One of Nashville’s most affluent communities can be found just a few miles south of downtown. Nestled between the 12 South and Belle Meade neighborhoods, Green Hills is a bustling community that welcomes both natives and newcomers to share in its many shopping, dining and recreational opportunities.
Green Hills began as a small community in the 1930s. After World War II, it grew significantly as people began building houses in anticipation of new business activity throughout the area.
The neighborhood is most widely known for its upscale shopping, such as the Hill Center – an open-air shopping concept – and the Mall at Green Hills, which opened in 1955 as a strip mall. Since then, the mall has undergone major expansions and renovations so that it now holds more than 100 stores and restaurants combined. Green Hills is also home to an iconic music venue, the Bluebird Cafe, which opened in 1982 and welcomes more than 70,000 visitors each year.
The community is located just a short distance from Nashville’s three major universities – Belmont, Lipscomb and Vanderbilt. College students and families alike can be seen at the local movie theater and nearby restaurants.
Radnor Lake State Park rests on the outskirts of Green Hills and boasts abundant wildlife, scenic hiking trails and numerous photo opportunities.
Real estate in the area is booming as more people and businesses look for places to reside within Davidson County. Southeast Venture’s architecture team is currently designing a new multi-family development in the heart of the shopping district with plans for a LEED-certified “green” roof.
At the Hill Center, Southeast Venture helped Endodontic Associates find its new home and provided interior design services to arrange the space according to its needs. A local foster care organization, Monroe Harding, also recently enlisted Southeast Venture to sell its property and use the proceeds to expand its youth services.
Green Hills is a popular neighborhood that will experience sustainable growth as new developments and renovations take place. And areas like this are sure to increase in value as demand for space in and around Nashville continues to rise.
Nashville CRE Links
- Crye-Leike’s Midtown office sells for $1.2 million — Nashville Business Journal (link)
- Downtown church pays $1.4 million for SoBro site — Nashville Business Journal (link)
- Investment group buys Rivergate retail strip — Nashville Post (link)
- Mammoth Nashville-area apartment portfolio hits the sales block — Nashville Business Journal (link)
- Nashville City Center sale could lure out-of-state bids, top $100M — Nashville Business Journal (link)
Survey: Majority Believe Middle Tennessee Commercial Real Estate Climate is Improving
(third of three posts)
This is our last post detailing the results of our CRE survey. Responders were asked to predict how each sector of Middle Tennessee commercial real estate will preform in 2012 compared to 2011.
Multi-family topped the list of commercial real estate sectors, with 79 percent of responders predicting that the multi-family sector will perform better or much better in 2012 than last year. The office and retail sectors were also viewed favorably, with 66 and 58 percent expecting better or much better performances in 2012, respectively.
Commercial real estate insiders are least optimistic about the land and industrial sectors, with eight and seven percent, respectively, of responders banking on a worse performance in 2012 compared to 2011.
When compared to other sectors, the outlook for land sales looks a bit less promising, but when put into the context of last year’s survey, optimism appears to be rising slightly in this sector. Last year, only 24 percent of survey takers felt that the land sector would perform better or much better than 2010. This year, that statistic has jumped 13 percent to 37.
A majority (56 percent) of responders believe that the real estate-owned (REO) sector will remain constant in 2012.
Check out the 2012 Sales Outlook.
Check out the 2012 Leasing Outlook.
Nashville CRE Links
- Empty big boxes answer the call — Nashville Ledger (link)
- High-end rentals top residential trends — Nashville Ledger (link)
- Middle Tennessee poised for new construction in rejuvenated office, residential, retail markets — Nashville Ledger (link)
- Midstate retail trends toward mixed-use development — Nashville Ledger (link)
- N.Y. law firm close to moving into Nashville’s Ragland Building — Nashville Business Journal (link)
The multi-family and retail project will be developed through a joint venture between the two local commercial real estate firms
We are pleased to announce today that H.G. Hill Realty Company and Southeast Venture have purchased 0.82 acres in the 12 South neighborhood from Middle Tennessee Roofing Co., Inc., and plan to design, develop and lease a mixed use, retail, multi-family building on the site at 2310 12th Ave. S.
Located next to 12 South Taproom and Grill, the new building will be a mixed use development comprised of 67 luxury rental apartments and 4,200-square-feet ground floor retail.
The addition of high-end apartments and retail space will fill a much-needed niche in the 12 South neighborhood. We expect construction to begin on the project in April 2012, with units being ready for occupancy in spring 2013.
According to a recent PricewaterhouseCoopers LLP (PwC) Real Estate Investor Survey of commercial real estate sectors and markets, Nashville is projected to be one of the top-three performing retail markets in the U.S. through 2012.
The other two markets are Long Island and Fairfield County, Connecticut.
Taken from a PwC press release that summarizes the survey:
For the retail market, inconsistent consumer spending and inflationary fears will keep the majority of retail stock (76.6 percent) in recession through 2012. A recovery will materialize by year-end 2013, with 77.1 percent of retail inventory in that phase. Individual retail markets that are expected to perform better than this sector as a whole include Long Island, Nashville, and Fairfield County, which are each expected to be in recovery through 2012.
A Southeast Venture survey conducted at the beginning of 2011, predicted similar, yet more muted trends. Of the 80 local and regional commercial real estate brokers, developers, building owners and investors that we polled, 66 percent expected the retail market to perform better in 2011 than 2010. Interestingly, the multifamily and office markets were both polled to perform stronger than the retail market, with 75 percent (multifamily) and 72 percent (office) of responders predicting a stronger 2011.
Additional highlights from the PwC survey include:
- Due to a lack of supply and decreasing vacancy, most office stock will be in recovery by the end of 2011. The office markets in Chicago, Las Vegas, Los Angles and Tampa are supposed to perform below trend.
- Up to 86.2% of industrial stock is supposed to be in recovery in 2011 and 2012, with growth expected in 2013 and 2014. Again the Tampa market will lag behind, this time joined by Akron, Cleveland and Minneapolis.
- Driven by tight lending and pent-up demand, the PwC Barometer expects the multifamily sector to perform the best with a portion of multifamily stock expanding through 2014. In this sector New Orleans and Syracuse are expected to perform below trend.
Posted in Uncategorized
Tagged commercial real estate, CRE, Fairfield County, industrial, Long Island, multi-family, multifamily, Nashville, office, PricewaterhouseCoopers, PwC, retail