ENTERPRISES

If you want to get a handle on what is happening with commercial property in Clarksville, just pay attention to Millan Enterprises, a company that has a knack for seeing the future of commercial real estate growth in Clarksville-Montgomery County.

Josh Ward, Commercial Property Manager for Millan Enterprises, talked recently about the boom that Clarksville is experiencing. “There is a lot of activity all over the city,” Ward said. “A couple of hot areas are downtown and Sango. We’re also looking at Fort Campbell Blvd. as an opportunity.”

Millan Enterprises currently owns three keystone buildings downtown, 128 N 2nd St., 25 Jefferson St., and 200 Commerce St., also known as the Leaf-Chronicle building.

“In the Regions building, we have thirty tenant offices that range in size from 400 - 4000 sf.,” Ward said. “There are about 150 people working out of that building. Currently, all the office space is leased, and all the commons areas have been fully renovated, with tech, lounges and lobbies.”

From the outside it looks like a building that has been there for a while, but when you step inside it’s totally updated and modernized.

“We’re waiting on permission from the planning commission to renovate the exterior as well,” Ward said. “We acquired 25 Jefferson St. about six months ago, and have already tripled occupancy. We’ve got tenants ranging from the USDA to steel workers working on the MPEC, to non-profits and a few others. We have plans to renovate that building’s interior and exterior as well.

“Our most impressive transformation has to be 200 Commerce St. The number of tenants has tripled in the past two years, and we’re doing a 15,000 sf. build-out for co-working space that we’re calling The Press. The name pays homage to the printing press that once occupied that space. It will be a modern, fully renovated, co-working space. Nobody in Clarksville is doing that type of space, to the level we are. It features high-end finishes, glass store fronts, exposed ceilings. It has that modern feel that people are looking for.”

“Downtown is undergoing a revitalization. It now has lots of office space, and people are setting up shops as well. There are boutiques and restaurants, and a growing number of people who want to live and work downtown. It has been an area of focus for us for a while,” Ward said. “The City Market has popped up. A couple of other retailers have joined as well. Downtown may not be the hottest part of Clarksville, but a number of tenants have been excited to take advantage of what we have to offer.”

Ward says, Millan Enterprises goes where Leo Millan sees growth. “Leo Millan has great foresight. Our primary focus right now is Sango. We have three buildings going up in that area, including a two building complex at 2670 Madison St. that is set up for fourteen units. All but four units are leased already. The property contains everything from a DIY shop to hair salons and clothing boutiques.”

“The most desirable retail center we have is called Sango Crossing, at Madison St. and MLK Blvd., where the car wash used to be in front of Sango Walmart. We have pre-leased some of the space, and construction hasn’t even started. That gives you an idea of the retail demand in the Sango area.” Ward explains.

As middle Tennessee grows, Clarksville has seen a surge of new residents. That growth fuels the need for more retail businesses.

“On the commercial side, we are capitalizing on the growth that is coming through the residential market,” Ward said. “Of our 500 rental units, 200 are commercial. The remaining 300 are residential properties.”

“The residential real estate folks are seeing a spike in their market, and I’m seeing a spike in those wanting office, retail, and warehouse space. I would say, downtown and Sango are doing great. We also have a complex at Fire Station Rd. off Hwy 76. That’s a four building complex with all but one space leased. We’ve been very happy with that.”

So, how does this company seem to always be in the right place at the right time? Ward has an answer for that.

“Leo Millan has the foresight, I just fill up his buildings,” Ward said. “We’re looking now at the Fort Campbell Blvd. area. In the next couple of years, we’ll be developing about 50,000 sf. of commercial space off the blvd. That’s probably the next revitalization destination, if you will. There are a number of properties out there that can use some rehabilitation, and of course with Fort Campbell’s military presence we believe the economics make sense to be there. We just have to do some updating to make the properties appealing, so tenants will want to set up shop and do business out there.”

Ward feels that Clarksville is a bit insulated from a recession. “The pandemic accelerated this work- from-home movement. You’ve got people living on the west coast, paying high property taxes, who’ve decided, ‘I can work from home, so why not move to a more desirable location, with a lower cost of living, a place like Clarksville’.

“We’re somewhat insulated by our cost of living, and quality of life. I think the growth will continue, even if there is a retail market slow down on a national scale.”

Millan Enterprises currently employees thirty in its office, and boasts a construction crew of twenty- five. The team includes licensed real estate agents, leasing agents, skilled labor, managers and marketing professionals.

“It’s an all encompassing firm that can service clients in every aspect of real estate,” Ward said. “Millan Enterprises is the most aggressive real estate firm in the city, and possibly, the state. Usually, in retail, you build, prepare, and then look at leasing. We’re marketing the property before construction even begins. At Fire Station rd., the entire property was leased by the time the last tenant had their certificate of occupancy.

“That’s a credit to this company. Our process of being proactive about filling these buildings is different from most other firms. Build-time usually runs about six months. Our goal is to have all the space leased before the building is finished.”

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