Nashville Development Opportunity Fantastic Urban Infill Location

NASHVILLE DEVELOPMENT OPPORTUNITY FANTASTIC URBAN INFILL LOCATION

5.3 ACRE ASSEMBLAGE Nashville, Tennessee www.nashvilleassemblage.com 2 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 3

CONTENTS

Executive Summary...... 6 Property Location...... 17 Bo Fulk Economic Overview...... 22 +1 615 928 5307 [email protected] Nashville Real Estate Markets...... 26 Nashville Regional Profile...... 34 Mark Lindenbaum +1 404 995 2181 [email protected]

DISCLAIMER many circumstances been obtained from outside sources, and have not been tested This Offering Memorandum is provided for or verified. Projections, in particular, the sole purpose of allowing a potential are based on various assumptions and investor to evaluate whether there subjective determinations as to which no is interest in proceeding with further guaranty or assurance can be given. discussions regarding a possible purchase of or investment in the subject property Without limiting the foregoing, in the (the “Property”). event this Offering Memorandum contains information relating to asbestos or any The potential investor is urged to perform other hazardous, toxic or dangerous its own examination and inspection of chemical, item, waste or substance the Property and information relating (“Hazardous Materials”) in relation to the to same, and shall rely solely on such Property, such information shall in no way examination and investigation and not be construed as creating any warranties on this Offering Memorandum or any or representations, expressed or implied, materials, statements or information by operation of law or otherwise, by contained herein or otherwise provided. Agents or the Owner, as to the existence Neither Jones Lang LaSalle, nor any of its or nonexistence or nature of Hazardous partners, directors, officers, employees Materials in, under, on or around the and agents (“Agents”), make any Property. representations or warranties, whether expressed or implied, by operation of This Offering Memorandum is provided law or otherwise, with respect to this subject to errors, omissions, prior sale or Offering Memorandum or the Property lease, change of price or terms and other or any materials, statements (including changes to the materials, statements financial statements and projections) and information contained herein or or information contained herein or relating to the Property, and is subject relating thereto, or as to the accuracy to withdrawal, all without notice. The or completeness of such materials, contents hereof are confidential and are statements or information, or as to not to be reproduced or distributed to any the condition, quality or fitness of the person or entity without the prior written Property, or assumes any responsibility consent of Agents or used for any purpose with respect thereto. Such materials, other than initial evaluation as indicated statements and information have in above. 4 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 5

INTRODUCTION This offering outlines the opportunity to develop The Property, a 5.3-acre (230,355 s.f.) assemblage in FANTASTIC URBAN INFILL LOCATION. Nashville, Tennessee, USA. Located adjacent to Nissan Stadium and directly across the Cumberland River Exceptional access with unobstructed from Nashville’s dynamic downtown, the site is primed for infill development of retail, entertainment, residential, hotel and office uses. This offering represents a rare opportunity to control the most strategic views in all directions. development site in central Nashville.

MUSIC CITY CENTER

COUNTRY FIRST MUSIC HALL TENNESSEE ASCEND OF FAME PARK NISSAN BRIDGESTONE AMPHITHEATER STADIUM ARENA

PEDESTRIAN BRIDGE

GULCH TENNESSEE STATE CAPITOL SOBRO DOWNTOWN

WOODLAND ST BRIDGE

THE PROPERTY JAMES ROBERTSON PKWY BRIDGE

I-24 Burchwood To Hartman Park Spain A ve Piedmont Marshall St Litton Ave via Youngs Ln, ve Delmas A Old Buena Vista Rd, Pullen A Marsden Ave Stokers Ln Luton St ve Chickasaw Scott A ve F Gatewood A ve airwin A Delmas A

ve ve ve Otay St To Shelby 24 ve Carolyn A Ann St Riverside Dr ve ve Bottoms ve Cahal A ve ve Community Greenway ay 65 ve ve Center Marie St Jones A Gallatin Pike via Rosebank Ave Meridian St McClurkan A Dickerson Pike South Cahal A Northview A F Lucile St Montgomery A ve ern A ennington A ve Crockett St Inga St ve Inglewood ennock A Athens W P

Eastmoreland St P Stainback A Branch St Lischey A Ave Park Strouse A MetroCenter Ligon ve Nashville Chester Douglas A ve Auto Diesel Douglas A ve College Straightway A ve P ve ay Richardson A Douglas A ve ve Vantage W Douglas/ Evanston A N 7th St Emmett

ve ve 65 Evanston A Greenwood Carter St N 14th St Buena Greenwood A Cleveland Cleveland Sharpe A ve Campbell St Vista Laurent ve Roberts A Carter A Vernon W Park ve ve N 2nd St Park Joseph A Vaughn St infrey Sharpe A Stockell St Community Granada Ave ve Greenwood Center Cleveland St Petway A Dominican Dr ve Benjamin St Chapel A Rosebank A orter Rd ve Seymour A Benjamin St P Waters A Cowan St N 6th St ve ve ve Sumner Ave

ve Delta A Germantown N 9th St Chicamauga A ve ve Tillman Ln ve Franklin A 4th A N 14th St ve 10th A Hancock St Meridian St Cleveland St 11th A Lischey A Scott A ve N 5th St ve N N 3rd St ve 24 Eastland A Gentry A 12th A Buchanan St Grace St ve ve N ve 5th A ve ve N 1st A Community ve ve Stratton A ve

Center errin A ve N Morgan Mansfield St ve N ve N Calvin A Eastwood Berry St Marina Neill A N 9th St ve

Myrtle A Park Hart A Garfield St McF Mc Ewen A 2nd A McFerrin ve Barclay Dr 3rd A Marina St Buchanan St Treutlan St Park Gallatin A ve N N 16th St Rosa L P Community Ordway Pl Arthur A Hume St ve N Center N 12th St Gartland A 9th A ve Smiley N 17th St ve Foster St N 8th St Five N 14th St Skyview Dr ve N Greenwood Forrest Ave East arks Blvd aylor St Germantown Points Riverside Dr Wheless St T Woodland St Ramsey St Nashville 6th A 7th A Spring St Brittany Dr ve N Main St Cockrill St Madison Shelby ve N Holly St Cheatham Pl oodland St Golf Course Fortland Dr 14th W S 13th St Russell St Underwood 6 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 7 S 15th St S 16th St Monroe St Russell St ve Scovel St Fatherland A Knowles EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS East ve Bicentennial • STRATEGIC ASSEMBLAGE of 9 separate land parcels totaling 5.3 acres Lillian St • Exceptional PEDESTRIAN AND VEHICULAR ACCESSP ark Fatherland A Jefferson St 9th A • Exceptional HIGHWAY VISIBILITY and ROAD FRONTAGE State Park • Prominent CBD LOCATION WALKABLE to Downtown/Broadway, SoBro, and Germantown Heiman 3rd A N 1st St • Existing Entitlements allow for OVER 1M SQUARE FEET OF NEW DEVELOPMENT Boscobel St S 10th St S 11th St Farmers’ • Nashville boasts TREMENDOUS QUALITY OF LIFE, LOW COST OF LIVING AND A VIBRANT 10th A ve N wy BUSINESS CLIMATE Boscobel St k • IN-PLACE REVENUE ideal for project phasing Shelby A 12th A 11th A Market ve N n P o • Recently announced light rail corridor presents TRANSIT ORIENTED DEVELOPMENT ve ve Community rts S 17th St Morrison St be opportunity S 18th St o S 19th St 14th A R Center ve N es THE Interstate Dr m The Property assemblage includes Shelby A Ja PROPERTY PROPERTY ASSEMBLAGE - ZONED MUI (MIXED-USE INTENSIVE) ve N ve N P S 2nd several occupied buildings and Kirkpatrick St Property Size (acres) Size (SF) S 1st St contiguous parking lots. Short- Long A Main term and negotiable tenant leases 200-222 Main Street 2.26 98,318 ve ve N S 4th provideSt cash flow and flexibility 201 Woodland Street 1.52 66,396 Park for future development. Interested 225 Woodland Street .25 11,012 S 12th St S 15th St St Russell St S 13th St 100 Interstate Drive 0.40 17,474 S 14th St Harrison St parties executing a Confidentiality Community 110 Interstate Drive 0.85 37,155 Eastside A Fisk oodland St Agreement will be granted access to ve obe W all available due diligence materials. S 7thCenter St R rt TOTAL 5.3 230,355 Sevier St so Sylvan St University n Electric A s ve Shelby e S 20th St m P Fisk Village Ct Bottoms 40 a Capitol T Nissan S 6th St Shelby Nature Woodland Street i J t Jackson a Sevier St n Stadium Center 2nd A Park Greenway s 222 Hill 110 Interstate Drive Woodland 201 Woodland Street 16th A 65 W Street

