“Xtend Healthcare” for Sperry Van Ness Nashville
When Xtend Healthcare came to us seeking a 34,000 square foot office building with 340 parking spaces in the Nashville area, they knew they had a tall order to fill. Xtend Healthcare Incorporated specializes in revenue cycle management for hospitals and individual healthcare facilities, and their employees work in a call center environment.
Call centers require more parking spaces than other offices. Most traditional office building lots contain 3.5 parking spaces for every square foot of office space. Extend Healthcare needed ten parking spaces for every square foot of office space, which is hard to come by in rapidly growing Middle Tennessee.
David W. Creed, SVN’s Senior Advisor, discovered that the property which Xtend Healthcare desired was frankly not in Nashville, TN. Creed searched for solutions in the surrounding area, and he found a vacant industrial building in Hendersonville, TN. Creed convinced the building’s landlord to convert the industrial space into an office building that would suit Xtend Healthcare’s needs. Through Creed’s persuasion, the landlord paid for the construction costs, and the building was converted into precisely what our client wanted. The newly converted office building has all the finishes and amenities that any modern office has, in addition to all the parking spaces that our client needed.
Thinking Outside of the Box: By moving our client just outside of the Nashville-proper area, we were able to find a unique space that could be transformed into exactly what our client desired.
Cost-Effective Solutions: Because our client moved into an industrial property, their rental rate ended up being significantly lower than if they’d moved into a traditional office.
A Custom-Fit: By convincing the landlord to pay for the construction costs to convert his industrial building into an office space, our client was able to design aspects of the building and personalize their new space at no upfront cost to them.
“218 20th Ave. N.” for Sperry Van Ness Nashville
It is hard to believe that a building in the heart of Midtown Nashville was facing a 100% vacancy in 2014, but one of our clients came to us with that very problem. Our client had a two-story building on the corner of 20th Ave. N. and State St, which sat across from the St. Thomas Midtown emergency entrance. The building owner contacted SVN’s Stan Snipes to help him find occupants.
Snipes assembled and distributed marketing materials to potential tenants. The building owner agreed to some minor investments for tenant improvements, and we were able to bring the building to 100 % occupancy quickly.
Casey Noble, DDS, leased the first floor of the building. Noble had been servicing patients out of a Midtown office for over a decade. When our marketing materials reached him, he had just been given a notice that he could not renew his current rental agreement.
Dr. Noble’s endodontic practice now occupies 3800 square feet of our client’s building, and Noble is thrilled that he did not have to leave the Midtown area. Walgreens rented 1500 square feet in one of the upper-level sections of the building, and Cartridge World rented the other 1500 square feet in the building’s second level. All three tenants agreed to 10- year leases with our client.
By marketing our client’s building based on its potential and not on its current state of disrepair, we were able to quickly generate considerable interest in the building and bring it to 100% occupancy.
Minor Investments, Major Rewards: By convincing our client to invest in some minor improvements to the building, we were able to find him tenants whom each signed a 10-year lease. After only a few years into these rental agreements, our client will be able to repay himself.
A Win-Win Scenario: Dr. Casey Noble, DDS didn’t think he could stay in the midtown area after his former office was sold. After signing a lease with our client at 218 20thAve N, Noble now has a centrally located Midtown office for at least ten years.