An almost fully leased office building in Franklin just came on the market at just over $5 million with a few major tenants locally.
Located at 144 Southeast Pkwy., the single-story Class B building spans 21,981 square feet planted on 1.5 acres. Nashville real estate firm Cushman & Wakefield has listed the commercial property for $5,250,000, which fetches $235 per square foot. The listing is priced the same as The Magnolia on West Main – a comparable commercial listing with two floors covering nearly 20,400 square feet. However, the Magnolia’s square footage rate is a bit more expensive at $258 per square foot.
Unlike the Magnolia, which was built in 1977, the Southeast Pkwy development was completed in 1996 and renovated in 2000. The building has 80 parking spaces. The listing presents an immediate owner occupier opportunity with 8,994 square feet currently vacant.
With six tenants already in the building, a new owner would immediately gain rental income. Among those occupying space on the property is The NoliWhite Group, a general contracting firm formed in 2007 by Mike Noli and Drew White. Occupying nearly 4,000 square feet, the firm is known for partnering with Nashville-based design firm Gresham Smith & Partners and providing amenities planning and program management or construction for the Rolling Hospital. Hills in Franklin, which opened in 2009 and is worth approximately $24.8 million in total capital. NWG also provided program management services for the adjacent doctor’s office building.
The property also holds the USDA Consolidated Farm Services Agency and Hyde Park Homes office. The latter occupies 2,233 square feet while the former occupies 3,818 square feet. United Waste Solutions occupies 1,500 square feet of space and Veritas HHS, a consulting firm based in Denver, Colorado, occupies 1,600 square feet.
The property flanks an established Franklin submarket with significant supply constraints, which some potential buyers might view as an opportunity. Williamson County, furthermore, easily happens to have the highest per capita income in the entire state and the seventh highest nationally. Last year, the SmartAsset Purchasing Power Index put Williamson County at the top of the state, even after taking into account its exorbitant cost of living.
The property is located 3 miles from historic downtown Franklin. Its immediate vicinity includes retail businesses and restaurants like Kroger, a US Post Office, Publix, Starbucks, and Walmart.