DOWNTOWN SIGNATURE FLEX BUILDING FOR SALE OR LEASE 15 LINDSLEY AVENUE Nashville, TN 37210

Transcription

1 OFFERING MEMORANDUM DOWNTOWN SIGNATURE FLEX BUILDING FOR SALE OR LEASE 15 LINDSLEY AVENUE Nashville, TN FA YE TT E ST S HE RM 2 ND AVE LA 4 TH AVE S KOREAN VETERANS BLVD ITA GE AV E LINDSLEY AVE 40 JAMES B FOLEY, CCIM HAYES MCWILLIAMS SALLIE WILLIAMSON Vice President jim.foley@cbre.com Associate hayes.mcwilliams@cbre.com Associate sallie.williamson@cbre.com

2 TABLE OF CONTENTS THE OPPORTUNITY BUILDING SPECIFICATIONS DEVELOPMENT MAP AREA ATTRACTIONS DOWNTOWN DISTRICT MAP MARKET OVERVIEW PROCESS & OFFER INSTRUCTIONS 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners LINDSLEY AVENUE

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4 THE OPPORTUNITY 4 15 LINDSLEY AVENUE

5 LINDSLEY AVENUE THE OPPORTUNITY CBRE is pleased to offer the sale or lease of the former NovaCopy national headquarters in downtown Nashville. The 27,500 SF foot building on 0.98 contiguous acres of land is situated in the exciting downtown neighborhood known as SoBro. With prominent interstate visibility with LED monument signage, the property is also within walking distance to Rolling Mill Hill s 34 acre river front mixed use development, Ascend Amphitheater, James Beard award winning Husk restaurant, Historic Howard School, the new Music City Convention Center as well as several planned office, multifamily, restaurants and hotel projects totaling over $1 Billion in active development. OFFERING HIGHLIGHTS + + Sales Price: $7,900, Lease Rate: $15.00/SF + + Availble 2nd Quarter Building Size: 27,500 SF (subdivideable) Showroom: 7,500 SF Office: 7,500 SF Flex: 12,500 SF + + Prominent Interstate Visibility with LED signage (125,838 Average Daily Traffic Count) + + DTC Zoning allows by right Hotel, Office, Retail, Multi-family, Self-storage, Brewery + + Over $1 Billion in New Developments within 1/2 mile + + Urban Infill Site Ideal for Adaptive Re-use or Development Drive in doors; 1 Dock high door + + Clear Heigh: 30 maximum; 25 minimum amps + + Column spacing: 40 X parking spaces plus on street parking + + Fire/Life/Safety: Key card door access, monitored burglar and fire system with sprinklers 5

6 BUILDING SPECIFICATIONS Location: Lindsley Ave, Nashville, TN Occupancy: Available 2nd Quarter 2018 Building Size: 27,500 SF Year Built: 1998 Stories: 2 Land Area: Parcel No: Zoning: Ownership: Parking: Foundation/Structure: Exterior Walls: Roof: Windows: Interior Finishes: HVAC: Electrical: Fire/Life/Safety: 0.98 Acres / 42,312 SF ; ; ; ; DTC, Downtown Code Fee Simple Interest 51 total spaces plus on street parking Concrete slab on grade with monolithic footers Masonry concrete and insulated steel panels Classic rib metal roof with polycarbonate skylights Fixed pane, insulated, clad units Drywall Natural gas heating with electric air conditioning. Three phase electrical service Key card door access, monitored burglar and fire system with sprinklers 6

7 LINDSLEY AVENUE Floor Plans 1st Floor Plan 2nd Floor Plan FLEX +- 12,500 SF SHOWROOM +- 7,500 SF 15 LINDSLEY AVENUE 7

8 DEVELOPMENT MAP 1 LVD B S 2 3 TH 10 ES AV 12 8 LA FA YE TT E AN 17 AN ND AVE S ST E KOR ER VET 18 HE RM ITA GE 20 AV E LINDSLEY AVE

9 LINDSLEY AVENUE DEVELOPMENT MAP LEGEND 1 CAMBRIA SUITES ROOMS THE MATHEWS CO - BARGE WAGGONER OFFICE DEVELOPMENT 2 JW MARRIOTT ROOMS BRIDGESTONE NORTH AMERICAN HEADQUARTERS - 500,000 SF 3 WESTIN ROOMS LIFE STYLE COMUNITIES - MULTIFAMILY DEVELOPMENT 4 MAINLAND MIXED USE 16 THE SOBRO UNITS DIVISION STREET - GULCH CONNECTOR HINES/RAGLAND OFFICE DEVELOPMENT - 350,000 SF OFFICE 6 PROPOSED OFFICE DEVELOPMENT 18 ROLLING MILL HILL MIXED-USE DEVELOPMENT PARCELS 7 THE BEACH CO APARTMENTS CITY LIGHTS - 77 LUXURY CONDOS UNDER CONTRACT - PROPOSED OFFICE TOWER 20 TERRA HOUSE APARTMENTS THE OLMSTED APARTMENTS RIVER FRONT APARTMENTS APARTMENTS MARRIOTT - NORTH POINT ROOMS THE JOSEPH - PIZZUTI CONSTRUCTION ROOMS HOLIDAY INN & SUITES ROOMS LINDSLEY AVENUE 9

