In light of the commercial construction frenzy that began in 2010, standing out in CRE development in Nashville is harder than it was four years ago. Consequently, at Southeast Venture, we never take it for granted when our peers recognize one of our developments as a favorite building in Nashville.
The “Deftly Designed” article in Nashville Post magazine’s latest “Boom” issue is an ode to structures built during the building boom that represent the city’s trend towards urban design. 12South Flats, which we developed in a 50|50 partnership with H.G. Hill Realty Co. in 2013, was among the favorite buildings chosen by local architects and developers.
The article included a great quote by Adam Leibowitz, a managing partner of Double A Development. Leibowitz stated, “As 12South thrives as a great walkable neighborhood, 12South Flats blends in perfectly to continue that trend. The overall building is deceptively large yet the scale and design of the front elevation keeps it from looking overwhelming for the neighborhood. I find that the storefront level specifically has a high-end, classic look that draws your attention. 12South Flats is a strong bookend for the commercial stretch of 12South and is a great example of timeless culture.”
We wanted to share our newest aerial photos of the 12 South Flats construction. These pictures, taken by Aerial Innovations on Friday last week, pretty much speak for themselves. It’s hard to believe construction started just nine months ago.
Nashville CRE Links
- $58M Eleven North apartment sale sets new record — Tennessean (link)
- Baptist Healing Trust buys new Nashville home off Sidco Drive — Tennessean (link)
- HCA deal is among Nashville’s biggest — Tennessean (link)
- Nashville gambles on lure of new convention center — New York Times (link)
- Oberto plans Nashville production facility, 300 jobs — Nashville Business Journal (link)
Nashville CRE Links
- Hendersonville apartment complex sells for $33 million — Nashville Business Journal (link)
- Major office developments planned for The Gulch — Nashville Post (link)
- Murfreesboro planners approve proposed Amazon warehouse — Daily News Journal (link)
- O’Charley’s nets $105 million in sale-leaseback of 50 properties — Nashville Business Journal (link)
- Spectrum plans spec office building in Cool Springs — Nashville Business Journal (link)
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