26 Jul Sales and marketing company relocating to MetroCenter
New York-based commercial real estate firm Somera Road announced Friday that it has closed on the $18 million acquisition of two MetroCenter properties — and has landed a fast-growing Nashville-based digital sales, marketing and publishing venture as a tenant.
Specifically, JumpCrew has leased 62,000 square feet of the building at 501 Great Circle Road — which also is home to forensic sciences company Aegis — for its corporate headquarters, according to a release, and is eyeing an early 2020 move-in date. Robert Henderson, JumpCrew CEO, said that having a “formal headquarters” — the company has been working from a converted warehouse space on Dickerson Road as well as a downtown office — will be beneficial.
JumpCrew has raised $15.3 million since its launch in November 2016 — including more than $7 million this spring — and plans to initially have 300 employees working in the MetroCenter building, growing to 400 within 12 months.
This is the fourth in a string of similar recently property deals for Somera Road, which is planning “significant improvements” to the building, according to the release. Update will include a new roof terrace, half-court basketball court, fitness facility, showers and event space. Renovations are slated to begin this summer.
Situated within opportunity zone-designated boundaries, the property qualifies for tax incentives within the Tax Cuts and Jobs Act of 2017, a federal program to spur investment in rural and urban areas typically overlooked by institutional investment. According to the release, the 501 Great Circle Road site and an adjacent four-acre parcel at 540 Mainstream Drive represent Somera Road’s second opportunity zone transaction in Nashville within the past three months. The first, WeHo Crossing in Wedgewood-Houston, is under construction.
A group led by Nashville-based Jim Caden is Somera Road’s local partner.
Opened in 1985, the building at 501 Great Circle Road stands three floors and spans about 109,000 square feet. It is billed as a Class B structure. A Gallatin-based LLC was the seller of the property, having paid $8.75 million for it in 2012, according to Metro records. The LLC paid $975,000 for the 504 Mainstream Drive site the same year. Cushman Wakefield represented the seller.
Of note, Somera Road owns the Valley Arts Building in the North Gulch.
“JumpCrew is an ideal tenant for this project and for Somera Road,” firm Principal Ian Ross said in the release. “All of our projects across the U.S. are geared toward innovative, creative, millennial-employing companies that demand a workplace that fits all the needs of today’s office users. In that vein, we are planning some incredible updates for this space to make it not only reflective of the diverse, grit culture of the tech firm but also a great investment for Nashville.”