2 ve nd

a Street ve N y Dew St Herman St S 1st St S 5th St Vinny Links 100 Interstate Drive Interstate Drive Printers Victory Ave S 2nd St 200 - 222 Main Street Glenview Dr Golf Course To Percy Priest ve N CharlotteDeaderick A Union St St Lenore St Clinton St Gay St Alley Dr DB T Watkins 4th A Main Street Lake

Nelson Merry10th ASt 24 Crutcher St via Stones River Greenway 19th A Park Jo Johnston 7th A ve N (follow Music City Bikeway) odd Jr Blvd Davidson St 11th A ve N ve S Church St Davidson St ve N earl St The 17th P Commerce St District ets ve N 1st A Warner Downtown Broadway ve N McMillan St orean V Bridgestone K Memorial Br Broadway Arena 13th A Rolling Mill Hill earl Omohundro Pl P District Hermitage A Greenway Visco Dr 14th A 8th A SoBro ve N Demonbreun F Nestor St esslers Ln McGavock St Music City Rutledge ve Omohundro Dr ve S ve S Ctr eterans Blvd State St Church St Murphy 18th A orean V K Driftwood St Hayes St 5th A 19th A 3rd A Patterson St 11th A eabody St Baptist ve N 10th P Lea ve S Middleton ve 12th Lafayette St ve S Fulton 20th A ve N Lindsley Hermitage A 22nd H ve S Complex Lebanon Pike 40 ve 21st A ve N Nashville International The S ve Fain St Airport - 5 miles ve N Broadway Ewing

23rd Gulch Wharf A A 7th 7th Claiborne St Fogg Maury St

Division St airfield St Vine Midtown Mulberry F ve Community ve 40 Elliston Pl Center esslers Ln 1st A F 6th est End A Music Cir E Robertson 24 W Meredith A ve S South St Hawkins St Oak St Lewis St Vanderbilt 4th A 20th Grand A Lafayette St 24th University ve Adventure ve S Trimble St Scarritt Music S ve Science Ctr ve S ve S ve S ve S

ve S Archer St Fort Negley N Hill St Trevecca Elm Hill Pike

A 8th 2nd A

anderbilt Fort Park Nazarene Spence Ln L V ve S 19th A Rose Row 3rd A e 18th A 13th Community 17th A 12th A Negley University 16th A Park Center w Elm Hill Pike

ve S i Chestnut St ve Garland Greer s

ve S Edgehill A Stadium Houston St S Woodard

21st A t ve ve Murfreesboro Pike Humphreys St Hart n Poplar Ln Lester A V.A. H L

Edgehill Arlington

arris A Gray St e

ve S Vanderbilt c P Village ve S H n

Pierce Ave Merritt A N 40 ve Pillow St

24th A Enos Reed Dr 11th A Hagan St

H Children’s Hamilton A E ve Carney Stn ve S Summit A ve S South ve 4th A s l ve ve Blakemore Capers e Argyle A 65 Moore y Culvert St Villa Pl ve Reservoir ve S B 15th A Hill A 14th A l olk A Belcourt A Nashville v Park d P ve Spence Ln ve Menzler Rd oster A

Martin St Fannie Mae F Acklen A Southgate Dees Park ve Ave ve 20th

ve Woodycrest er Hillsboro ve S Acklen Herron Dr

Belmont Stewart Pl Village Acklen A Rains A Caldwell ve Neal T Magnolia Allison Pl

Blvd University 15th A 4th A Cross at Carvell A crosswalk Portland A Benton A ve S Tredco Dr to go ve ve northbound Bernard 24 erminal Dr on Magnolia T Belmont ve Hutton Dr 20th Lindell A White A Bransford A Compton ve S Prentice A Blair Blvd Row

12th A Ashwood A Lawrence A ve ve ve v S Loney Dr ve S ve ve Ashwood A Napoleon A Gatlin Dr ve ve ve ve Linden A Seminole A G Lyle Ln Deervale Dr

U ve C Bradford A l Scobey Dr ve S 21st A 18th A Melpark a

Dr n

p Rosemary Ln Whitney A

Elmwood A a

Craighead St i

a Beechwood A ve d

White A y

10th A A

e ve

ve A Hillview Heights v Caruthers A Glenrose A

e A ve ve v

e Sweetbriar A 12 v ve e ve 8th A Glimore A ve Rosewood A South ve 440 Inverness A Garwood Dr ve ve ve S Evelyn Dodge Dr ve Dallas A V Rose St Cedar Ln ve aulx Ln Glenrose StirtonA Rd Belmont Blvd P Halcyon Ave aris A ve inford A Primrose A ve Oriel St Horner A W Kirkwood A 440 ve ve ickson Oakland A Valeria St ve ve Valeria St Kirkwood A W Longview Flushing Dr Berry Rd P Lombardy A Kline A eachtree St Ferguson Sevier Barrett Rd Park Lealand Ln Belmont / ve Jay St ve Clayton A Nolensville Pike 24

ve Stokes Ln ve ve Elberta St Cruzen St Community 12 South Grandview A Gale Ln Newsome St Center Lutie St Granny White Pike Gale Ln oster A Burbank A Ennis Rd F ve 440 ve

Sterling Boone Dr Battlefield Dr Miller St Woodbine ve ve Whitsett Rd Clifton Ln Sutton Hill Rd ve oster Stokesmont Rd F Ct Amanda A Azalea

Richards St

Columbine Pl Woodmont Blvd Bransford A Dogwood Noelton A Erica ve Heather McClain A Community ve Center Snowden Rd Coleman Clairmont Pl Eugenia A To Thompson Ln Park Hartford Dr Lipscomb Logan A Graybar Ln Draughon A University ve Cartography by Informing Design, Inc. Collier Ave Burchwood To Hartman Park Spain A ve Piedmont Marshall St Litton Ave via Youngs Ln, ve Delmas A Old Buena Vista Rd, Pullen A Marsden Ave Stokers Ln Luton St ve Chickasaw Scott A ve F Gatewood A ve airwin A Delmas A

Eastmoreland St P Stainback A Branch St Lischey A Ave Park Strouse A MetroCenter Ligon ve Nashville Chester Douglas A ve Auto Diesel Douglas A ve College Straightway A ve P ve 8 / NASHVILLE ASSEMBLAGE ay Richardson A NASHVILLE ASSEMBLAGEDouglas A / 9 ve ve Vantage W Douglas/ Evanston A N 7th St Emmett

ve Delta A Germantown N 9th St Chicamauga A ve ve Tillman Ln ve Franklin A 4th A Hancock St N 14th St ve Positioned as it is, the site will provide direct, unobstructed visual connections to 10th A Meridian St Cleveland St 11th A Lischey A Scott A ve N 5th St

ve N N 3rd St ve 24 Eastland A Gentry A 12th A Buchanan St Grace St ve Nashville’s dynamic downtown skyline. Likewise, the site remains highly visible ve N ve 5th A ve ve N 1st A Community ve ve Stratton A ve

Center errin A ve N Morgan Mansfield St to occupants of the downtown high-rise buildings, thereby enhancing the strong ve N ve N Calvin A Eastwood Berry St Marina Neill A N 9th St ve

