August 03, 2015
Synergy Business Park in Brentwood Sold for $62M
by Bobby Allyn
Memphis-based Boyle Investment Company purchased the Synergy Business Park in Brentwood for $62.8 million.
The sprawling 33-acre campus of eight office buildings is home to transportation company Ozburn-Hessey Logistics and the architectural firm Hart Freeland Roberts, among others.
ProVenture Commercial Real Estate and Urdang Capital Management, the sellers, bought the half-million-square-foot complex on Franklin Road for $56 million in 2006, hoping to market the site as a cheaper and more centralized alternative to Cool Springs.
This time, however, Boyle plans to market the available 50,000 square feet as a “walkable, modern, convenient environment” with restaurant and retail options for office employees and Brentwood area residents, said Shelby Larkin, a Boyle spokeswoman.
The office buildings are clustered around the Mooreland Mansion, a plantation house near the Old Hickory Boulevard exit on Interstate 65.
The complex was built in the 1980s and has an occupancy rate of 90 percent, which falls below the market average for Brentwood office space, which was 95.4 percent in the fourth quarter of 2011, according to Cassidy Turley’s latest report.
The Nashville area’s overall occupancy was 89.5 percent in the fourth quarter, showing an improvement from 2009, when 85 percent of offices were filled.
Boyle said while it was too early to estimate the total dollar amount of the investment, the firm plans to start renovating the property immediately.