Six-month-old Dallas-based data-center developer Compass will build one of its first campuses in Franklin.
The company has acquired 14.6 acres on Eddy Lane near downtown Franklin — formerly the site of LDM's plastics manufacturing facility — for a campus of its modular data center facilities.
The company plans five 21,000-square-foot buildings — the initial phase will be out of the ground in the first quarter of 2013 — on the site.
CEO Chris Curtis said the company is seeking tenants for the buildings. According to Curtis, Nashville is an "underserved" market ideally suited for Compass' product: a modular data facility located near a company, rather than in a far-flung "big six" market like New York or Silicon Valley. Nashville — along with North Carolina's Research Triangle — will be the first market in which Compass tries its concept.
"Over the next two years, we're looking five or six cities at the most. We're trying to find markets similar to Nashville: high-growth with a good business climate," Curtis said.
Formerly distressed Spring Hill strip sells
The once-foreclosed Oaks at Campbell Station shopping center in Spring Hill has a new owner.
Local developer Don Cameron III has paid $1.9 million for 42,346 square-foot strip, which is 81 percent leased. Florida-based Ram Realty Services acquired the debt on the property as part of a large debt buy in October 2010 following its foreclosure.
"While Ram restructured a handful of notes in the portfolio, and executed a few discounted payoffs with borrowers, the real focus has been to secure underperforming property and add value. Having turned the property around, we are pleased to have a positive outcome for both the community and our investors," said Ivy Greaner, Ram’s chief operating officer.
Waddell Wright of RDG Investments and Jim Morris of CBRE represented Ram and Steve Kroeger represented the buyer.