Cigna-HealthSpring announced the company has signed a 10-year lease for an approximately 51,500-square-foot office building in MetroCenter.
The Medicare Advantage insurer confirmed earlier this month it was considering consolidating its Cool Springs workforce with its existing MetroCenter office space. The company already operates out of two Great Circle Road buildings totaling 175,000 square feet, where the majority of Cigna-HealthSpring's regional workforce is located. About 200 employees are housed in the Cool Springs-based Carothers Building, in which Cigna-HealthSpring's lease will expire in December.
The new lease is for the Corners I office building located at 601 Mainstream Drive in MetroCenter.
Hospital operator HCA has signed a contract to purchase the American General Center in South Davidson County from global insurance company AIG, The Tennessean reports.
A purchase price for the two office buildings, totaling 300,000 square feet, was not released, and HCA says it does not yet have a plan for the property, according to the morning daily.
Shares of HCA (Ticker: HCA), at $57.61 Monday morning, were up 5 percent last week. Year to date, they're up 20 percent.
Moody's Investment Service analyst Christopher Wimmer upgraded his rating on the health care REIT Thursday to 'positive' from 'stable.' "Healthcare Realty Trust's focus on medical office buildings and outpatient services provides very good earning stability," he said in a report. Wimmer did not set a price target for the company, which he noted had a "limited opportunity to grow relative to more diversified health care REIT's, given the [medical office building]-focused nature of its platform." Shares of the company (Ticker: HR) were up to $25.56 Friday. Year to date, they're up nearly 20 percent.
Acadia Healthcare is negotiating a lease at One Franklin Park that would make the behavioral health care company an anchor tenant of the Cool Springs office building, reports The Tennessean.
The fast-growing behavioral health care company would more than double its headquarters space. Currently, Acadia occupies roughly 25,000 square feet at the nearby Six Corporate Centre office building, which One Franklin Park developer Spectrum | Emery leases and manages.
A lease with Acadia would be a big win for developer Pat Emery, president of Spectrum | Emery, who began building the 10-story, 272,720-square-foot One Franklin Park without tenants signed up. The building targeted for completion in October is the first of five office buildings planned as part of the mixed-use Franklin Park development on 71 acres along Interstate 65 at McEwen Drive.
Locally based REIT Investment Group, which helps private real estate investment trusts find and keep investors, recently hit a customer count landmark and now works with more than 200 REITs around the country. The six-year-old company, founded by Chairman and CEO Bill McGugin and Iroquois Capital Group, manages a shareholder base of more than 500 people and helps private REITs gather the 100 investors they need via its broker-dealer. The company then also handles the compliance and reporting needs of those REITs for clients ranging from private-equity firms to investment banks to institutional investors. McGugin, pictured here, says his team more than doubled its customer count in the year ended March 31.
Shawn Turner at HotelNewsNow.com says many lenders to the hotel industry have escaped from having to make some tough decisions on certain properties. Valuations in the hospitality sector, Turner writes, are almost back to their pre-recession peaks just a few years after taking big hits. In short, extend and pretend worked.
Freeman Webb Investments has acquired Villages of Wyncrest, an 840-unit apartment complex in St. Louis County, Mo.
Freeman Webb raised approximately $57 million in equity for the investment. The company, the portfolio for which has grown 65 percent since the recession began in the late 2000s, acquired the property on an all-cash and unleveraged basis. Kenneth Aston with St.Louis-based Hendricks & Partners brokered the transaction.
The Villages of Wyncrest is located at the intersection of the St. Louis-area Tri-Cities of Clayton, Ladue and University City.
“Villages of Wyncrest has an ideal location between two affluent and flourishing cities — Clayton and Ladue — and is a gateway to University City,” Bill Freeman, chairman of Freeman Webb, said in a release. “It is hard to find over 50 acres of land with 840 apartment units in a thriving urban environment like this. We were able to purchase this property on an unleveraged basis, which is uncommon in the multifamily industry. Villages of Wyncrest is a significant addition to our growing portfolio.”
Freeman Webb is the largest private Nashville-based owner/manager of apartments, with a portfolio of more than 16,000 multifamily units located across the region.
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