Midtown Office Building, went from 0% to 100% Occupancy making a Win-Win for Owner and Tenants.
218 20th Avenue North, Nashville, TN
“The Snipes Properties team has specialized in the Midtown Area of Nashville commercial real estate for the last 20 years. They primarily work with property owners on the repositioning and leasing of their office buildings, investment sales/acquisitions and the sale of land or properties for redevelopment.”
Challenge
A Midtown building was facing 100% vacancy in 2014. The building owners came to Stan Snipes with their challenges. 218 20th Ave North was a two-story building on the corner of 20th Ave North and State St, which sat across from the St. Thomas Midtown emergency entrance.
Solution
Snipes assembled and distributed marketing materials to potential tenants. The building owner agreed to some minor investments for tenant improvements, and we were able to quickly bring the building to 100% occupancy. Casey Noble, DDS leased the first floor of the building. Noble had been servicing patients out of a Midtown office for over a decade, and our marketing material reached him just after he had received notice that he could not renew his current rental agreement. Dr. Noble’s endodontic practice now occupies 3,800 sf of our client’s building, and Noble is thrilled that he did not have to leave the Midtown area. Walgreens rented 1,500 sf and Cartridge World rented the other 1,500 sf in the upper-level section of the building. All three tenants agreed to 10-year leases with our clients.
Results
- 0 to 100: By marketing our client’s building based on its potential and not on its current state of disrepair, we were able to generate great interest in the building and bring it to 100% occupancy quickly.
- Minor Investments, Major Rewards: By convincing our client to invest in some minor improvements to the building, we were able to find him tenants who each signed a 10-year lease. After only a few years into these rental agreements, our client will be able to repay himself in full.
- A Win-Win Scenario: Dr. Casey Noble, DDS didn’t think he could stay in the Midtown area after his former office was sold. After signing a lease with our client at 218 20th Ave North, Noble now has a centrally located Midtown office for at least 10 years.