Tag Archives: Murfreesboro

MTSU Purchases MTMC’s Former Campus

Axson West and Gordon Ferguson

Axson West, Principal, Southeast Venture and Gordon Ferguson, President and CEO, MTMC

In April 2013, Middle Tennessee State University (MTSU) announced its purchase, for $11.1 million, of Middle Tennessee Medical Center’s (MTMC) old hospital campus in Murfreesboro, Tenn.

The North Highland Avenue property became available in October 2010, after MTMC moved into its $267 million new hospital on Medical Center Parkway in Murfreesboro’s Gateway area.

In 2009, MTMC hired Southeast Venture and Principal Axson West to market the old campus. The hospital’s leadership engaged Southeast Venture because of its experience in marketing commercial and medical real estate. Additionally, Southeast Venture’s architecture services provided necessary expertise for the adaptive use of the 17.4-acre site.

With guidance from Southeast Venture, MTMC chose to demolish the old hospital building so the property would be more attractive to a wider selection of interested buyers. The Rutherford County campus sits three blocks from MTSU, four blocks from Murfreesboro’s thriving and historic town square and 30 miles southeast of downtown Nashville.

In the early meetings with Southeast Venture, MTMC and MTSU, MTSU expressed that they didn’t have the funds from the Tennessee Board of Regents to purchase the property. Fortunately, the university’s capital campaign exceeded its initial $60M benchmark, and generous donations from alumni like Andrew Woodfin “Woody” Miller made the purchase possible.

On Friday, April 19, 2013, MTSU hosted a ceremony in the Bell Street Building to mark the purchase of the property. Sidney McPhee, president of MTSU, kicked off the event by speaking about the long-standing relationship between MTSU and MTMC.

Sidney McPhee

Sidney McPhee, President, MTSU

Calling MTMC “one of our strongest community partners,” McPhee said that the acquisition of the old hospital campus is “the next step in strengthening this relationship.” MTMC and MTSU are Murfreesboro’s two largest employers and MTSU is Tennessee’s largest undergraduate program with over 23,000 students enrolled.

McPhee also noted that the motivation to enter into the deal with MTMC came out of a continued need to enhance MTSU’s facilities, which he called a “top priority of the university.”

Other speakers at the ceremony included Lee Moss, chairman and CEO of MidSouth Bank and friend of MTSU; Gordon Ferguson, president and CEO of MTMC; and Tommy Bragg, Murfreesboro mayor. Ferguson made special mention of Southeast Venture and West, thanking them for their roles in securing the purchase.

Lee Moss

Lee Moss, Chairman and CEO, MidSouth Bank

Gordon Ferguson

Gordon Ferguson, President and CEO, MTMC

Tommy Bragg

Tommy Bragg, Murfreesboro Mayor

MTSU plans to use the Bell Street Building at 503 East Bell Street immediately. The school will also make immediate use of a 407-space parking garage and multiple parking lots on the site.

Unveiling of Bell Street Building sign

Unveiling of Bell Street Building sign

Axson West and Paul Latture

Axson West, Principal, Southeast Venture and Paul Latture, President, Rutherford County Chamber of Commerce

Nashville CRE Week in Review: Week of Oct. 16

Nashville CRE Links

  1. Hendersonville apartment complex sells for $33 million — Nashville Business Journal (link)
  2. Major office developments planned for The Gulch — Nashville Post (link)
  3. Murfreesboro planners approve proposed Amazon warehouse — Daily News Journal (link)
  4. O’Charley’s nets $105 million in sale-leaseback of 50 properties — Nashville Business Journal (link)
  5. Spectrum plans spec office building in Cool Springs — Nashville Business Journal (link)

Nashville CRE Week in Review: Week of Oct. 2

Nashville CRE Links

  1. Hotel Indigo has new owner — Tennessean (link)
  2. Michigan firm to buy Mall at Green Hills — Tennessean (link)
  3. NHI invests $21.5 million in Murfreesboro hospital — Nashville Business Journal (link)
  4. Secretive ‘Project Tango’ revealed as Amazon — Tennessean (link)
  5. Seton Building will complete MTMC move — Daily News Journal (link)

Big Deals Afoot at Southeast Venture

The brokers at Southeast Venture have been working overtime to put together some impressive deals in Nashville commercial real estate.

The former Beazer Homes building

Jimmy Pickel and Coleman Boyd brokered the sale of the former Beazer Homes building at 4344 Kenilwood Drive. The .84-acre property was sold for $950,000 to Dr. Louis Laratta who plans to convert the property to medical facility for the treatment of diseases of the eyes for small animals. Ben McKnight with the Horrell Company represented the seller.

Champion Car Wash

Champion Car Wash, located at 4007 Charlotte Ave. was sold for $950,000 to H.G. Hill Realty Company, which owns the adjacent property. Southeast Venture represented both the buyer and the seller.

The DePaul medical office building

Saint Thomas Health Systems leased 15,000 square feet of the DePaul medical office building at 1800 Medical Center Parkway in Murfreesboro. J.T. Martin represented the building owners.

Firehouse Subs

Southeast Venture is the exclusive agent for Firehouse Subs in Middle Tennessee. Jonathan Petty has been working with the company to lease four locations since November of last year: Smyrna and Goodlettsville locations are open, restaurants at Hill Center at Nashville West and Hermitage are under construction. A lease agreement is nearly complete for the fifth location in Berry Hill and a sixth in Murfreesboro.

The Tilted Kilt

Jonathan Petty brokered the sale of the former Applebees restaurant building located at 230 East Main St. in Hendersonville. The new owners are planning $750,000 in renovations before opening The Tilted Kilt a Celtic-themed sports bar with locations throughout the Southeast and Midwest.

Jets Pizza

Jets Pizza is a fast-growing gourmet pizza delivery franchise based in Detroit with a dozen locations in Middle Tennessee. Jonathan Petty represented Pizza Works LLC on the negotiation of their Hermitage, Hendersonville, and Gallatin locations.

Caldwell Square

Anchored by a Publix Supermarket, the Caldwell Square shopping center is located at 460 Long Hollow Pike in Goodlettsville. Jonathan Petty and Jon Cavin have successfully brokered leases for three businesses in the shopping center since the beginning of the year, including Curves for Women, Firehouse Subs and Singleton Family Practice and Weight Loss Center. The shopping center is owned by Ledbetter Properties at Rome, Ga. All three businesses are open and operating.