Myrtle A Park Hart A Garfield St McF Mc Ewen A 2nd A McFerrin ve Barclay Dr 3rd A Marina St interconnections of this property and Downtown Nashville. Buchanan St Treutlan St Park Gallatin A ve N N 16th St Rosa L P Community Ordway Pl Arthur A Hume St ve N Center N 12th St Gartland A 9th A ve Smiley N 17th St ve Foster St N 8th St Five N 14th St Skyview Dr ve N Greenwood Forrest Ave East arks Blvd OUTSTANDING ACCESS aylor St Germantown Points Riverside Dr Wheless St T Woodland St Ramsey St Nashville Several convenient bridge crossings provide direct vehicular and pedestrian access 6th A 7th A Spring St Brittany Dr ve N Madison Main St Cockrill St Holly St Shelby into downtown Nashville. Moreover, the nearby interchange with the Inner Loop (the ve N Cheatham Pl oodland St Golf Course Fortland Dr 14th W S 13th St Russell St Underwood S 15th St Future Light S 16th St Monroe St ve confluence of Interstates 24, 40 and 65) provides for one of the most accessible sites in Russell St Fatherland A Scovel St THE PROPERTY East Rail Corridor ve Knowles Bicentennial Lillian St Park Fatherland A the region. Occupants of the site will benefit from immediate connections onto arterial Jefferson St 9th A Heiman State Park 3rd A N 1st St Boscobel St Farmers’ S 10th St S 11th St 10th A ve N wy Boscobel St and interstate road networks serving downtown Nashville, East Nashville, Nashville ve N Pk Shelby A 12th A 11th A Market on ve ve Community rts S 17th St Morrison St be S 18th St Ro S 19th St 14th A s Center ve N me Shelby A Ja International Airport and beyond. ve N ve N P St S 2nd Kirkpatrick Main S 1st St Long Ave ve N S 4th St Park S 12th St S 15th St St Russell St S 13th St Harrison St Community S 14th St Eastside A Fisk ob Woodland St Center ve R ert S 7th St Sevier St so Sylvan St University n Electric A s ve Shelby LIGHT RAIL CORRIDOR e S 20th St m P Fisk Village Ct Bottoms 40 a Capitol T Nissan S 6th St Shelby Nature i J t Jackson a Sevier St n Stadium Center 2nd A Park Greenway Hill s Nashville Mayor Megan Barry introduced a $5.3B transportation referendum in October 16th A 65 W ve a ve N y Dew St Herman St S 1st St S 5th St Vinny Links Victory Ave S 2nd St Glenview Dr Golf Course 2017, comprised of various light rail, bus rapid transit and tunneling initiatives. The ve N Printers To Percy Priest CharlotteDeaderick A Union St St Lenore St Clinton St Gay St Alley Dr DB T Watkins 4th A Lake Crutcher St via Stones River Greenway Mayor indicated that the likely first phase of the project is a light rail line along the Nelson Merry10th ASt 24 19th A Park Jo Johnston 7th A ve N (follow Music City Bikeway) odd Jr Blvd Davidson St Gallatin Pike corridor (a.k.a. Main Street), which forms the northern border of the 11th A ve N ve S Church St Davidson St ve N earl St The 17th P Commerce St District ets Property. The referendum is proposed to be funded by 4 different tax increases and ve N 1st A Warner Downtown Broadway ve N McMillan St orean V Bridgestone K will go to public vote in May of 2018. If approved and implemented, a transit station Memorial Br Broadway Arena 13th A Rolling Mill Hill earl Omohundro Pl is expected to be built adjacent to the subject property to service this new Gallatin P District SoBro Hermitage A Greenway Visco Dr 14th A 8th A ve N Demonbreun F Nestor St esslers Ln McGavock St Music City Rutledge ve Omohundro Dr Pike light rail system. ve S ve S Ctr eterans Blvd State St Church St Murphy 18th A orean V K Driftwood St Hayes St 5th A 19th A 3rd A Patterson St 11th A eabody St Baptist ve N 10th P Lea ve S Middleton ve 12th Lafayette St ve S Fulton 20th A ve N Lindsley Hermitage A HIGH GROWTH AREA 22nd H ve S Complex Lebanon Pike 40 ve 21st A ve N Nashville International Downtown Nashville’s emergence as a destination for both businesses and residents The S ve Fain St Airport - 5 miles ve N Broadway Ewing

23rd Gulch Wharf A A

7th 7th Claiborne St has dramatically changed the Inner Loop’s urban fabric. Density and gentrification Fogg Maury St Division St airfield St Vine Midtown Mulberry F ve Community ve 40 Elliston Pl have been well established by way of the Inner Loop’s SoBro, Gulch and Germantown Center esslers Ln 1st A F 6th est End A Music Cir E Robertson 24 W Meredith A ve S neighborhoods. With over 40 active development projects and land transactions as high South St Hawkins St Oak St Lewis St Vanderbilt 4th A University 20th Grand Ave Lafayette St as $300 psf, the area is quickly being depleted of sites to accommodate the significant 24th Adventure ve S Trimble St Scarritt Music S ve Science Ctr ve S ve S growth and demand. The subject Property presents a compelling opportunity to capture ve S ve S

ve S Archer St Fort Negley N Hill St Trevecca Elm Hill Pike

A 8th 2nd A

anderbilt Fort Park Nazarene Spence Ln L V ve S 19th A Rose Row 3rd A e 18th A 13th Community this growth at competitive values. 17th A 12th A Negley University

16th A Park Center w Elm Hill Pike ve S i Chestnut St ve Garland Greer s

ve S Edgehill A Stadium Houston St S Woodard

21st A t ve ve Murfreesboro Pike Humphreys St Hart n Poplar Ln Lester A V.A. H L

Edgehill Arlington

arris A ZONED FOR 1.15M SQUARE FEET WITH INCENTIVES AVAILABLE Gray St e

ve S Vanderbilt c P Village ve S H n

The site is currently zoned MUI (mixed-use intensive) with urban overly designation, Pierce Ave Merritt A N 40 ve Pillow St

24th A Enos Reed Dr 11th A Hagan St

H Children’s Hamilton A E ve Carney Stn allowing a redevelopment with scale, mix and density similar to other sites in downtown ve S Summit A ve S South ve 4th A s l ve ve Blakemore Capers e Argyle A 65 Moore y Culvert St Villa Pl ve Reservoir ve S B Nashville. The East Bank TIF district provides gap funding opportunities for development 15th A Hill A 14th A l olk A Belcourt A Nashville v Park d P ve Spence Ln ve Menzler Rd oster A

Martin St Fannie Mae F consistent with the TIF objectives. Acklen A Southgate Dees Park ve Ave ve 20th

ve Woodycrest er Hillsboro ve S Acklen Herron Dr

Belmont Stewart Pl Village Acklen A Rains A Caldwell ve Neal T Magnolia Allison Pl

EXISTING CASH FLOW Blvd University 15th A 4th A Cross at Carvell A crosswalk Portland A Benton A ve S Tredco Dr Six (6) leases currently provide approximately $789,000 in annual income, providing to go ve ve northbound Bernard 24 erminal Dr on Magnolia T Belmont ve Hutton Dr 20th Lindell A White A Bransford A stable cash flow to allow flexibility in development planning and phasing. Compton ve S Prentice A Blair Blvd Row

12th A Ashwood A Lawrence A ve ve ve v S Loney Dr ve S ve ve Ashwood A Napoleon A Gatlin Dr ve ve ve ve Linden A Seminole A G Lyle Ln Deervale Dr

U ve C Bradford A l Scobey Dr ve S 21st A 18th A Melpark a

d A o

Dr n

p Rosemary Ln Whitney A

Elmwood A a

Craighead St i

a Beechwood A ve d

White A y

10th A

e ve

ve A Hillview Heights v Caruthers A Glenrose A

e A ve ve v

ve ickson Oakland A Valeria St ve ve Valeria St Kirkwood A W Longview Flushing Dr Berry Rd P Lombardy A Kline A eachtree St Ferguson Sevier Barrett Rd Park Lealand Ln Belmont / ve Jay St ve Clayton A Nolensville Pike 24

ve Stokes Ln ve ve Elberta St Cruzen St Community 12 South Grandview A Gale Ln Newsome St Center Lutie St Granny White Pike Gale Ln oster A Burbank A Ennis Rd F ve 440 ve

Sterling Boone Dr Battlefield Dr Miller St Woodbine ve ve Whitsett Rd Clifton Ln Sutton Hill Rd ve oster Stokesmont Rd F Ct Amanda A Azalea

