Dimension at Mallory Park Phase II Finds First Tenant in Verus Healthcare

This press release was originally released on March 21, 2017.

Verus Healthcare Anchors Project

NASHVILLE, Tenn. March 21, 2017 – Southeast Venture announced today that Franklin-based Verus Healthcare has signed a lease to occupy 34,561 square feet of office space in the second phase of the project. The healthcare supply company is the first to lease space in the 63,236 square-foot project and plans to move into the space in August.

Mallory Park

“We are thrilled to have found a larger office space with a higher parking ratio that keeps us well-positioned within Brentwood/Cool Springs’ flourishing healthcare center. Our company’s growth necessitated that we move from our current space in Cool Springs in order to continue providing the same high level of care to our patients around the country,” said Rich Roberts, CEO of Verus Healthcare.

Mallory Park

Dimension at Mallory Park was specifically designed to accommodate companies like Verus Healthcare who are looking for higher density office space.

“Verus Healthcare is a perfect fit for the office space in Mallory Park,” said Michael Finucane, principal at Southeast Venture. “The higher parking ratios present a different opportunity than what’s traditionally been available in the Brentwood/Cool Springs office market. For a company experiencing growth like Verus, this space easily allows them to put more people into less space.”

Mallory Park

Dimension at Mallory Park Phase I was leased in full to Quorum Healthcare Corporation and completed last fall.

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

 

 

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

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.

Sonic Automotive Group to Add BMW Dealership in Brentwood’s Mallory Park

The growing popularity of Brentwood’s Mallory Park business park hit a new high recently with the news that Sonic Automotive Group is under contract to purchase land in the development.

According to officials for commercial real estate services firm Southeast Venture, Sonic Automotive Group has claimed 13.22 acres—which accounts for all remaining Highway 65 frontage in Phase II of Mallory Park—and plans to build a new BMW dealership on the land. This will be in addition to Sonic Automotive Group’s current BMW dealership located at 4040 Armory Oaks Drive in Nashville.

In August 2012, 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.

The area shaded dark pink represents Phase II

Sonic Automotive Group’s most recent purchase marks the first purchase within Mallory Park’s Phase II. Infrastructure work for Phase II of began in September 2012, opening up about 35 additional acres for commercial development.

Mallory Park is historically dubbed the ‘Flagpole Property’ for a row of flagpoles that formerly festooned the property along its border with I-65.

“Sonic’s Automotive Group’s continued investment in this project represents the strength of the company’s commitment to this area. By having all of its dealerships in one location, the logistics of helping a potential buyer find his or her perfect car becomes much simpler,” said Wood Caldwell, principal for Southeast Venture, which is representing the landowner, Dickson-based Tennsco.

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.