Tag Archives: Ashley Bishop

Southeast Venture Rises in Nashville Business Journal’s Book of Lists

Once a year, the Nashville Business Journal recognizes Nashville’s top commercial real estate companies in its much-read Book of Lists. The latest list, released a little over a month ago, makes it clear how much our firm has grown in the past year. In 2014, Southeast Venture is ranked as the #4 CRE firm by sales volume (up six places from last year) and the #8 CRE firm by lease volume (up seven places from 2013).

We wanted to take a moment here to commemorate some of the major sales and leases that contributed to this big jump in rankings.

In March 2013, the Viera Cool Springs multifamily property sold for $44 million to Viera Holdings, LLC. Southeast Venture Broker Tarek El Gammel represented the buyer and was assisted by Southeast Venture Broker Ashley Bishop.

Also in 2013, HealthSpring’s MetroCenter campus sold for $36.4 million to out-of-state investor, Griffin Capital Corporation. Southeast Venture Principal Cam Sorenson attracted the interest of several U.S. and global investors for the Southeast Venture developed property before it ultimately sold to Griffin.

Sharpened
Other notable deals:

  • $57 million sale of the Lakes of Bellevue, and the $16 million sale of Marina Point in Chattanooga, both brokered by Tarek
  • MTSU’s $11.1 million purchase of MTMC’s old hospital campus, brokered by Southeast Venture Principal Axson West
  • Department of Children’s Services deal for the Plaza I building in MetroCenter, 2013’s largest lease, brokered by Principle Todd Alexander and Broker Jimmy Pickel

It’s important for us to take time and appreciate the consistent hard work, proactive nature and victories of our team. Todd’s leadership with Southeast Venture’s team of brokers played a large role in advancing our Nashville Book of Lists rankings. Thank you for sharing in the celebration of our incredible team, clients and big wins of 2013!

– Wood Caldwell

Walton Closes On 252 Acres in Fairview, Tennessee

“Trails of Brownlyn,” a planned unit development (PUD) in Fairview, Tennessee was purchased yesterday for $4.4 million by Walton Tennessee, LLC, an affiliate of Walton Development and Management (WDM), a land management and development company based in Roswell, Georgia.

Walton Tennessee, LLC purchased the 252-acre tract from John Rutledge. Ted Boozer of Franklin Real Estate Group, Inc. represented Rutledge, and Southeast Venture brokers Greg Coleman and Ashley Bishop represented the buyer in the sale.

The “Trails of Brownlyn” PUD is approved for 725 residential units. 

Trails-of-Brownlyn-site-plan“Trails of Brownlyn has a lot to offer in terms of access to Nashville and the surrounding areas. This property is situated within Williamson County, which has some of the best public schools in Tennessee, and it is perfectly located to cater towards growing families,” said Paul Beidel, WDM president, Southeast region.

“Fairview has long been an area of interest for land investment given its location in Williamson County, proximity to Nashville and overall quality of life,” said Greg. “With the investment in recent years by some national retailers such as Publix and Wal-Mart, it makes sense that a quality PUD be offered to current and future homeowners in Fairview.” 

Earlier this spring, WDM made its first acquisition in the Nashville area, purchasing four parcels that make up “Carothers Crossing,” a traditional neighborhood development in Nolensville. Combined, the four parcels comprise 545 acres of land located just east of Nolensville and west of the Interstate 24 Old Hickory Boulevard exit.

Trails-of-Brownlyn-vicinity-map

“We are excited Walton is investing again in Middle Tennessee and in Fairview. We have received a lot of interest from home builders about this project,” said Ashley. “This property has a lot of potential because of its picturesque surroundings, short commute to Nashville and its proximity to top-rated Williamson County schools.”

Walton Tennessee, LLC Purchases Traditional Neighborhood Development, Carothers Crossing

CC_1Carothers Crossing, a traditional neighborhood development in Nolensville was purchased yesterday by Walton Tennessee, LLC, an affiliate of Walton Development and Management (WDM), a land management and development company based in Roswell, Georgia.

Walton Tennessee, LLC purchased three separate tracts of land from Capital Bank, Cadence Bank and Pinnacle Bank, and has a fourth parcel under contract. Combined, the four parcels comprise 545 acres of land located just east of the town of Nolensville and west of the Interstate 24 Old Hickory Boulevard exit.

CC_7Southeast Venture brokers Greg Coleman and Ashley Bishop represented the buyer in the sales.

“Carothers Crossing is in a fast growing area of southeast Nashville,” said Coleman. “Walton is very pleased with its new investment and is looking forward to being good stewards of its future development.”

Developer Don Smithson originally conceived Carothers Crossing in the early 2000s. The traditional neighborhood development plan included 3,400 homes in a variety of residential options, a town center with retail and commercial spaces, parks and other open green spaces for the community’s residents.

