Search
 

Vanderbilt Takes 436,524 SF for Medical Center

NASHVILLE-The deal comes less than eight months after a Dallas-based investment group acquired 100 Oaks Mall, an 850,000-sf mixed-use property.

By Melissa Kress | Updated on July 17, 2007

NASHVILLE-Under a long-term deal, Vanderbilt University is taking 436,524 sf at 100 Oaks Mall. The university plans to open the second location of its Vanderbilt University Medical Center at the site in July 2008.

The lease agreement with 100 Oaks Plaza LLC, the Dallas-based investment group which acquired the 850,000-sf mixed-use property in December, calls for Vanderbilt University Medical Center to occupy the entire second floor of the mall, the third level of the mall and the entire office tower. “When we purchased 100 Oaks Mall in December 2006, we recognized the property’s tremendous potential as a mixed-use retail and office development,” Anthony T. Ruggeri, a partner in 100 Oaks Plaza LLC and M&R Investors LLC, says in a statement. “Its location near Downtown at the I-65 and Armory Drive interchange is one of its many desirable features. Obviously, the presence of Vanderbilt will create more day traffic for retailers, resulting in positive benefits for the community.”

Ruggeri declined to reveal the rental rate; however, he tells GlobeSt.com that the rate for the 12-year deal is consistent with the Nashville office market. CB Richard Ellis puts the average office rate in Nashville at $17.01 per sf for the second quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.