HealthSpring Inc. today broke ground on its $53 million expansion project in MetroCenter. The more than 98,000-square-foot building will allow the growing Medicare Advantage plan provider to consolidate operations of two existing offices, while making room for it to hire more than 300 new workers.
“The new space is designed specifically for HealthSpring, which will improve our ability to serve our current and future Medicare members and allow us to continue to expand our operations within Middle Tennessee,” HealthSpring Executive Vice President Shawn Morris said. “The new building will also allow us to consolidate our operations in a financially responsible way, which is especially important in the current economic environment.”Southeast Venture is the building's owner, designer and developer. HealthSpring is in the process of acquiring large competitor Bravo Health for $545 million.
Nov 1, 2010 2:45 PM
Medicare Advantage plan provider will hold a groundbreaking ceremony on Monday for its $53 million expansion project in MetroCenter. The 11 a.m. event will feature HealthSpring's brass, Mayor Karl Dean and Cam Sorenson of the building's developer, Southeast Venture. After the roughly 98,000 square foot building is constructed, there will be just 53 acres of undeveloped land in MetroCenter — less than 10 percent of the area's usable land. HealthSpring (Ticker: HS) this morning reported solid third quarter 2010 earnings results. The company is in the process of buying competitor Bravo Health for $545 million.
Oct 28, 2010 1:39 PM
Joey Garrison at The City Paper has the story on a pair of lease-purchase agreements and a lease agreement between Metro and mall owner CBL Properties that could allow Metro to relocate some of its departments and some operations of the state fairgrounds to Antioch. An excerpt:
A second lease-purchase –– the one that could turn controversial for some council members –– would allow Metro to move events held at the fairgrounds to the 200,000-square-foot former Dillard’s site at the south end of the mall. As part of the lease, CBL Properties would be required to pump $2.5 million into the building to renovate the building to meet expo center needs.
Oct 27, 2010 1:42 PM
Nashville commercial and apartment property markets make a good showing in a new report from Moody's and some conference chatter from MPF Research. The rental sector is still picking up steam, said the latter's Greg Willett.
Yet the biggest factor of note for 2010’s “impressive performance” is resident retention by apartment firms, particularly at a time when new lease turnover is very high, said Willett. The churn in the shadow market, he added, is “incredible, and apartments—the safe rental choice—are picking up households from riskier rental alternatives, such as condos or single-family homes put on the market for rent.
Oct 22, 2010 8:02 AM
National developer ProLogis on Monday told the world it has sold a large portfolio of buildings to affiliates of private-equity titan Blackstone for more than $1 billion. A number of Nashville-area industrial buildings were part of the deal, but neither company will say which ones they are. A Blackstone spokeswoman told Post Business the company's doesn't break out its real estate portfolios publicly and a ProLogis representative said he was not able to confirm the details of the sale. He did say that Denver-based ProLogis (Ticker: PLD) did not sell all of its Nashville-area holdings. ProLogis owns the Space Park South and Interchange City parks off I-24 in Rutherford County as well as a number of other area properties. Early this year, it said its area portfolio numbered 29 buildings totaling almost 3 million square feet. Those properties were 97 percent occupied.
Oct 21, 2010 2:04 PM
Two-year-old Kemberton Healthcare Services, which provides legal and bill collection services to hospitals and physician practices, has signed a lease for 3,500 square feet at Highwoods’ Harpeth on the Green II building in Maryland Farms. The lease doubles Kemberton's space and was handled by Jeff Williams for Highwoods and Southeast Venture's Michael Finucane for Kemberton, which is run by two attorneys and a CPA who had worked in the revenue management department of Community Health Systems. The company now works with 75 hospitals in 15 states.
Oct 14, 2010 11:20 AM
A report prepared by PricewaterhouseCoopers and the Urban Land Institute says commercial real estate executives have adjusted their expectations to the still-dour state of the economy, especially the job market. That said, more than half are expecting decent profits in 2011.
Investors are seeking returns of 6 percent to 7 percent from well-leased “core” properties, meaning the highest- quality buildings in the best locations, according to the survey. For higher-risk investments, they’re expecting returns within two or three percentage points of 15 percent. That’s down from the more than 20 percent returns they sought before lenders withdrew from the market after the 2008 credit crash caused more than $1.8 trillion of financial losses and asset writedowns worldwide.
Oct 13, 2010 9:12 AM
The Brentwood City Commission will tonight consider a proposed zoning amendment that would add to the development options available in the city's fledgling Town Center and nearby properties. Floor-area ratios and height restrictions would be relaxed — although not enough, according to David Crabtree of Brookside Properties — and other changes have been proposed to help spur residential development. The Brentwood Cool Springs Chamber of Commerce is calling for its members to support the changes as they make their way through the process in the next month and a half.
In an address to our Board of Directors, City Manager Mike Walker stated that this could be the most important legislation that the city has considered in 40 years. Michael Hindman of H. Michael Hindman Architects agrees, "If this does go through, I believe that redevelopment in the (Town Center) area has a much higher chance of occurring successfully." The proposed amendments to the C4 Town Center Zoning will be presented for a first reading by the Brentwood City Commission tonight, October 11th. The amendments will then be reviewed by the Brentwood Planning Commission on November 1st. There will be a public hearing at the City Commission meeting on November 8th. It is at this meeting that the public will have the opportunity to make comments. It is important that residents and corporate citizens also attend this meeting to speak in favor of the amendments. It is important to show support for the amendments and support for the Commissioners.
Oct 11, 2010 3:20 PM
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS