TELEPHONE: 213-572-0222 • FACSIMILE: 213-572-0230
601 S. Figueroa Street • Suite 2050 • Los Angeles • CA 90017
Visit the FORT IX Completed Offering page.
FOR IMMEDIATE RELEASE
FORT Properties, Inc. Purchases Dover Centre at Cool Springs
Unique Property Strategically Positioned for Continued Growth
In Booming Nashville Market
Los Angeles, CA (August 31, 2006) – FORT Properties, Inc., a real estate investment firm, today announces the purchase of the Dover Centre at Cool Springs, a Class A office complex located in Franklin, TN. The sales price of the property was not disclosed.
Donald Albright and Douglass Johnson of CB Richard Ellis (CBRE) represented the seller, Cumberland Advisors, LLC, in the transaction. FORT Properties has selected CBRE to be responsible for managing and leasing the property. Donna Wheeler will oversee property management, and Janet Sterchi and Lisa Maki will manage leasing.
“The Dover Centre campus is a unique property that was years ahead of its time in Cool Springs,” said Duke Runnels, President and CEO of FORT Properties. “The visionaries’ concept for this property was to create an environment that facilitated innovation, flexibility and openness for companies, which ultimately bred success. It wasn’t until the property was complete that the market appreciated and recognized the value of this forward-thinking concept.”
Located at 113 and 117 Seaboard Lane in Franklin, approximately one-quarter mile from Cool Springs Galleria, the property consists of six two-story office buildings containing a total of 224,229 square feet of office space. The property has received numerous design awards from the American Institute of Architects (AIA) and is easily distinguished by its low-rise, contemporary look that encourages an environment of flexibility, collaboration and openness. Dover Centre’s major tenants include IASIS Healthcare Corporation, Gordian Health Solutions, Cowan Benefits, Crawford & Company and Attentus Healthcare.
Although this is FORT Properties’ first venture in Nashville, the company is expanding its acquisition plans in the region primarily because of the market’s strong real estate fundamentals and dynamic growth.
“Nashville is on fire and FORT Properties considers it one of the most vibrant markets, with Cool Springs / Franklin arguably the hottest submarket in the country,” said Robert Alter, Vice President of Acquisitions for FORT Properties, who represented the company in this transaction. “We will continue to identify other opportunities in the area that meet our acquisition criteria, especially as the market readies itself for more corporate relocations and expanded job growth.FORT Properties, Inc., a real estate investment company, is the premier sponsor of Section 1031 tax-deferred, TIC fractional ownership offerings. The FORT model offers an attractive option for real estate investors who are buying and selling real estate. As one of the few pre-capitalized TIC sponsors, FORT Properties can reduce the financial risks and timing constraints associated with 1031 exchanges. Our highest priority is to identify and acquire properties in primary, secondary and emerging growth markets with low to moderate risk, stable cash flow, and reasonable certainty of preservation of value. FORT focuses on office, distribution, industrial/flex, R+D and mixed-used; primarily Class “A” properties in the $10 million to $75 million range. For more information, please visit http://www.fortproperties.com/acquis_criteria.cfm.