By Eric Althoff
NASHVILLE, TENN. — Private prison operations juggernaut CoreCivic is selling off its Nashville headquarters property for $12.6 million, according to the Tennessean. The paper reported that the firm will be relocating to the Brentwood area of Nashville, the Tennessee capital.
According to county records, reported the Tennessean, Magnolia Capital Investments, a local commercial real estate investor, closed Friday on the four-story office building at 10 Burton Hills Blvd. in Green Hills, according to county records.
“Like many growing organizations, we’ve been assessing our future office space needs and considering different options and locations,” Amanda S. Gilchrist, director of public affairs for CoreCivic, said in a statement provided to Correctional News.
CoreCivic will remain in its current facility in Brentwood through at least the middle of next year, with Gilchrist describing the arrangement with the property management company as “a lease agreement for the continued use of the building until mid-year 2019.”
“The company also finalized a lease agreement for its future headquarters, which will be located in Brentwood,” Gilchrist said of the new facility, which will be located in the Maryland Farms office park in Brentwood.
CoreCivic’s website states that the company offers “a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, innovative and cost-saving real estate solutions, and a growing network of residential reentry centers to help address America’s recidivism crisis.”
According to the Tennessean, CoreCivic currently is in charge of running four of the Volunteer State’s prisons as well as several other county detention centers. All told, CoreCivic warehouses approximately a third of the state’s 30,000 inmates, the Tennessean found.
CoreCivic saw $449.9 million of revenue and $39.2 million of net income in the second quarter of 2018, according to CNBC.