker and the late Gerry Ezell, Southeast Venture led the project to create what is now Cool Springs. Southeast Venture handled master planning, rezoning, assembly of the land and approval of the Cool Springs interchange.

Southeast Venture Principals

Dick Sorenson, Paul Plummer, Wood Caldwell, Cam Sorenson, Todd Alexander, Randy Parham, Axson West, Michael Finucane

Construction on the Cool Springs interchange was well underway when the bank financing the project went under, forcing Southeast Venture to relinquish control. But George and Dick’s dream stayed alive, and today Cool Springs is one of the most successful mixed use developments in the south.

In 1991, Southeast Venture added third-party brokerage to its repertoire, and completed its first major third-party project with Sam Moore a year later, brokering the development of Royal Park Business Center.

Other Southeast Venture third-party projects include: Lakeview Regional Medical Center in St. Tammanny Parish Louisiana, Indian Lake, Stewarts Ferry, a major U.S. Postal facility in Royal Park, Central Woodwork Office and Distribution Center in Memphis and Mallory Park, an office park on the former “flagpole property” in Brentwood.

Southeast Venture’s brokerage arm has grown from two to 15 brokers. In April 2011, the company added brokers Finucane and Alexander to its ownership team. This was only the third time in 30 years that Southeast Venture has added partners.

Axson West, Jon Petty, Jimmy Pickel, Tarek El Gammal, J.T. Martin, Todd Alexander, John Cavin, Gilbert Smith, Alan Treadway, Michael Finucane

Our Brokerage Dept.: Axson West, Jon Petty, Jimmy Pickel, Tarek El Gammal, J.T. Martin, Todd Alexander, John Cavin, Gilbert Smith, Alan Treadway, Michael Finucane

The second time was in 1998 when a merger with Metro Center Inc. brought in Randy as a principal and added his broad background and talent in lease management. Over the last five years, Southeast Venture has developed 390,000-square feet in MetroCenter.

Southeast Venture also works closely with HG Hill Realty Company, the largest private property owner in Middle Tennessee. Providing brokerage and design services, Southeast Venture’s projects with HG Hill include BMW/Mini Cooper of Nashville, Gateway at Armory Oaks, Armory Hill Corporate Office Center, Hill Center in Green Hills and the Hill Center in Belle Meade.

If you were to ask what’s Southeast Venture’s stamp, what sets us apart, I’d have to say our track record and leadership that is well known and respected in Nashville. We know the local market, care about the local landscape and have been a part of greater Nashville business community for the last three decades.

The Southeast Venture Team

The Southeast Venture Team

Welcome Michael Finucane and Todd Alexander to our Ownership Team

We are happy to announce the addition of Michael Finucane and Todd Alexander to the Southeast Venture management team.

Michael and Todd @ our offices

Adding Michael and Todd has been 3.5 years in the making, and is only the 3rd time in 30 years that we’ve added partners.

The last time was 14 years ago when a merger with Metro Center, Inc. brought in Randy Parham. Michael and Todd join Randy, Paul Plummer, Cam Sorenson and Axson West in leading our company.

It’s only fitting that this announcement comes as we celebrate our 30th anniversary.

Michael and Todd both joined Southeast Venture as brokers, Michael in 1997 and Todd in 1999. Integral to the growth of our brokerage arm, both have been involved in all aspects of the Southeast Venture’s commercial real estate brokerage services, including land sales, landlord representation, tenant relocation, site acquisition, office and medical office representation, industrial leasing and improved property sales.

When we brought Michael aboard, he was one of only two brokers outside the principals. Now we have 11 brokers. Michael and Todd have been key to the growth we’ve enjoyed in brokerage services. It will be their goal and task to continue that trend, as well as to help our leadership team plan the firm’s future.

From the beginning Todd and Michael were team players; they showed leadership and were willing to put the interests of the firm ahead of their own, if necessary. We feel very fortunate that they are now partners at Southeast Venture and look forward to their continued leadership.

Michael joined Southeast Venture from the Trammell Crow Company where he worked in property management managing their industrial portfolio.

He concentrates primarily as a tenant representative broker in office and industrial transactions and recently closed on two industrial transactions totaling 761,400-square-feet.

He has represented such clients as H.G Hill Realty, Duke Realty, Griffin Technology, Inc., Franklin American Mortgage, Digital Reasoning, Essex Technology Group, Thompson Caterpillar, Kemberton Healthcare and Cumberland Consulting Group.

Todd was promoted to director of brokerage services in 2009. He works primarily in landlord and tenant representation.

He is currently responsible for leasing over 525,000-square-feet of office product and over 60 acres of commercial property in the greater Nashville market – as well as representing Southeast Venture in the development of a 98,000-square-foot office building for HealthSpring located in MetroCenter.

He has represented such clients as Behringer Harvard, USAA Real Estate Company, Northwestern Investment Management, IPC US REIT, SunTrust Bank, Saint Thomas Hospital, Sonic Automotive, Inc., Avis, Inc. and Sony, Inc.

He was a co-recipient of the 2005 NAIOP Office Lease of the Year, and recipient of the Commercial Awards of Excellence Horizon Award for 2001. He is a chair of the MetroCenter Advisory Committee of Chamber North, the North Nashville advisory council of the Nashville Area Chamber of Commerce.

Join us in welcoming Michael and Todd to their new management roles.