Outstanding Redevelopment Opportunity 901 Charlotte Avenue Nashville, Tn 37203
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OUTSTANDING REDEVELOPMENT OPPORTUNITY 901 CHARLOTTE AVENUE NASHVILLE, TN 37203 901 CHARLOTTE AVENUE NASHVILLE, TN AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT CBRE, Inc. operates within a global family of companies determining whether you desire to express further approximations. This Memorandum describes certain with many subsidiaries and related entities (each an interest in the acquisition of the Property, (ii) you will hold documents, including leases and other materials, in “Affiliate”) engaging in a broad range of commercial real it in the strictest confidence, (iii) you will not disclose it or summary form. These summaries may not be complete estate businesses including, but not limited to, its contents to any third party without the prior written nor accurate descriptions of the full agreements brokerage services, property and facilities management, authorization of the owner of the Property (“Owner”) or referenced. Additional information and an opportunity valuation, investment fund management and CBRE, Inc., and (iv) you will not use any part of this to inspect the Property may be made available to development. At times different Affiliates, including Memorandum in any manner detrimental to the Owner qualified prospective purchasers. You are advised to CBRE Global Investors, Inc. or Trammell Crow Company, or CBRE, Inc. independently verify the accuracy and completeness of may have or represent clients who have competing all summaries and information contained herein, to interests in the same transaction. For example, Affiliates If after reviewing this Memorandum, you have no further consult with independent legal and financial advisors, or their clients may have or express an interest in the interest in purchasing the Property, kindly return it to and carefully investigate the economics of this property described in this Memorandum (the CBRE, Inc. transaction and Property’s suitability for your needs. ANY “Property”), and may be the successful bidder for the RELIANCE ON THE CONTENT OF THIS This Memorandum contains select information Property. Your receipt of this Memorandum constitutes MEMORANDUM IS SOLELY AT YOUR OWN RISK. pertaining to the Property and the Owner, and does not your acknowledgement of that possibility and your purport to be all-inclusive or contain all or part of the agreement that neither CBRE, Inc. nor any Affiliate has an The Owner expressly reserves the right, at its sole information which prospective investors may require to obligation to disclose to you such Affiliates’ interest or discretion, to reject any or all expressions of interest or evaluate a purchase of the Property. The information involvement in the sale or purchase of the Property. In all offers to purchase the Property, and/or to terminate contained in this Memorandum has been obtained from instances, however, CBRE, Inc. and its Affiliates will act in discussions at any time with or without notice to you. All sources believed to be reliable, but has not been verified the best interest of their respective client(s), at arms’ offers, counteroffers, and negotiations shall be for accuracy, completeness, or fitness for any particular length, not in concert, or in a manner detrimental to any non-binding and neither CBRE, Inc. nor the Owner shall purpose. All information is presented “as is” without third party. CBRE, Inc. and its Affiliates will conduct their have any legal commitment or obligation except as set representation or warranty of any kind. Such information respective businesses in a manner consistent with the forth in a fully executed, definitive purchase and sale includes estimates based on forward-looking law and all fiduciary duties owed to their respective agreement delivered by the Owner. assumptions relating to the general economy, market client(s). conditions, competition and other factors which are Your receipt of this Memorandum constitutes your subject to uncertainty and may not represent the current acknowledgement that (i) it is a confidential or future performance of the Property. All references to Memorandum solely for your limited use and benefit in acreages, square footages, and other measurements are © 2018 CBRE, Inc. All Rights Reserved TABLE OF CONTENTS CHARLOTTE AVENUEROSA L PARKS BOULEVARD 04 EXECUTIVE SUMMARY 06 PROPERTY DESCRIPTION 08 MARKET OVERVIEW 901 CHARLOTTE AVENUE NASHVILLE, TN EXECUTIVE SUMMARY CBRE, Inc. is pleased to represent the owner as the exclusive marketing advisor in the sale Property Details - 901 Charlotte Avenue of the Otis Elevator Company site. The ± 0.20 AC re-development site is located in the Address 901 Charlotte Avenue core of Downtown Nashville, just minutes away from the upcoming North Gulch neighborhood, home to the massive Capitol View development and HCA’s corporate City Nashville, TN headquarters. This site presents a rare opportunity to acquire land in one of the fastest Acreage ± 0.20 AC growing and most promising markets in the