Richards St

Columbine Pl Woodmont Blvd Bransford A Dogwood Noelton A Erica ve Heather McClain A Community ve Center Snowden Rd Coleman Clairmont Pl Eugenia A To Thompson Ln Park Hartford Dr Lipscomb Logan A Graybar Ln Draughon A University ve Cartography by Informing Design, Inc. Collier Ave Burchwood Spain A ve Marshall St Litton A Piedmont ve ve Delmas A Pullen A Marsden Ave Luton St ve Chickasaw Scott A ve F Gatewood A ve airwin A Delmas A

ve ve ve Otay St 24 ve Carolyn A Ann St Riverside Dr ve ve

ve Cahal A ve ve ay 65 ve ve Marie St Jones A Gallatin Pike Meridian St McClurkan A Dickerson Pike

Cahal A Northview A F Lucile St Montgomery A ve ern A ennington A ve Crockett St Inga St ve ennock A Athens W P

Eastmoreland St P Stainback A Branch St Lischey A Ave Strouse A Ligon ve Chester Douglas A ve Douglas A ve Straightway A ve ve ay Richardson A Douglas A ve ve Vantage W Evanston A N 7th St Emmett

ve ve 65 Evanston A Greenwood Carter St N 14th St Greenwood A Sharpe A ve Campbell St Laurent ve Roberts A Carter A Vernon W ve ve N 2nd St Joseph A Vaughn St infrey Sharpe A Stockell St Granada Ave ve Greenwood Cleveland St Petway A Dominican Dr ve Benjamin St Chapel A Rosebank A orter Rd ve Seymour A Benjamin St P Waters A Cowan St N 6th St ve ve ve Sumner Ave

ve Delta A N 9th St Chicamauga A ve ve Tillman Ln ve Franklin A 4th A N 14th St ve 10th A Hancock St Meridian St Cleveland St 11th A Lischey A Scott A 10 / NASHVILLEve ASSEMBLAGE BEARDED IRIS N 5th St NASHVILLE ASSEMBLAGE / 11

ve N N 3rd St BREWING ve 24 Eastland A Gentry A 12th A Buchanan St FOUNTAINS OF Grace St ve ve N ve GERMANTOWN ve 5th A THE CLEO ve N 1st A ve ve Stratton A ve

errin A ve N Mansfield St ve N ve N Calvin A HAMMER MILL Berry St Marina Neill A N 9th St ve Myrtle A

Hart A Garfield St McF Mc Ewen A MORGAN PARK 2nd A ve Barclay Dr 3rd A Marina St Buchanan St PLACE Treutlan St Gallatin A

ve N N 16th St Arthur A Rosa L P BUTCHERTOWNve N Ordway Pl Hume St THE LUXUS AT HALL N 12th St Gartland A 9th A GERMANTOWN LC ve GERMANTOWN Smiley N 17th St Foster St N 14th St Skyview Dr ve ve N FLATS AT 1309 3RD N 8th St Forrest A TAYLOR PLACE AVENUE NORTH ve arks Blvd FIVE aylor St POINTS Riverside Dr Wheless St T Woodland St LIVERY AT 5TH GROVE PARK Ramsey St 1320 6th AAND MONROE APARTMENTS Spring St LOFTS WILDER FIELDHOUSE 7th A Brittany Dr JONES HOTEL GRAMERCYve N Madison Cockrill St GERMANTOWN BROADSTONE THE WABASH ve N GERMANTOWN Holly St Cheatham Pl oodland St Fortland Dr 14th W S 13th St Russell St N 1st St Underwood Main St S 15th St Monroe St STACKS ON ve S 16th St MAIN Russell St Fatherland A Scovel St CARILLON ve Knowles APARTMENTS STOCK-YARD Lillian St Fatherland A Jefferson St 9th A FIRST Heiman TENNESSEE 3rd A Boscobel St PARK RIVER TOWER S 10th St S 11th St 10th A ve N EASTSIDE Boscobel St Shelby A 12th A 11th A ve N ve ve HEIGHTS S 17th St Morrison St VISTA S 18th St 14th A GERMANTOWN Interstate Dr S 19th St ve N 909 Shelby A ve N ve N FLATS Main St Long Ave ve N S 4th St S 12th St S 15th St S 13th St Harrison St CRIMINAL S 14th St Eastside A ob JUSTICE CENTER Russell St ve R ert oodland St S 7th St Sevier St so W Sylvan St n Electric A s ve e S 20th St m TENNESSEE Village Ct 40 a NISSAN S 6th St Jackson J STATE STADIUM CAYCE REDEVELOPMENT Sevier St CAPITAL 2nd A 65 BOUTIQUE 16th A ve HOTEL BOUTIQUE HOTEL ve Dew St Herman St S 1st St S 5th St ve N PRINTERS S 2nd St ALLEY HOTEL Victory A Glenview Dr ve N CharlotteDeaderick A Union St St Lenore St Clinton St Gay St NOEL PLACE Dr DB T HOTEL4th A

Nelson Merry10th ASt 24 Crutcher St 19th A Jo Johnston 7th A 505 ve N ve odd Jr Blvd A Davidson St 11th A ve N ve S Church St Davidson St ve N earl St 17th P ets Commerce St Shelbyed Br ve N 1st A P Warner SURROUNDING DEVELOPMENT PIPELINE Broadway ve N Nashville is currently seeing unprecedentedMcMillan St new development across all product types. This map provides a Withorean V Inner Loop development sites becoming more K sampling of projects in the Downtown, Germantown and East Bank markets, all of which are within walking Memorial Br 13th A scarce, demand is driving activity to Downtown’s East distanceearl of the Property. Omohundro Pl P Hermitage A Visco Dr 14th A 8th A ve N Demonbreun F Proposed McGavock St Bank,Rutledge which is quickly emerging as oneNestor of St Nashville’s esslers Ln ve Omohundro Dr ve S eterans Blvd Under Construction / Church St ve S State18th St A most desired areas in which to live and play. Numerous Murphy Completed orean V K Driftwood St Hayes St 5th A 19th A 3rd A Patterson St 11th A eabody St BaptistLandmark ve N 10th P new developments are underway along the Main Street Lea ve S Middleton ve 12th Lafayette St ve S 20th A ve N Lindsley Hermitage A ve S Lebanon Pike 22nd Source:H www.bizjournals.com/nashville/datacenter/crane-watch.html corridor to serve this demand. 40 ve 21st A ve N ve S ve Fain St

ve N Broadway Ewing

23rd Wharf A A 7th 7th Claiborne St Fogg Maury St

Division St airfield St Vine Mulberry F ve ve 40 Elliston Pl esslers Ln

1st A F 6th est End A Music Cir E Robertson 24 W Meredith A ve S South St Hawkins St Oak St Lewis St 4th A

20th Grand A Lafayette St 24th ve ve S Trimble St Scarritt S ve

ve S ve S ve S ve S

ve S Archer St N Hill St Elm Hill Pike

A 8th 2nd A

anderbilt Spence Ln L V ve S 19th A

3rd A e 18th A 13th 17th A 12th A

16th A w Elm Hill Pike ve S i Chestnut St ve Garland Greer s

ve S Edgehill A Stadium Houston St S Woodard

21st A t ve ve Murfreesboro Pike Humphreys St Hart n Poplar Ln Lester A

Arlington

arris A Gray St e ve S ve S c P

Pierce Ave Merritt A N 40 ve Pillow St

24th A Enos Reed Dr 11th A Hagan St

Hamilton A E

ve Carney Stn ve S Summit A ve S ve 4th A s l ve ve Blakemore Capers e Argyle A 65 Moore y Culvert St Villa Pl ve ve S B 15th A Hill A 14th A l olk A Belcourt A v d P ve Spence Ln ve Menzler Rd oster A