CC_6Capital, Cadence and Pinnacle banks took ownership of the development in 2010 when Smithson was unable to continue the early momentum of the project through the economic downtown.

“Carothers Crossing’s vision has often been compared to Southern Land Company’s 2,600-unit Westhaven traditional neighborhood development in Franklin,” said Bishop. “It’s not designed to function as a subdivision—it’s designed to function as a unique, regional neighborhood. With Walton’s investment, the area can become the vibrant community it was meant to be.”

CC_3“We’re excited about our first acquisition in Nashville,” said Paul Beidel, WDM president, Southeast region. “Carothers Crossing has tremendous potential and we look forward to working with the local community to build on the vision for this mixed-use residential community.”

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Riding Elevators

Ashley Bishopby Ashley Bishop, CCIM

Southeast Venture has been servicing Nashville’s CRE community for over 30 years. Ask most anyone about Southeast Venture and they’ll tell you we’re wired-in and do a great job for our clients.

This foundation took years to build, and required extensive networking among key decision makers. One of our principals is a gentleman named Axson West, and unless you’ve spent some time with him, you couldn’t know what a character he is. He is networked in with more people than anyone I’ve ever known, and his methods are truly unique.

Relatively speaking, networking presents the same challenges now as it did 30 years ago. In CRE, we are focused on forging long-term relationships with bankers, developers, attorney’s, investors and property owners. It’s a balancing act to spend networking and also maintain our business flow.

There are more ways than ever to be social while spreading the word about what we do. There’s the Chamber of Commerce, the Mayor’s office of Economic and Community Development, CCIM, NAIOP as well as many civic organizations. I’ve had success with some of these; however, where I’ve been most successful is tapping into resources like LinkedIn and Twitter.

Axson didn’t have these options 30 years ago. He had a pocket full of business cards and comfortable shoes. One of the funniest stories I’ve heard him tell is how he developed many of his contacts, and he is still doing business with them to this day.

Axson, like most during the “early days,” networked through church, various civic clubs and the chamber to name a few. Although, in addition to these, Axson used to go downtown, pick a skyscraper, and ride the elevators. When he got to the top, he would ride back down, and along each stop, he would introduce himself, tell some jokes, hand out a card, and wait for the next floor.

He did this for years, and made some good friends and alliances along the way. If that’s not unique enough, back in the days when he had his Series 7 License and was selling apartment syndications, which provided tax incentives for high-income earners, he had five different CPA’s prepare his annual tax returns; one in Memphis, Knoxville and three in Nashville. He built relationships with them, which yielded investor referrals.

I’ve never purposely ridden up and down elevators, but I have found several unique ways of networking, which suit me. I’ve had the most success using LinkedIn. LinkedIn turns a cold call into a warm call. It allows me to get to know the background on a person, where they’ve worked in the past, what positions they’ve held and even what their hobbies are.

I use Twitter regularly (you can follow me @ABishopCCIM), and periodically I write a blog entry. I use Twitter as a non-evasive way of staying in front of prospects (multiple times daily) with information on Nashville as it relates to CRE. I also use apps like Hootsuite for Twitter, which allows me to schedule my tweets; super for gathering news early and distributing it at different times throughout the day/week. Hootsuite also provide the ability to link your tweets across the various LinkedIn groups you belong to. Tweets sent this way become discussion forums in your LinkedIn Groups.

We all develop our own ways to network with those we seek to do business with. We find our most comfortable setting, and work it diligently. Internet platforms have worked great for me. Elevators and CPA(s) worked great for Axson. Regardless of the method, networking is key success in most industries, especially in CRE. It’s the reason our 30-year-old company is still servicing clients today.

Med Mart – Music City’s Next Big Hit

Ashley Bishopby Ashley Bishop, CCIM

Health care is one of Nashville’s leading industries. Nashville is home to more than 300 health care companies, 33 of which are major organizations, and nearly half of investor-owned hospitals in the U.S. are owned or operated by companies headquartered in Nashville.

Like the auto industry, health care has many components, so it makes sense logistically that a company manufacturing hospital beds or imaging equipment, for example, would want to be located close to companies who purchase most of their products, just the same as auto suppliers locate close to major auto manufacturing facilities.

This is where the Nashville Medical Trade Center, aka Med Mart, comes into play. An idea that started several years ago and may come to fruition soon, Med Mart will be the first of its kind in the world and will tremendously benefit Nashville and the entire health care industry. Med Mart will convert the existing convention center into a 1.5M SF permanent medical trade show, becoming the global headquarters for health care events.

There are more than 500 health care trade shows held nationally each year. Imagine a state-of-the-art facility in downtown Nashville with permanent showrooms to host these events. It will provide a single venue for the leading health care companies to showcase their products and services.

