The Murfreesboro City Council on Thursday approved plans for the $2.6 million sale of 12 acres adjoining Medical Center Parkway to developer Scott Graby, who plans to build The Fountains at Gateway office and retail park.
Graby hopes to close on his purchase this month and begin infrastructure site work in April. His project's $23 million first phase — a four-story, 100,000-square-foot office building as well as two retail buildings — is slated for completion in early 2016. The Hearthstone team also includes H. Michael Hindman Architects, Huddleston Steel Engineering and Roundtree and Associates in conjunction with Huddleston-Steele.
“We worked closely with the city to envision a development that would attract new jobs that currently don’t exist in Murfreesboro,” Graby said. “The Fountains at Gateway will provide small- and mid-sized professional companies high-end features and upscale aesthetics. This combined with the convenience of shops and restaurants that cater to the needs and desires of their employees bring an attractive corporate campus to the Gateway environment.”
Future phases will include a mirror image of the first buildings on the opposite side of a central boulevard and a single-tenant headquarters building of up to 180,000 square feet.
Prologis, the largest owner of industrial properties in the Nashville market, has paid $2.35 million for 18 acres in La Vergne, Nashville Business Journal reports.
NBJ cites multiple real estate sources as saying Prologis plans to develop two buildings, each in the 150,000 to 200,000 square feet range.
The land is located in the CentrePointe Distribution Park.
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The Rutherford County Industrial Development Board approved Monday $18 million in tax incentives for an unnamed company bringing 1,000 jobs to Smyrna.
The Daily News Journal reports that the manufacturing company will invest $100 million and create 1,000 jobs with an average wage of $38,000.
The incentive plan cuts property taxes for the company over a 20-year period and is expected to additionally create 1,672 indirect jobs.
Murfreesboro real estate entrepreneur Scott Graby is a step closer to adding Class A office space to Murfreesboro's Gateway district. Scott Broden with The Daily News Journal reports that Murfreesboro Gateway Commission members on Tuesday voted to have the city prepare a contract to sell to Graby 12 acres near Saint Thomas Rutherford Hospital for $2.6 million. Graby's Hearthstone Group plans to break ground on a 100,000-square-foot office building this spring. If things go well, Hearthstone would like to add two other buildings to what it's calling The Fountains at Gateway.
A Utah-based apartment investment company has bought apartment complexes in Goodlettsville and Murfreesboro for an undisclosed sum. In acquiring The Ridge at Green Haven and Summerlake, Peak Capital Partners has doubled its presence in greater Nashville, and founder and Managing Partner Jamie Dunn said his team expects to invest more in the region. The Ridge at Green Haven has 191 units and is 95 percent occupied while Summerlake has 176 units and is 92 percent full. Peak Capital was founded in 2007 and owns 80 apartment communities in 15 states.