JLL is pleased to offer for sale 660 Melrose Avenue located in Nashville, Tennessee. The property was built-to-suit in 1998 for TransCor America (“the Tenant” or “TransCor”), a wholly owned subsidiary of CoreCivic, Inc. (the “Guarantor”), the industry-leading provider of detention and correctional services in the United States. TransCor sits within CoreCivic’s most important business segment and provides prisoner transportation services to all levels of government. The Property is utilized as TransCor’s headquarters and central field office, enabling support, communication, and coordination with other field offices as well as federal, state, and local government authorities. Located only 7-miles north of CoreCivic’s corporate headquarters in Brentwood, Tennessee, 660 Melrose Avenue is a highly connected, strategically located, and operationally critical facility.
Interested investors have the unique opportunity to capitalize on an attractive combination of long-term absolute NNN lease structure, industry-leading tenancy, and enhanced residual value appreciation due to the Property’s premier location.
- 12-year absolute NNN lease term with annual escalations up to 3% based on CPI
- Built-to-suit and a key operational headquarters facility
- CoreCivic generates 99% of EBITDA from partners rated AA- or better
- Nashville is the #1 Metro for Economic Strength and #2 Hottest US Job Market
- Located in the Airport South office submarket which has posted a 7.3% rent CAGR since 2014
- Positioned in Berry Hill, a growing neighborhood with substantial mixed-use developments
- $825,000 in CAPEX since 2019 including a brand-new roof in April 2021