Martin St Acklen A Southgate F ve Ave ve 20th

ve Woodycrest er ve S Acklen Herron Dr

Stewart Pl Acklen A Rains A Caldwell ve Neal T Magnolia Allison Pl

Blvd 15th A 4th A Cross at Carvell A crosswalk Portland A Benton A ve S Tredco Dr to go ve ve northbound Bernard 24 erminal Dr on Magnolia Belmont ve T 20th

ve S Prentice A 12 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 13

DEVELOPMENT OVERVIEW acreage +/- 5.35.15 acres acres • Unparalleled access from Interstate and arterial roadways Council District 06District - brett 6; BWithersrett Withers, Council Member • Existing Entitlements allow for 1.15M square feet of dense, mixed-use development Zoning MUI, east bank redevelopment District, UZO • Exceptional visibility and signage opportunities Uses A variety of uses are allowed on the property including retail, restaurant, entertainment, residential, office,and office and hotel • One block from Nissan Stadium, home of the Tennessee Titans Far 5.0 (yield: 1,151,7751,121,670 s.f.)SF) • Development incentives are available through the East Bank TIF district isrImpervious Surface Ratio 1.0 • There are no flood zone concerns for the property Dwelling Units entitlements are determined by FAr only street setback 0 feet • Environmental conditions at the property have been fully assessed and all appropriate protections rear setback 0 feet have been secured from the State of Tennessee side setback 0 feet maximum Height at the setback 7 stories to a maximum of 105 feet Height Control Plane 1.5 vertical to 1.0 horizontal (approximately 335 feet overall) Maximum Developable Height 15-17 stories

The entire 5.3-acre assemblage is zoned MUI (UZO), allowing for the highest possible density and building heights among any mixed-use zoning class in Nashville. Based upon existing allowable FAR and building height parameters, a redevelopment project could encompass as much as 1.15M square feet of development.

MUI, MIXED-USE INTENSIVE DISTRICT The MUI district permits a mixture of high intensity residential, office and compatible commercial uses in areas characterized by the highest levels of accessibility, mass transit opportunities and essential support services. The bulk standards for this district permit large scale buildings, and include incentives to locate off-street parking structures.

URBAN ZONING OVERLAY DISTRICT The Urban Zoning Overlay (UZO) district was instituted in 2000 to unify urban planning and site design issues across Nashville. The primary intent of the overlay is to protect and encourage development patterns that encompass modern urban planning standards. These include full lot coverage, streetscapes, construction materials reflecting neighboring properties, parking located behind buildings and pedestrian friendly access.

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The Nashville MSA estimated current population is 1,865,000 PROPERTY LOCATION NASHVILLE FACTS Nashville is one of the fastest growing cities in the United States and benefits from an exceptionally strong economic base. As the state capital of Tennessee, the presence of both State and Federal government agencies adds demand for services, and provides employment stability in the local economy. Vanderbilt University and other institutions of higher learning provide additional economic stability and attract thousands of students, residents and visitors to Nashville. Substantial investment is being made in drivers of growth for Nashville as THE PROPERTY evidenced by a large technology and healthcare innovation center.

Known internationally as “Music City,” Nashville is the home of American Country Music and is an important center for healthcare, publishing, banking, state government, and higher education.

Nashville is located in north-central Tennessee at the intersection of Interstates 24, 40, and 65 making it a highly accessible hub in the eastern half of the United States. Approximately 50 percent of the U.S. population is within 600 miles of Nashville.

Nashville International Airport, served by 13 major airlines, also contributes to the market’s outstanding accessibility. More than 375 flights come in and out of the airport connecting 54 airports with non-stop service from Nashville.

The Nashville Area Metropolitan Planning Organization forecasts that the area will add another 1 million people over the next 20 years. 18 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 19

SURROUNDING INVESTMENT THE EMERGING EAST SIDE The subject Property is perfectly positioned as central Nashville continues The subject Property is perfectly positioned between downtown Nashville and the emerging East to develop. Dramatic changes in the Central Business District, by way of new Side. East Nashville is an area of creative, culinary and artistic flair. The trendy neighborhood has development in subareas like Germantown and SoBro, have positioned the managed to keep its eclectic, artsy vibe while welcoming a diverse mix of newcomers seeking its unique East Bank as the next logical area for dense, urban development. neighborhood qualities. Coffee shops, restaurants, shops, and art galleries are interwoven into the neighborhoods, making for a pedestrian and bicycle friendly community centered around commercial Bridgestone Americas has decided to relocate their headquarters to a new nodes like the Main Street corridor and the Five Points district. purpose-built 30-story building in SoBro. The relocation will bring 1,700 employees into downtown Nashville, 600 of which are out-of-state relocations. Several residential development projects are currently underway, offering creative-class newcomers The building is slated to open in 2017 at Fourth Avenue and Demonbreun Street. several rental and purchase opportunities. The Cleo is a 291-unit apartment project that delivered in Q1 2017, while the Stacks On Main opened its doors in August 2016 and contains 268 units. Also underway is HCA Healthcare has constructed a 14-story office development in the Capital EastSide Heights, a 249-unit apartment building with 8,000 square feet of street retail space. View project along Charlotte Avenue. The building serves as home to two subsidiaries of HCA – Parallon Business Solutions and Sarah Cannon Research The growing and well-located East Nashville area has become one of the city’s most-desired areas to Institute –- that just moved in at the end of 2016, adding nearly 2,000 employees live and play. The laid-back and neighborly personality, along with offerings like Marche Artisan Foods, to the submarket. HCA’s office development is an integral piece of the larger 32- Fanny’s House of Music and Prince’s Hot Chicken, make East Nashville a desirable place to live and play. acre Capitol View Project.

Capitol View, a 32-acre master planned and mixed-use development, will incorporate up to 1 million square feet of office space, 300,000 square feet of retail, two hotel sites and 1,000 apartment units. A mixed-use building at 11th and Charlotte, includes 250 apartment units and 80,000 square feet of retail space including a grocery store.

The former Lifeway 15-acre campus was purchased for $125 million at the end of 2015. The new ownership has been linked with a new Hyatt Hotel that will be built on a portion of the site. The proposed 540-room hotel would be one of the largest in Nashville and include 60,000 square feet of meeting and event space. Additional mixed-use development is expected in phases as Lifeway vacates and relocates certain functions of its operations.

East Bank projects like Top Golf (under construction) and the recently announced River North development, just North of Jefferson Street, signal a new wave of urban development for the area. 20 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 21

DOWNTOWN NASHVILLE games, the facility hosts hundreds of concerts, award ATTRACTIONS ceremonies and production events every year. Its Central Nashville is thriving, with billions of dollars capacity ranges depending on the event, with its invested in new projects. Beyond the mixture of office, setup for basketball at 19,400; 17,100 for hockey, and residential, and government projects, several new up to 20,000 for concerts. cultural and entertainment destinations have opened: Nissan Stadium serves as the home to the National The Music City Center, Nashville’s new convention Football League’s Tennessee Titans as well as the center, opened in May 2013 at a cost of $623 million. It Tennessee State University Tigers college athletic program with a capacity approaching 69,000. contains a total of 1.2 million square feet and features First Tennessee Park a 175,000-square-foot green roof. The project is directly responsible for the dramatic increase in hotel First Tennessee Park, the Nashville Sounds minor rooms downtown. league baseball team celebrated the opening of a new 8,500-seat baseball stadium at Jackson and 5th The Country Music Hall of Fame and Museum Avenue in April 2015. The $80 million investment opened a new, $37 million landmark building in 2001. brings even more activity to the already thriving Located in SoBro, the monumental edifice, a visceral entertainment destination that is downtown Nashville experience for approaching visitors, invigorates the and the Germantown neighborhood, drawing more skyline in downtown Nashville’s entertainment district. than 500,000 fans annually.

Bridgestone Arena is home to the National Hockey League’s Nashville Predators. In addition to hockey

Music City Center Country Music Hall of Fame

Subject Property with downtown skyline in the background

Bridgestone Arena Nissan Stadium 22 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 23

ATTRACTING NEW COMPANIES ECONOMIC OVERVIEW The Nashville region’s economy is diverse and thriving, among the strongest in the United States, exhibiting a long-term tendency to grow in size and quality. Nashville has been repeatedly voted the No. 1 U.S. EXPANDING POPULATION AND INCREASING WEALTH city for business expansions and relocations by Expansion Management magazine. Since 1990, the Nashville area’s population has grown at more than double the national growth rate. Nashville’s diverse economic mix is led by the manufacturing and Over the past decade, the Nashville area has enjoyed tremendous increases in population (moving from 53rd healthcare industries, followed by publishing and printing, finance and largest metropolitan in the United States to 36th) and income growth (from 138th highest incomes to 49th), insurance, music, transportation, and tourism. According to the Nashville figures that have taken the region from 5 percent below the U.S. median household income average to 7 percent Chamber of Commerce, the city has added operations of eight corporate above it. Helping drive these impressive improvements are its strong economy, low unemployment, and headquarters in the past two years, bringing with them approximately educated workforce. With attributes like these, it is no wonder Forbes magazine recently ranked Nashville No. 3 4,000 new jobs. Most notably, Nissan’s relocation of its North American on its list of “Next Big Boom Towns in the U.S.” corporate headquarters to Nashville has elevated the city’s stature on the world stage as a prime place to do business.