10 AREA ATTRACTIONS NISSAN STADIUM PINNACLE TOWER BRIDGESTONE ARENA PEDESTRIAN BRIDGE SYMPHONY HILTON JW MARRIOTT ENCORE MUSIC CITY CENTER RIVERFRONT PARK ASCEND AMPHITHEATER OMNI WESTIN BELL TOWER PINEWOOD SOCIAL DANGURE S CLASSIC SOUTHERN CO CITY WINERY CREMA ROCKETOWN CZANN S BREWING CO CHILDREN S THEATER HISTORIC HOWARD SCHOOL OFFICE BLDG TN BREW WORKS GULCH CONNECTOR 3RD & LINDSLEY LIVE MUSIC WEHO DISTRICT 10 ROLLING HILL MILL HUSK ACADEMY PLACE

11 LINDSLEY AVENUE DOWNTOWN DISTRICT MAP HOPE GARDEN METRO CENTER GERMANTOWN GULCH EAST GULCH CBD SOBRO ROLLING HILL MILL 15 LINDSLEY AVENUE 11

12 MARKET OVERVIEW SoBro What once was an area made up entirely of industrial uses is now the heart of Music City s hospitality and tourism industries. More than 1,300 hotel rooms and another 1,000 are under construction across the SoBro landscape. Demand drivers in the area include Bridgestone Arena, Music City Center and The Country Music Hall of Fame. Music City Center Music City Center is the newest addition to Nashville s skyline. The new Convention Center is over 2.1 million SF and spans more than six city blocks. The Center is also Nashville s newest LEED Silver Certified building. The Nashville Visitors and Convention Bureau has booked 101 trade shows for the new Center so far. That list includes 37 organizations that have never held events in Nashville. Bridgestone Arena Bridgestone Arena, which opened in 1996, has hosted more than 12 million guests. The Arena has hosted the NCAA Men s and Women s Basketball Tournament, the NCAA Women s Final Four, CMA and CMT Awards, and was named 2007 Pollstar Concert Venue of the Year. The Arena is currently the home of Nashville s NHL Franchise, The Nashville Predators. The Predators pack an average of 16,600 fans into Bridgestone Arena for 41 nights a year. 12

13 LINDSLEY AVENUE The Gulch Nashville s Gulch Neighborhood is the center of Nashville s Urban Renaissance. The Gulch is the south s first LEED certified neighborhood. Master planning of the Gulch began in 2001, and the area was officially designated a special district in Since then, more than 2,000 condos and apartments, 200 hotel rooms, and 600,000 SF of Class A Office has been developed. The Gulch enjoys the highest rents, condo prices, and office rents in Metro Nashville. The growth of the gulch has seeped into the neighboring North and East Gulch. The North Gulch is home to the 300,000 SF HQ to HCA affiliates, and the Boyle Capitol View project. Capitol View will also be home to over 1,000 multi-family units, 700,000 SF of additional office space, and 300,000 SF of retail. The East Gulch stands at the strategic intersection of the Gulch and SoBro. The East Gulch is also home to the most luxurious hotel developments in Nashville, including the JW Marriott and Westin Hotels. A full service Hyatt is planned for the area offering over 1,500 4 star hotel rooms within a block from

