1595 Mallory Ln | Brentwood, TN
Disposition | Corporate Advisory | Leasing
Square Feet: 29,738
Sold Price: $7,540,000
Price per SF: $254
Contract to Close: 45 Days
- The owner of an unusual mixed-use facility, consisting of uses ranging from indoor basketball courts and workout areas to a small amount of office space, was interested in converting the entire building to creative office space
- The owner wanted to capitalize on a submarket with less than 2% vacancy for office space.
- The owner engaged OakPoint to market the property for lease initially and then later for sale as well.
- OakPoint marketed the property, selling the vision of a gym-to-office conversion that could become creative loft-style space, a unique offering in a submarket dominated by traditional suburban office properties.
- Within two weeks of marketing, multiple purchase inquiries shifted the owner’s bias toward a sale of the property instead of leasing it to a large tenant.
- While OakPoint negotiated multiple purchase offers on behalf of the owner, a buyer emerged that was willing to pay a price above the client’s expectations and close faster than anticipated.
- After a 45-day contract period, this concrete tilt-panel fitness facility comprised mostly of basketball courts and an indoor turf field sold for $254 per square foot, a very compelling price even for traditional Class A office properties in the area.