231 Public Square Park | Franklin, TN
Redevelopment | Sale Leaseback
Square Feet: 32,312
Location: Historic Downtown Franklin
- First Tennessee engaged OakPoint to market for redevelopment its prominent, although often maligned, signature office building on Franklin’s famous historic town square. The project involved creating a competitive bid among qualified investor/developers to partner with the bank this complex project. The goal was to completely renovate this 1970’s vintage building while allowing First Tennessee to continue to operate its bank branch from this key location without interruption to its customers. The transaction involved a sale of the building to the developer and a 7-year leaseback of the branch location.
- OakPoint performed extensive underwriting of the property and the entitlements required for the project in order to provide reliable information to prospective developers who would compete for this opportunity. After composing a detailed offering memorandum on the property, OakPoint solicited bids from a targeted group of development partners. After receiving multiple competitive bids from developers, OakPoint coordinated a multi-stage interview process so the client could select the right partner for this high-visibility, high-stakes project.
- Bernie Butler of D9 Development emerged from this process with an ambitious and exciting new vision for the property and was selected by the bank to become its development partner.
- OakPoint helped the bank negotiate a complex sale leaseback with D9 Development to ensure that the bank branch would remain open during the complete renovation of the building.