STABLE EMPLOYMENT BASE Aside from corporate expansion and relocations, Nashville benefits from a stable and highly educated employment base provided by State and Local Government, as well as the education and institutional sectors. Additionally, Nashville benefits from long-standing institutions like Vanderbilt University, currently the largest private employer in Middle Tennessee and the second largest employer in the State of Tennessee with over 23,000 employees. Other notable employers include Belmont University, Community Health Systems, Saint Thomas Health Services and Vanderbilt Medical Group.

SUNBELT TECH HUB Nashville has entered elite company in the important tech information sector. Metro Nashville ranks No. 10 in the country for growth in the sector, according to Forbes. The magazine notes that Nashville is an emerging Sunbelt tech hub that has surged past New York and Los Angeles in the pace of job growth in the information sector.

According to Forbes, tech information jobs grew dramatically in metro Nashville since 2005. Nashville’s good showing in this respect contributes to the metro area’s No. 4 ranking on the Forbes list of The Best Cities for Jobs 2016. Nashville has been selected by AT&T to be one of the first cities in the country to receive their all-fiber gigabit-speed internet service offering. Google fiber is also gearing up for expansion into the Nashville market. 24 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 25

NASHVILLE MARKET SUMMARY Nashville is one of the fastest growing economies in the USA with its employment growth running at twice the national pace.

Top corporate employers in the market include Healthcare Corporation of America (HCA), Saint Thomas Health Services, Nissan North America, Walmart, Kroger Company, Ingram Industries, Electrolux Home Products, Dell Computer, Cracker Barrel Old Country Store, AT&T, Verizon Wireless, and State Farm Insurance. Major public sector employers include Vanderbilt University, State of Tennessee, Metropolitan Government of Nashville and Davidson County, and the Federal Government.

Nashville’s favorable business cost environment has led to a multitude of recent corporate headquarter relocations, including Nissan North America, Healthways, Louisiana Pacific, Asurion, CareMark, CMT and Saint Thomas Health Services, bringing thousands of jobs to the area. Further, Nashville was recently ranked as the number one location for commercial expansion by Expansion Management magazine.

The city is home to 21 colleges and universities with total enrollment of over 117,000 students. The most prominent institution is Vanderbilt University with 12,500 undergraduate and postgraduate students.

The Nashville-Austin Parallel With its low-tax business environment and its high-tech, university, state government and music employment sectors, Nashville’s similarity to Austin, Texas, is obvious. Today’s young, knowledgable worker is strongly drawn to both markets. This clearly bodes well for continued long-term economic growth and increasing wealth in Nashville. NASHVILLE

AUSTIN 26 / NASHVILLE ASSEMBLAGE Office Insight NASHVILLE ASSEMBLAGE / 27 REAL ESTATE MARKETS OFFICE MARKET DATA / NASHVILLE CBD Job growth is the most important statistic predicting the health of all real estate market segments and, in this 14,677,824 $28.69 235,200 s.f. 1,322,601 Total inventory (s.f.) Direct average asking rent CBD net absorption Total under construction category, Nashville is a national leader. Like most AmericanNashville cities, Nashville | Q1 2016 was impacted by the 2008 financial (preceding 12-months) (s.f.) (Q2 2017) crisis, but it recovered much more quickly than the nation as a whole. 6.8% 2.4% 471,386 s.f. 67.5% Data from the Bureau of Labor Statistics indicates that Nashville added over 63,000 jobs since August 2015, Total vacancy YTD rent growth MSA net absorption Average preleasing bringing total employment in the metro area to an all-time high of 982,500. As evidenced by employment growth, (preceding 12-months) Americans are flocking to Nashville and increasing demand for new construction across all land uses. Toal acac a Nall SA Job growth + construction activity20002017 next to none OFFICE MARKET 14 Job growth that surpasses all U.S. counties illuminates office demand The office vacancy increased slightly for its 3rd consecutive quarter – by 50 basis points. Even still, the office Booming business and subsequent job growth drive leasing Nashville’s Williamson County, home to the submarkets with the consistently lowest vacancy 12 market is currently tied with San Francisco for the secondrates, most witnessed occupied a 6.5 marketpercent increase in the in country. job growth 2.7in 2015, million outstripping the largest counties 20010 15.0% in the country, which averaged an increase of 1.9 percent in employment growth. The sector square feet of new product is projected to deliver by Q4 2017; 73.0 percent of this product is already pre-leased. 150Ra with the largest employment increase in Williamson County occurred in professional and 8 c 10.0% business services, which bodes well for office leasing. Davidson County and Rutherford 100 aca 6 5.0% Nashville’s score shows that tenants want new Class A spaceCounty in werethe alsourban above core. the national As new average buildings respectively come increasing online employment by 3.3 and 50 3.9 percent, respectively. According to the Tennessean, new business filings increased by 7.2 0 4 0.0% with high pre-leased percentages (around 67.5%) second percent, marking it the 17th consecutive quarter for business growth. As employment growth 2010 2011 2012 2013 2014 2015 Q1 2016 continues in Nashville, new office options become few and far between. The overall market 2 generation space is not absorbing as quickly. As a result, New Business Filings Office Vacancy Rate vacancy rate at the end of Q1 2016 is 6.3 percent, down from last quarter’s 6.7 percent. As Nashville vacancy has increased for the third consecutive 0 Unemployment Rate expansions, relocations and subsequent job growth continue leasing activity will continue to Source:2000 JLL 4Research2001 4 and2002 the 4 Bureau2003 4 of Labor2004 4 Statistics2005 4 2006 4 2007 4 2008 4 2009 4 2010 4 2011 4 2012 4 2013 4 2014 4 2015 4 2016 4 quarter, witnessing a marginal 50-basis-point increase rise, so long as office space can accommodate the stunning growth trends. Souc CoSa o between Q1 and Q2. Midway through 2017, Nashville Office30 Office market projectsconstruction totaling represents3.8M s.f. 19.7 percent of total 2016’s top lease transactions ranked by size vacancy sits at 8.6 percent, which is 100 basis points belowNashville to grow more than any other office market in the country Tenant s.f. Address Submarket the city’s near-term historical average. Nashville’s vacancyWith 3,371,446 square feet of office under construction, Nashville has the most construction underway in the United States as a percentage of its inventory. For the six U.S. markets with Schneider Electric 175,000 Two Franklin Park Cool Springs has averaged around 9.7 percent over the past 10 years. inventories between 30 to 40 million square feet, the average construction as a percentage of 92 State of Tennessee 84,207 Heritage Place Metro Center inventory is roughly 2.5 percent. Nearly a dozen other markets also have greater than 3 Bridgestone 77,000 Former Sears Airport South million square feet under construction; however, Nashville’s projects represents 10 percent of 152 34 Demand for new construction will continue to make the its inventory, positioning Nashville to grow more than any other office market in the country. Construction projects 30 Smith Seckman Reid 59,049 SSR Office Airport South score of this real estate cycle. Class B space in the urban Two buildings delivered this quarter: 35 Music Square East (95,000 square feet) and Mallory underway, planned Confidential 55,323 Burton Hills IV Green Hills Park Phase I (39,333 of 87,101 square feet complete). 35 MSE came to market 81.5 percent First Tennessee Bank 51,544 Nashville City Center Downtown core (Downtown and Midtown submarkets) holds the and proposed Multifamily Hospitality Office leased upon delivery and Mallory Park Phase I was 100 percent leased upon delivery. The Hankook 39,031 AT&T Building Downtown highest class vacancy in the market – at 12.0 percent – 17,911 square feet remaining from these deliveries will not add sufficient relief for demand. Source: JLL Research and The Nashville Business Journal Parallon 38,000 Corners II Metro Center compared to a suburban Class B vacancy of 9.6 percent. Spec development signals positive market outlook Burr & Forman 26,450 222 2nd Ave Downtown Meanwhile, urban Class A vacancy continues to decline, Nashville has not traditionally been a market to build speculative buildings. Historically, Composition of construction type: BTS, preleased and spec Qualifacts 25,000 UBS Tower Downtown sitting at 5.1 percent, and Class A suburban vacancy rose projects have required preleasing before construction begins; however, Nashville’s Source: JLL Research construction trends are changing. 7 of 16 projects are speculative developments in Nashville. slightly to 7.8 percent. As a by-product of shrinking urban Nashville has not traditionally been This upward trend in speculative development can be attributed to developers’ positive outlook 25.0% Current conditions – submarket Class A vacancy and growing Class B vacancy, Q2 2017 on the market. Economic expansion is lending itself towards increased rental rates and a a market to build spec buildings, but 43.8% Midtown witnessed a minor rental decline of 1.2 percent. Market vacancy that is nearing a cyclical low. Rental growth has continued at 5.0 percent over the market confidence is changing Brentwood, Cool Springs past 12 months. Rent landed at $21.68 this quarter, and even more appealing to landlords, Downtown

