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)