Newton Oldacre execs spin off to new firm

Net Lease Alliance to provide support services to small and mid-level developers

Former top-level executives at Nashville West developer Newton Oldacre McDonald have launched a new firm, designed to provide "a bundle" of services for small and mid-level development firms.

Newton Oldacre's former CEO C. Patrick Cox is heading Net Lease Alliance, which, according to a news release, will provide capitalization and development support services to small and mid-sized developers and brokers of net lease and build-to-suit properties. Services include capitalization, legal, site development, design and construction services, property management, and asset placement.

Joining Cox from NOM is the company's former CFO Sam Colson, counsel Wayne Harris and Construction Services Vice President Jim McWilliams.

Net Lease spokesman Phil Martin said the company is a "direct outgrowth" of the credit-crunch-induced troubles NOM — and others — faced.

"It makes a lot of sense to have someone do site selection and do front-end capitalization and all the legal services, management of the contractors … all the way through to property management," he said. "Newton Oldacre is not terribly unusual — they got in the crunch and they were able to recover from that, but they realized 'we don't have to maintain overhead.'"

NLA is operating out of Newton Oldacre's former office space in Green Hills and maintains a client relationship with the firm. There are also branches in Phoenix and Montgomery, Ala.