construction habits. 7 of 16 projects Tenant leverag e rents now sit at $25.46. Markets with small inventories andthe rental rate average for new product is $33.88. The increasingly less vacant market has g Green Hills

are spec. a created a sufficient supply-demand imbalance. With only 1,271,035 of the 3,371,446 square 31.3% r West End Peaking Falling vacancies, such as Nashville, tend to have rents that react e feet under construction available for deliveries through 2018, speculative developments are Build-to-suit Preleased Speculative v market market e l more sharply to fluctuations in vacancy. Over the course coming online to meet market demand. Airport North Source: JLL Research d r o l of the next couple quarters, rental trends will help forecast Airport South, Rising Bottoming d Metro Center

n market market e where the market is headed. a 33,732,255 206,416 $21.68Nashville tied 3,371,446with San L Total inventory (s.f.) Q1 2016 net absorption (s.f.) Direct averageFrancisco asking rent for theTotal second-most under construction (s.f. ) Source: JLL Research Bridgestone’s6.3% Corporate Headquarters in Nashville206,416 occupied5.0% market in the62.3% country Total vacancy YTD net absorption (s.f.) 12-month rent growth Total preleased 28 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 29

RESIDENTIAL RENTAL MARKET RETAIL MARKET The outlook for Nashville’s apartment market is strongly positive with a downtown occupancy rate of 97 percent NashvilleThe Nashville� Third Quarter retail2016 market experienced a slight decline in market conditions in the second quarter 2017. The Third Quarter 2016 – Nashville and a metro occupancy rate of 95 percent. Nashville’s rent growth has outperformed comparable markets over vacancy rate went from 3.0% in the previousNashville quarter Retailto 3.3% inMarket the current quarter. Net absorption was negative Nashville Retail Market the last several years. The city’s growing and well-diversified employment base, low cost of conducting business (26,389) square feet, and vacant sublease space increasedOverview by 42,147 square feet. Quoted rental rates increased and large percentage of its population between 18-34 years old provide strong fundamentals, and will allow from first quarter 2017 levels, ending at $17.57 per square foot per year. A total of 15 retail buildings with 296,570 VacancySome of the Rates notable by 2016 Building deliveries include: Type 5501 Power2000-2016 Centers Nashville’s apartment market to continue its strong rent growth. As a result, residential demand in the downtown Murfreesborosquare feet Rd, of retaila 190,000-square-foot space were delivered facility thatto the delivered market in theThe quarter, Power Centerwith 1,484,323 average vacancy square rate feet was still 1.6% under in the Power Center Specialty Center General Retail Shopping Center Mall Total Market area is strong, although a leveling is expected. inconstruction third quarter at 2016, the andend 217of the Indian quarter. Lake Blvd, a 141,000- third quarter 2016. With positive 13,293 square feet of net square-foot25% building that delivered in first quarter 2016. absorption and no new deliveries, the vacancy rate went from DEMOGRAPHIC PROFILE & DEMAND DRIVERS NETTotal ABSORPTION retail inventory in the Nashville market area 1.8% at the end of last quarter to 1.6% at the end of the third amounted20% to 100,423,974 square feet in 9,113 buildings and quarter. 678Retail centers net as absorption of the end ofwas the basically third quarter flat 2016. in Nashville second Inquarter the second2017, quarterwith negative 2016, Power(26,389) Centers square absorbed feet INCOME: Almost half of all downtown residents earn more than $100,000 per year. absorbed in the quarter. In first quarter 2017, net absorptionnegative was (18,524) positive square 418,612 feet, deliveredsquare feet,no new while space, in andfourth the Shopping15% Center vacancy rate went from 1.6% to 1.8% over the course of the quarterThe Shopping 2016, absorption Center market came in in Nashville at positive currently 337,089 con- square feet. In third quarter 2016, positive 631,932 square quarter. Rental started the quarter at $15.82 per square foot EDUCATION: More than half of downtown residents have a college education. About 36 percent hold sistsfeet of was 645 absorbedprojects with in 30,531,974the market. square Tenants feet of moving retail space out of large blocks of space in 2017 include: Kmart closing its’ 10% and ended the quarter at $15.64 per square foot. in 1,159 buildings. In this report the Shopping Center market postgraduate degrees. 110,568 square foot store at 2469- 2491 Murfreesboro Pike; HHA yearGregg ago, closing in third its’ 40,075 quarter square 2015, thefoot vacancy store at rate 2136- is comprised of all Community Center, Neighborhood Center, 21905% Gallatin Pike N; and Priceless Foods moving out of was37,798 1.6%. square Over feet the at past 4331 four Old quarters, Hickory Power Blvd. Centers Tenants have and Strip Centers. absorbed a cumulative (4,219) square feet of space and deliv- Nashville Third Quarter 2016 DEMAND FACTORS: According a recent survey, Downtown Nashville residents’ desire to live to downtown is movingAfter intoabsorbing large 84,722blocks square of space feetThird in Quarterand 2017 delivering 2016 include: – Nashville 15,410 Kroger moving into 78,267 square feet at 270 E Main St; World � ered no square feet of space. Vacant sublease space has gone square0% feet in the current quarter, the Shopping Center sector driven by: Gym moving into 25,000 square feet at 114 George L Davisfrom Blvd; minimal and Bargainto 5,500 squareHunt moving feet over into that 24,049 time period, square and feet Nashville Retail Market Nashville Retailsaw Market the2000 vacancy 4q 2001 rate 4q 2002go from 4q 2003 6.3% 4q 2004at the 4q 2005end 4qof 2006the second4q 2007 4q 2008 4q 2009 4q 2010 4q 2011 4q 2012 4q 2013 4q 2014 4q 2015 4q • Urban experience (48%) at 5010 Old Hickory Blvd. rental rates have gone from $15.90 to $15.66. Overview quarterSource: CoStar 2016 Property® to 6.0% this quarter. Vacancy Rates by Building Type 2000-2016 At the end of the third quarter 2016, there was no space • Central location/convenience (45%) Over the past four quarters, the Shopping Center vacancy under construction in the Nashville market. The total stock • Nightlife (37%) Power Center Specialty Center General Retail rateShopping has gone Center from 7.1%Mall at theTotal end Market of the fourth quarter 2015, VACANCY Malls AbsorptionABSORPTION & &DELIVERIES Deliveries of PowerVacancy Center space & Rent in Nashville currently sits at 7,217,613 Malls recorded net absorption of positive 334,544 square to 6.9% at the end of the first quarter 2016, to 6.3% at the end Nashville’s retail vacancy rate increased in the second • Being close to work (27%) 25% PastPast 9 Quarters 9 Quarters squarePast feet 9 Quarters in 17 centers comprised of 153 buildings. feet in the third quarter 2016. This net absorption number, of the second quarter 2016, and finally to 6.0% at the end of Net Absorption Deliveries quarter 2017, ending the quarter at 3.3%. Over the past combined with no new space that was built in the quarter, the current quarter. General Retail PropertiesAverage Rental Rate Vacancy Rate 1.2 four quarters, the market has seen an overall no change STRONG DEMAND FOR NEW DOWNTOWN DEVELOPMENTcaused SITES 20% the: All vacancy of these rate market to go fromtrends 9.2% have a quarter ago to Rental rates ended the third quarter 2016 at $15.09 per The General Retail sector of the market, which includes $18 7.0% 0.97 driven up rents in the multifamily rental sector. Institutional investors4.3% are at acquiring the end of stabilizedthe third quarter properties 2016. in Rental rates went square1.0 foot, up from the $14.99 they were at the end of second inall the freestanding vacancy retailrate, buildings,with the rateexcept going those from contained 3.3% inwithin $16 from $26.0915% per square foot to $26.09 per square foot during quarter 2016. Rental rates have trended down over the past thea center, thirdPrice in Dollars per Unit reportedquarter 2016,a vacancy to 3.0% rate atof 2.0%the end at theof the end6.0% fourth of third Nashville for record low capitalization rates and,in turn, record high sale prices: $240,000 to $300,000 per unit. $14 that time. In this report the Mall market is comprised of 10 year, 0.8 going from $15.20 per square foot a year ago to their quarter 2016. There was a total of 1,117,263 square feet5.0% vacant quarter 2016$12 through the first quarter 2017, to 3.3% in the Recently, certain residential developers have changed their marketing strategy, converting rental developments current levels. at that time. The General Retail sector in Nashville currently Lifestyle10% Center, Regional Mall and Super Regional Malls. 4.0% 0.6 0.52 current quarter.$10 The amount of vacant sublease space in into condominium product. These trends are driving demand for new development sites in Central Nashville and 0.48 Net 0.45absorption0.48 in the Shopping Center sector has totaled has average rental rates of $18.51 per square foot per year. Millions SF

