February 10 2016
Nashville area Class A office building Cool Springs Commons offered for sale
Brentwood, Tenn., Feburary 10, 2016 — Allegiancy has selected Cushman & Wakefield to market for sale Cool Springs Commons, a Class A office building of approximately 300,000 square feet in the top performing Nashville market of Cool Springs.
With a 99 percent occupancy rate and easy access to Interstate 65 via Moores Lane, Cool Springs Commons is a highly desirable asset. Allegiancy, based in Richmond, Va., is the asset manager Cool Springs Commons. Allegiancy is a commercial real estate asset management firm that prides itself on its active approach to asset management.
This Class A building is just 15 minutes from downtown Nashville and 25 minutes from Nashville International Airport. Occupancy at Cool Springs Commons has been stable for the past 10 years — demand for office space is illustrated by a 0.2 percent vacancy rate in the Cool Springs area submarket — and the average in-place lease rates are $2 per square foot below the market, offering tremendous upside potential through renewing tenants upon roll over.
With ample parking and its location just 1 1/2 miles from the 1.1 million-square-foot Cool Springs Galleria shopping center, Cool Springs Commons is minutes from numerous restaurants, banks, hotels and other service-oriented retail options.
“Cool Springs Commons was purchased in 2006 based on a 10-year hold and has meet its investment objectives,” said Allegiancy President Chris Sadler. “Allegiancy is bullish on Nashville and has other assets in the market. We believe in Nashville and Cool Springs and think this asset will prove to be a good investment for the purchaser.”
The seller is requesting offers to be submitted in writing before Feb. 26. For additional details, contact Cushman & Wakefield at 605-301-2800.
Allegiancy is changing the business of asset management for commercial real estate owners and investors with radical specialization. With a technology-enabled operating platform and singular focus on serving as the owners’ advocate, the company brings fresh vigor and unparalleled discipline to a poorly understood business. Combining its proactive Value Assurance operational rigor with an intense focus on cash flow and profitability, Allegiancy is leveraging the experience of its principals of more than four decades of success.
March 07 2017