Teaser_741 Cool Springs Blvd
Confidential Offering Memorandum 741 COOL SPRINGS BOULEVARD | FRANKLIN, TN 61,553 RSF Class A Office Building
Cassidy Turley is pleased to offer for sale 741 Cool Springs Boulevard, a 61,553 square foot Class A office building located in The Cool Springs Submarket of Nashville, TN, the pre-eminent growth corridor of Nashville MSA. This property represents a rare opportunity to purchase a well-leased asset with a strong credit anchor tenant. Sony Music Entertainment will execute a new ten year lease for 46,493 square feet upon closing. Sony Music Entertainment (“SME”) or its predecessor entity, Provident Label Group, has been a tenant in the building since it was first developed for their use in 1998.
Year Built 1998/Partially Renovated 2011
Roof Single-ply, fully-adhered Carlisle EPDM
Electrical Electrical service provided by Middle Tennessee Electric
Square Footage 61,553 RSF
Exterior Walls Brick & block masonry
Plumbing The building has three sets of bathrooms, one on each floor; one private bathroom. There are two fire hydrants on the property. The backflow device is tested annually.
Land Area 4.4 Acres
Life Safety Building is fully sprinkled. The building fire panel is monitored by ADS. Doors Main entrance doors are Herculite glass in aluminum storefront framing. Service entry door is hollow metal. Most suite doors and all interior doors are solid-core wood.
Stories Three stories
Kitchen/Coffee Bars Eight kitchen/coffee bar areas
Ceiling Heights 9’ Ceilings in most areas/2’ x 2’ suspended acoustical tiles
Data Center 391 SF; FM-200 fire suppression system
Slab-to-slab with exposed ceiling/1st floor lobby & 2nd floor break room
Elevators Two passenger (Dover)
ADA Compliance The building is compliant with the American with Disabilities Act.
Current Occupancy 100%
HVAC Two 75-ton Trane Summit units; one 3.5- ton split unit and one 5-ton split unit for studio; one 4-ton split unit for data room
Parking 226 parking spaces (3.65/1000)
An Institutional-Quality, Professionally Managed Asset 741 Cool Springs Boulevard, built in 1998, is among the premier Cool Springs office properties. The property has been owner occupied since it was first developed resulting in greater attention to maintenance and capital repairs than would typically be found in a building leased to third parties. Positive Market Dynamics Nashville continually ranks among the premier cities for corporate relocations, quality of life and pro-business government. The city has managed to weather the economic storm far better than its peers. Demand for office buildings such as 741 Cool Springs Boulevard offering high-end finishes in a corporate setting is expected to remain
prospects. These strengths coupled with a highly visible location on Cool Springs Boulevard have the asset positioned to outperform over the long term. Barriers to Entry Despite the relative strength of the Nashville economy, the region has seen little new speculative construction in recent years. The challenging topography surrounding much of the city limits the cost effectiveness and availability of new projects. While there are some nearby development parcels, it is unlikely that there will be significant speculative construction in the near term without substantial pre-leasing. Stabilized Cash Flows With a tenant base of a fortune 500 company in Sony agreeing to a ten year lease on more than half of the building, 741 Cool Springs Boulevard represents
an opportunity to purchase a property with both stabilized cash-flow and potential capital appreciation. Numerous Area Amenities The property is within a short drive of numerous retail outlets including banks, restaurants and general services. A short walk across Cool Springs Boulevard is The Meridian Life-style center, a 60-acre mixed used development consisting of 70,000 square feet of retail and restaurant space and two full-service hotels. Discount to Replacement Cost This offering represents a significant discount to replacement costs. Current estimates for comparable new class A construction in the area are in excess of $220 per square foot.
strong as investors seek stabilized assets with long term rent growth
Corporate Center III - VII and Embassy Suites Hotel
Cool Springs Blvd.
Crews Johnston III, SIOR 615.301.2901 firstname.lastname@example.org
Perry Gooch 615.301.2923 email@example.com
Peter Buckey 212.318.9794 firstname.lastname@example.org
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