The property contains six two-story office buildings with 224,229 sf of office space. Dover Centre is located at 113 and 117 Seaboard Lane here, less than a mile from Cool Springs Galleria. The tenant roster includes Iasis Healthcare Corp., Gordian Health Solutions, Cowan Benefits, Crawford & Co. and Attentus Healthcare.
The firm declined to disclose the purchase price; however, an industry source puts the price tag at $37 million. The seller was Cumberland Advisors, LLC, which was represented by Donald Albright and Douglass Johnson of CB Richard Ellis. Robert Alter, vice president of acquisitions at Fort Properties, represented the firm. Fort has tapped CBRE to manage and lease Dover Centre, with Donna Wheeler overseeing the property management, and Janet Sterchi and Lisa Maki handling the leasing.
Dover Centre is Fort Properties' first acquisition in the Nashville-area market, and Duke Runnels, president and CEO, explains that the firm "feels very strong about the market and our acquisition plans will continue in the area."
Fort Properties has been eying the market for several months, he adds. "Nashville is very hot and the Franklin and Cool Springs submarkets are arguably the hottest submarkets in the country right now," Runnels says. "We were also attracted to the building in general; the visionaries behind this unique concept were trying to create an environment that facilitated innovation and openness. That was a concept far head of its time when the property was built and now makes the asset very alluring in today's marketplace."
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