NMTC show floorIt’s estimated that more than 300 health care companies will have permanent Med Mart space. These showrooms will include imaging equipment, surgical equipment and supplies, laboratory equipment, medical devices, building and design materials, dental, lighting and illumination, consulting/advisory firms, associations and more. Med Mart will also feature 150,000 SF of temporary exhibit space, conference halls and room for training and education.

The proposed Med Mart plans to renovate the current convention center immediately following the grand opening of the new LEED Certified Nashville Music City Center. This new 1.2M SF convention center is going to be an architectural wonder, covering 16 acres two blocks south of the existing center, and surrounded by the Schermerhorn Symphony Center, the Frist Center and Bridgestone Arena.

For Med Mart to break ground it must be 60 percent pre-leased. Just last month, Med Mart announced an 80,000 SF lease with RHCC, who plans to develop in three phases. One of these phases will include the Intelligent Hospital. Walter Duncan with the Nashville Post reported, “The Intelligent Hospital will replicate the actual environments of a hospital, complete with registration, surgical services, emergency rooms and critical care services – a complete hospital deployment.”

The Med Mart is a win-win opportunity for the City of Nashville and the health care industry. Companies can keep their travel and exhibition costs down while maintaining a product presence in a controlled environment. Preliminary estimates indicate the Med Mart will employ 2,700 people, and an additional 150,000 people a year will come into downtown Nashville as a result of this facility. Talk about a boost to tourism.

NMTC outsideIn addition, Med Mart will be located in the heart of Nashville’s entertainment district. As I’ve said before, it’s easy to be an advocate of Nashville, and this innovative concept will fit right in with our hopes for a successful future here.

(Renderings courtesy of the Nashville Medical Trade Center)

Is Nashville poised to become a primary market?

Ashley Bishopby Ashley Bishop, CCIM

We recently conducted an office survey to see how our brokers viewed primary markets. Each broker was given a list of U.S. cities, and had to decide if the cities were primary, secondary or tertiary markets. Although subjective, this is the criterion that large financial institutions and REIT base their investment decisions on.

Cities like L.A., Denver and Miami are considered primary markets, whereas Nashville and Charlotte are considered secondary. Examples of tertiary cities are Huntsville and Knoxville. The results were unanimous for most primary and tertiary markets; however, there was some debate on the secondary markets.

Distinguishing between primary and tertiary CRE markets isn’t too difficult. Much of this is based on the overall economic picture of the city, including its central business district, MSA, employment and population growth and overall demand for CRE sectors. I personally believe, for example, that primary markets have to have professional sports teams.

Knoxville and Huntsville are considered by most to be tertiary. Though they are both undergoing population and employment growth, they are self-contained, rather than being part of a larger MSA.

Defining secondary markets can be more difficult, and certainly more subjective. Cities like Birmingham and Louisville appear at first glance to be secondary. However, institutions and REIT view these cities as tertiary. Consequently, these markets don’t receive much investment from these capital sources.

Nashville SkylineNashville is considered a secondary market. We have a strong and diverse economy, an active urban area and central business district, and we are the center of a 12-county MSA.

Nashville doesn’t have the attention of the REIT market, although we are large enough to make institutional investors and insurance companies want to invest here. This is important because the capital from these institutions provides a long-term commitment to Nashville. It also relieves some of the pressure of local banks. The culmination of the two allows for greater community investment.

Institutions are attracted to cities with sustainable job growth. Other factors such as quality of life, housing prices and availability of healthcare also come into play. In this economy, job growth is first of mind when it comes to institutional investment, and Nashville is a top market for sustainable job growth.

ManpowerGroup recently ranked Nashville as fifth among all metropolitan areas in the nation for employment. Our economic diversity makes this possible, with a strong educational, healthcare, IT and construction base. Our Chamber of Commerce and state Economic Development Council have recruited several large corporate relocations including Nissan of North America and IQT, to name a few.

Just a few years ago, Nashville was known as a tertiary market. Outside of Atlanta and strong Florida cities like Miami and Orlando, most southeastern cities are tertiary. Throughout the past two decades, the southeast has seen booming growth. However, only Nashville has graduated from tertiary to secondary.

Many say Nashville is poised to become the next Atlanta. At times it certainly feels this way. Our continued employment growth and our geographic position, along with local and state incentives, continue to attract new businesses.

Will I be writing about Nashville as a Primary market one day? I sure hope so.

Welcome Ashley Bishop to the Southeast Venture Team

Welcome Ashley Bishop, who has joined us as a broker and CCIM candidate.

Ashley’s extensive experience in brokerage and development in both residential and commercial real estate makes him an ideal addition to our brokerage team.

With 15 years of industry experience, Ashley most recently worked at Retail Property Management, Inc., where he served as a broker and development manager since 2006.

At Southeast Venture, Ashley will specialize in multi-family and retail properties, offering services in both leasing and sales, in addition to market analysis, site selection and land sales.