Tag Archives: MetroCenter

Southeast Venture brokers sale of MetroCenter property

Southeast Venture represented a partnership, an entity in which Southeast Venture is the Manager, that recently sold a 7.5-acre property in the MetroCenter business park to real estate entrepreneur, Rusty Dunn, for $2.58 million.

According to Dunn, the undeveloped land located at 100 Cumberland Bend could be a fit for either a car dealership or apartment complex, especially with its close proximity to MetroCenter Levee Greenway and Ted Rhodes Golf Course.

Over the past eight years, Dunn has purchased approximately 32 acres of land in the office park. For more information about the sale, visit The Tennessean for full coverage, “Real estate investor buys MetroCenter land for $2.58M”.

Cigna-HealthSpring Closes on MetroCenter Corners I Office Deal

cigna-healthspring-logoWe’re pleased to report that Cigna-HealthSpring has signed a 10-year lease for the Corners I office building at 601 Mainstream Drive in MetroCenter, north of downtown Nashville.

With the new lease, Cigna-HealthSpring further adds to its Tennessee business operations in MetroCenter. The health care company currently operates out of an office campus at 500 and 530 Great Circle Road. The two buildings, which total 175,000 square feet and house 1,200 employees, was developed by Southeast Venture and sold to Los Angeles-based Griffin Capital last year.

By continuing to expand its presence in MetroCenter, Cigna-HealthSpring is further cementing its commitment to MetroCenter. Jimmy Pickel and Southeast Venture Principals Randy Parham and Todd Alexander represented the Corners I building owner, Levitt Properties, in the lease. Harrison Johnson of CB Richard Ellis represented Cigna-HealthSpring.

Corners I is a one-story, open plan office building that covers 51,574 square feet and sits on 7.5 acres of land. Cigna-HealthSpring plans to have close to 300 parking spaces.

601-mainstream-driveIn its 30-year history, MetroCenter’s Corners I office building has been leased six times, and has never been vacant more than eight months. It’s a testament to the strength of the MetroCenter submarket, with its attractive proximity to downtown Nashville. We’re excited to continue to help this area grow and flourish.

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.

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.

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)

Nashville CRE Week in Review: Week of July 8

Nashville CRE Links

  1. Eleven North prepares to test Nashville market — Nashville Business Journal (link)
  2. Miami-Based Sardinia Enoteca Ristorante coming to Nashville — Nashville Business Journal (link)
  3. Permit: 47,000-square-foot MetroCenter space gets rehab — Nashville Business Journal (link)
  4. Sardinia, a Restaurant and Wine Bar in Miami Beach, Will Open a Nashville Location (link)
  5. Williamson real estate numbers improve again for June — Tennessean (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)

Nashville CRE Week in Review: Week of May 27

Nashville CRE Links

  1. 7 Questions answered about Gaylord’s Marriott deal — Nashville Business Journal (link)
  2. HealthSpring campus marks growth for Nashville’s MetroCenter — Nashville Business Journal (link)
  3. Market Trend: Nashville’s Retail Vacancy Decreases to 7.2% — The CoStar Group (link)
  4. Marriott buying Gaylord brand — Nashville Post (link)
  5. Nashville hotels sprucing up — Tennessean (link)

HealthSpring Completes MetroCenter Campus

We’re excited to announce today the on-time completion of the second phase of HealthSpring’s new MetroCenter campus located at 500 and 530 Great Circle Road in Nashville.

HealthSpring MetroCenter Site Plan

The two office buildings, totaling 175,000 square-feet, serve as the primary location for more than 1,050 of HealthSpring’s 3,600 employees, with future capacity for 1,260 employees. Prior to the completion of the new campus, which conveniently accommodates operations in one location, year-over-year growth had spread HealthSpring’s MetroCenter operations across three different buildings.

“The new building provides a light-filled, welcoming space that enhances productivity, allowing our valued employees to work comfortably as they serve the needs of our customers,” said Herb Fritch, president of HealthSpring. “The increased space has already contributed to job creation and we hope it continues to allow HealthSpring to support the growth of the local economy and the healthcare industry.”

HealthSpring has made more than 260 local hires since the first phase of the campus opened in August 2011. Additionally, building the site contributed to several construction-related jobs.

“Building each of the two offices employed approximately 125 people in the field in construction and other building-related jobs,” said Dean Taylor, Jr., owner of T.W. Frierson Contractor, Inc. “Additionally, every job in the field supported two jobs in the offices and shops of the contracted firms working on the project.”

The facility was developed and is owned by Southeast Venture and our co-investment partners. Southeast Venture’s in-house design services group served as architect and interior design firm for the project, and our property management arm will handle all day-to-day aspects of the property’s long-term operation and maintenance.

Integral partners in the HealthSpring development included T.W. Frierson Contractor, Inc. and Harvest Construction Company.

The project was constructed on 21.10 acres on Great Circle Road overlooking Amulet Lake. The one-story facility is 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.

Ribbon cutting

Phase II Ribbon Cutting – May 14, 2012

Highlights of the HealthSpring campus include:

  • Expansive wrap-around windows to provide ample natural light for all employees, not just those in offices, as in most office buildings
  • Landscaped outdoor courtyard with sunken seating
  • Multiple dining areas with café-like atmosphere
  • Shared business amenities, such as training rooms and conference rooms, grouped in the center of each building, creating a ‘town center’ for the office ‘neighborhood’

With the HealthSpring building complete, just 53 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.

Nashville CRE Week in Review: Week of March 4

Nashville CRE Links

  1. Congresswoman Black’s company buys MetroCenter building for $8.75 million (link)
  2. Demand, prices climbing for suburban apartments — Nashville Business Journal (link)
  3. Real estate notes: Black buys big — Nashville Post (link)
  4. Rep. Diane Black’s husband buys office building for $8.7M — Tennessean (link)
  5. Simon Property takes full Opry Mills ownership — Nashville Post (link)

Market Conditions 2011 — MetroCenter

Deliveries, Absorption & Vacancy

Vacant Space

MetroCenter Vacant Space

Quoted Rental Rates

MetroCenter Quoted Rental Rates

Office Breakdown

MetroCenter Office Breakdown

Next week: Rivergate/Hendersonville

Also in this series: Green Hills, Downtown, Cool Springs, Brentwood, Airport North & South