HSA Commercial Real Estate today announced the firm has partnered with Boston-based Great Point Investors LLC to develop a 652,000-square-foot speculative industrial building at Commerce Farms Business Center in suburban Nashville, Tenn. Located on 41 acres at the junction of State Route 840 and Highway 109 in Lebanon, Tenn., the distribution center will feature 32-foot clear heights, 116 truck docks, two drive-in doors and parking for 84 trailers and 257 cars. The partnership is scheduled to break ground on the new industrial facility later this month, with delivery to tenants planned in the first quarter of 2017.
“For larger warehousing and logistics businesses requiring at least 200,000 square feet, the available inventory of well-located Class A industrial space in the Nashville market is virtually non-existent,” said Robert Smietana, vice chairman and CEO of HSA Commercial. “That’s why we believe the timing of this development, coupled with the modern building specifications—higher clear heights, ample truck docks and abundant trailer parking—should make the project very attractive for prospective tenants.”
Commerce Farms Business Center includes four previously developed warehouse buildings totaling over 2 million square feet of industrial space, all of which is currently leased. Situated near full interchanges with Interstates 40, 24 and 65, Commerce Farms Business Center offers tenants convenient accessibility to the entire Nashville regional interstate system. The new 652,000-square-foot distribution center will be located on the last available development site at Commerce Farms.
Ownership has retained NorthStar Real Estate Advisors to oversee the marketing and leasing of the distribution center. Chicago, Ill.-based Premier Design + Build will serve as the general contractor for the development, and Harris Architects Inc. is the project’s architect.
“HSA Commercial already has a great deal of familiarity with the Nashville market having owned and developed multiple properties in the area, including a recently completed build-to-suit with Carrier near the airport,” said Smietana. “The positive experience we have had as a company in Nashville is a big reason why we are so bullish on the market and eager to launch this new spec development with our partner, Great Point Investors.”
HSA Commercial previously partnered with Great Point Investors to build a 220,000-square-foot distribution center near Indianapolis and a 218,500-square-foot spec industrial facility in north suburban Chicago.
About Great Point Investors
Boston-based Great Point invests in industrial, office, senior housing, and multifamily real estate throughout the United States on behalf of the firm’s institutional clients by employing all-equity, leveraged-equity, joint-venture, and participating-debt structures while pursuing both core and value-added opportunities. With fully discretionary capital, Great Point is able to quickly source and close transactions.