14 MARKET OVERVIEW Nashville, Tennessee, has captured national and global attention over the past decade as a unique and exciting destination for business, entrepreneurship, the medical business sector, and of course entertainment. Nashville is the It City with its abundant options for a live-work-play lifestyle. The Nashville market has risen to one of the strongest and most vibrant economies in the U.S. Nashville s ideal geographic location in the heart of the U.S., a skilled workforce fueled by 100,000 college students in the region and a low cost of living, which is over 13% below the national average, all enhance Nashville s already lively economy. Strong fundamentals have attracted developers to be active in this metro, and Nashville has had one of the most aggressive pipelines in the country. Since most of the space under construction Downtown is preleased by tenants that are either expanding or new, vacancies there shouldn t be totally upended by current construction. However, even with factors and 2017 being the peak year of deliveries this cycle, Nashville s vacancy rate is currently one of the lowest in the country. As a result, rents gains have been solid, and rents are more than 30% above their prerecession peak. Strong rent growth and low vacancies continue to lure investors in, and annual sales volume is significantly above the historical average. 1 Nashville 2 Nashville ECONOMICS Time Magazine Time Magazine NASHVILLE, TENNESSEE Accolades has had the strongest employment growth of any large metropolis since the Great Recession. It was the second-fastestgrowing U.S. city for most of 2013 and the only one in the top four outside of oil-booming Texas. Brookings Global Nashville ranks 86th globally for economic performance out of the MetroMonitor world s 300 largest metropolitan economies. Forbes MSN Money LIFESTYLE Forbes Lonely Planet Nashville s cost of living is cheaper than the U.S. average by over 13%. Office vacancies fell to 10.4% from 12.3%, among the 10 biggest declines in the U.S. markets in Nashville ranks in the top ten Best Cities for Business. Nashville is ranked number 3 on the list of 10 great U.S. cities for starting a business. ranked Top 10 for Most Popular Cities for Millennials. Nashville named as one of the Top 10 Best Value Destinations in the U.S. ECONOMY Nashville has experience unprecedented growth, with approximately 75 popel moving to the metro daily. The overall job recovery to date has been exceptional; Nashville has averaged 4% annual employment growth this cicly, one of the best percetage recoveries in the nation. Business costs are about 20% below the national average, prompting many healthcare, logisitics, manufacturing and coporate operations to set up shop here. Per the Nashville Chamber of Commerce, over the past two years, more than 200 companies have either relocated to or expanded in the metro, accounting for roughly 25m000 new jobs and 15 million SF of commercial real estate absorption. Conde Nast Traveler Travel + Leisure Nashville was placed at number 3 on their list of 30 Places to Visit Before You re 30, making Music City 1 of only 6 U.S. destinations on that list. In the 2014 America s Favorite Cities Survey, Nashville ranked in the following categories: #1: Concerts, Music Scene, Live Music Scene, Girlfriend Getaway #2: Bars #3: Festivals, Dive Bars #4 Hip/Cool, People-Watching #5: Safety, Barbecue LINDSLEY AVENUE

15 LINDSLEY AVENUE EDUCATION TOP UNIVERSITIES & COLLEGES > American Baptist College > Austin Peay University > Belmont University > Fisk University > Lipscomb University > Meharry Medical College > Middle Tennessee State University > Tennessee State University > Trevecca Nazarene University > Vanderbilt University TRANSPORTATION INFRASTRUCTURE & NETWORKS Infrastructure development, while largely taken for granted, is critical for continued metropolitan growth. Investment in infrastructure, while sometimes costly, enhances a region s competitiveness and helps to foster communal prosperity and economic well-being. Middle Tennessee accounts for nearly one-third of the State s ongoing infrastructure budget and transportation needs account for nearly half of the ongoing infrastructure needs of the region. As the local population continues to grow, infrastructure expenditures are crucial to supporting growth in the area s economic output. POPULATION CHANGE ( ) Austin 58.99% Charlotte 58.74% Nashville 46.30% Atlanta 36.90% Louisville 24.39% Indianapolis 23.61% Memphis 18.59% Raleigh 4.63% 15

16 PROCESS & OFFER INSTRUCTIONS LINDSLEY AVENUE

17 LINDSLEY AVENUE OFFERING PROCESS OFFERS ARE DUE IN WRITING AND SHOULD INCLUDE THE FOLLOWING: TERMS + + Purchase Price + + Earnest Money Deposit + + Inspection Period + + Closing Period INVESTOR INFORMATION + + Description of purchaser s entity structure and capital source + + Description of purchaser s debt source and terms (if applicable) + + Please provide details on purchaser s experience in owning commercial real estate + + Description of purchaser s due diligence process + + Description of any contingencies, caveats, and approvals of which the Ownership should be aware in evaluating your offer CONDITION OF SALE + + Purchaser shall confirm by Purchaser s own due diligence the condition and suitability of the Property, without any reliance upon information provided herein. Please submit one electronic copy of the offer to Jim Foley at jim.foley@cbre.com INTERESTED PARTIES ARE REQUESTED TO DIRECT ALL COMMUNICATION REGARDING THE PROPERTY TO: JIM FOLEY 150 4th Avenue North Suite 2110 Nashville, TN jim.foley@cbre.com T F

18 CONTACT US JAMES B FOLEY, CCIM Vice President jim.foley@cbre.com HAYES MCWILLIAMS Associate hayes.mcwilliams@cbre.com SALLIE WILLIAMSON Associate sallie.williamson@cbre.com