country. Submarket Downtown Bordered by The Gulch, Interstate 40 (I-40) and Midtown to the West, Sobro to the South, Zoning Downtown Commercial (DTC) and Germantown to the North, this centrally located site serves as an important link in Building Size 3,875 SF Nashville’s expanding CBD. Included in that expansion is the massive Nashville Yards commercial and residential project planned to the east of the property. “SOBRO” “DOWNTOWN CORE” “THE GULCH” 901 CHARLOTTE AVENUE PROPERTY DESCRIPTION PROPERTY DESCRIPTION PROPERTY IDENTIFICATION EXISTING IMPROVEMENTS PROPERTY NAME: 901 Charlotte Avenue PROPERTY TYPE: Commercial/Office ADDRESS: 901 Charlotte Avenue NUMBER OF BUILDINGS: One (1) Nashville, TN NUMBER OF STORIES One (1) TAX PARCEL NUMBER: 093-05-132.01 GROSS BUILDING AREA ±3,888 SF ZONING: DTC (OFFICE): SIZE (ACRES): ±0.20 YEAR BUILT: 1964 LAND (SF): ±8,172 SF BUILDING FRAME: Masonry BUILDING (SF): ±3,888 EXTERIOR WALLS: Brick FLOORS: Vinyl Tile, Ceramic Tile, Carpent and Concrete MARKET OVERVIEW WELCOME TO NASHVILLE The growth potential Nashville has to offer has been gaining of Nashville. Nashville’s location, diverse economy, high-quality major metropolitan area, officially registering at 2.3%. According momentum in recent months. As the state capitol of Tennessee, workforce, unique tax advantages/incentives and the overall low to the Bureau of Labor Statistics, Tennessee’s unemployment rate and a transportation hub for the Southeast, Nashville is ideally cost of doing business are noteworthy features that further solidify is currently 3.4%, increasing slightly from the previous quarter’s located on the Cumberland River in north central Tennessee, the city as one of the premier business centers in the Southeast. rate of 3.0%, which was the lowest in the state’s history. Nashville’s midway between Memphis and Knoxville. The city of Nashville appeal to young professionals is a key part of maintaining the is situated approximately 650 miles from 50% of the U.S. Metro Nashville, which boasts approximately 1.9 million people, city’s low unemployment and ability to attract top employers. population, which is a key feature in the expansion of the city. has experienced a strong population growth over the past College graduates are looking to Nashville for its diverse job decade and is expected to continue. Population Projections opportunities and lower cost of living than many other cities Nashville offers a beautiful, lush landscape, a seasonally mild predict that more than 2.5 million people will live in Nashville that attract college graduates.Nashville has been ranked within climate, laid-back lifestyle and access to some of the country’s by 2040. Nashville’s population has grown by 11.30% since the top 10 large metros for job growth and population growth best entertainment. The city has long been known as Music City, 2010, averaging 2.0% growth per year (well above the national for the past few years. The Nashville region experiences low and while the music industry continues to boom, the economy of average). The rapid influx of residents has put Nashville on the list unemployment, steady in-migration and a favorable business Nashville is not strictly based on music alone. Along with music, of “Top 10 Metros for Population Growth” for the past five years. climate, making it a top location for companies looking to healthcare, entertainment and professional sports, tourism and relocate or expand their business. conventions, publishing, finance and insurance, technology, The city of Nashville significantly contributed to reducing the higher education and transportation are all leading industries state’s unemployment rate as Nashville had the lowest rate for a LARGEST EMPLOYERS IN THE NASHVILLE AREA Company # of Employees Vanderbilt University Medical Center 20,428 Nissan North America 10,750 HCA Holdings, Inc. 10,613 Saint Thomas Health 6,243 Community Health Systems 4,700 Randstad 4,557 Asurion 3,600 The Kroger Co. 3,523 National HealthCare Corp. 3,250 Shoney’s, Inc. 3,000 Electrolux Home Products 2,900 NASHVILLE’S BOOMING ECONOMY Bridgestone Americas 2,897 Nashville’s healthy business fundamentals, broad diversification and growing population bode well for the metro’s future success. Lowe’s Cos. 2,890 According to the Nashville Chamber of Commerce, the Nashville MSA has experienced job growth of 25 percent over the past Cracker Barrel Old Country Store 2,600 decade, making the region the second fastest growing metro economy in the country since the Great Recession. Nashville’s economy Amazon 2,500 continues to grow as millennials seek opportunities in the area. The city has been a top ten metro area in the U.S. for job growth for Source: Nashville Chamber of a number of years, and ranked #3 for “Best Big Cities for Jobs 2018” by Forbes, growing 2.5% in 2017. The city has benefited from consistent job growth, a broad labor force, low unemployment, heavy outside investment and expansion. Tech talent in Nashville has grown by 68% over the past 5 years, second in the U.S. behind Charlotte. Nashville’s strength is derived from its economic diversity.