$8 Rate Percentage 0.39 3.0% 748,630 square feet over the past four quarters.0.36 In addition to theThere Nashville are 524,218 market square has feet trended of space up under over theconstruction past four in putting strong upward pressure on land prices. 0.4 0.34 0.33 Reports compiled5% by: Latoya Jenkins, CoStar Group Research $6 the positive 84,722 square feet0.27 absorbed this0.26 quarter, positive quarters.this sector, At with the 465,780 end of squarethe third feet quarter having been 2016, completed there2.0% were in Manager 0.18 $4 0.2 0.15 Vacancy 209,323 square0.11 feet was absorbed in the second quarter 2016, the third quarter. In all, there are a total of 7,726 buildings1.0% with 0.10 184,577 square$2 feet of vacant sublease space. Currently, 0% positive 198,743 square feet0.050.02 was0.03 absorbed in the first quarter 55,013,356 square feet of General Retail space in Nashville. 2000 4q 2001 4q 2002 4q 2003 4q 2004 4q 2005 4q 2006 4q 2007 4q 20082016, 4q 0.0 2009 and 4q positive2010 4q 255,8422011 4q 2012 square 4q 2013 feet 4q was2014 absorbed4q 2015 4q in the there are$0 218,848 square feet vacant in the market.0.0% 2014 3q 2015 1q 2015 3q 2016 1q 2016 3q Specialty Centers2014 3q 2015 1q 2015 3q 2016 1q 2016 3q Source: CoStar Property® fourth quarter 2015. Source: CoStar Property® Source:There CoStar are Property® currently 6 Specialty Centers in the Nashville market, making up 865,140 square feet of retail space. In this Absorption & Deliveries VacancyVACANCY & &RENT Rent report the Specialty Center market is comprised of Outlet Past 9 Quarters PastPast 9 Quarters9 Quarters Center, Airport Retail and Theme/Festival Centers.

Net Absorption Deliveries Specialty Centers in the Nashville market have experi- Average Rental Rate Vacancy Rate 1.2 enced negative (1,229) square feet of net absorption in 2016. $18 7.0% The vacancy rate currently stands at 3.1%, and rental rates 0.97 1.0 $16 average $15.25 per square foot.

Price in Dollars per Unit 6.0% $14 0.8 5.0% $12

0.6 0.52 $10 4.0% 0.48 0.45 0.48 Millions SF

$8 Rate Percentage 0.39 3.0% 0.36 0.4 0.34 0.33 $6 0.27 0.26 2.0% 0.18 $4 0.2 0.15 Vacancy 0.11 1.0% 0.10 $2 0.050.02 0.03 0.0 $0 0.0% 2014 3q 2015 1q 2015 3q 2016 1q 2016 3q 2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Source: CoStar Property® Source: CoStar Property®

HOSPITALITY MARKET Strengths Opportunities 26 new hotels comprising over 3,500 rooms are • Between 2010 and 2015, Nashville posted the highest • Airport expansion plans will accommodate an RevPAR CAGR of any of the Top-25 markets tracked by increase of international travelers and set the STR at 13.1 percent stage for attracting new nonstop flights to Europe, currently under construction in the Nashville area, with • Known around the world as the Music City, Nashville Asia, Latin America is a true tourist town with a distinct identity that • The Nashville region is currently in the midst of another 30 hotels proposed or in planning stages. attracts over 13 million visitors annually an impressive wave of real estate development • Nashville has added 213,000 jobs since 2000 and that will dramatically improve the city’s demand experienced the 4th fastest population growth of any landscape over time NASHVILLE MSA – HOTELS UNDER CONSTRUCTION AND RECENTLY OPENED Projected Opening Room MSA between 2010 and 2015 • The development of the Music City Center not Project Name Address City Date Count • The foundations of the Nashville economy are the only attracts more events, it also attracts larger medical, education and government sectors, all of conventions; the influx of hotel rooms into the CBD which provide stable demand that have historically Nashville market will allow the city to pursue The Westin Nashville 807 Clark Pl Nashville October 2016 453 been resistant to recessionary pressure marquee conventions which it is currently unable Thompson Hotels Nashville (Now Opened) 401 11th Ave S Nashville October 2016 224 • Following the completion of the Music City Center in to accommodate due to a lack of hotel inventory 2013, Nashville has emerged as one of the premier Fairfield Inn & Suites Nashville MetroCenter 100 French Landing Dr Nashville December 2016 80 convention destinations in the country Candlewood Suites Nashville MetroCenter 270 Venture Cir Nashville February 2017 101 • Nearly 40 million people live within a 300-mile radius Kimpton Hotel Nashville 204 – 206 21st Ave S Nashville March 2017 180 of Nashville MOXY Nashville Downtown Broadway & Third Ave S Nashville March 2017 152

NASHVILLE LODGINGNashville, MARKET TN Lodging Market PERFORMANCE Performance 1991 - YTD July 2017 1991 – YTD JULY 2017 Noelle A Tribute Portfolio Hotel Nashville 200 4th Ave N Nashville June 2017 220 $160 100% Studio 6 Nashville 1321 Antioch Pike Nashville October 2017 80

$140 Residence Inn Nashville at Opryland Briley Pkwy & McGavock Pike Nashville November 2017 125 80% $120 Cambria hotel & suites Nashville 118 8th Ave S Nashville January 2018 224

element Nashville West End 4 City Blvd Nashville May 2018 169 $100 60% AC Hotels by Marriott Nashville Downtown 413 5th Ave S Nashville September 2018 207 $80 Residence Inn Nashville Downtown 413 5th Ave S Nashville September 2018 136 40% $60 Springhill Suites Nashville Downtown 413 5th Ave S Nashville September 2018 125

$40 Suburban 20% Fairfield Inn & Suites Dickson 147 Gum Branch Rd Dickson December 2016 79 $20 Courtyard Nashville Mount Juliet 1980 Providence Pkwy Mount Juliet December 2016 96 $0 0% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD YTD Hampton Inn & Suites Nashville Hendersonville 111 Saundersville Rd Hendersonville December 2016 100 July July 2016 2017 Quality Inn Pleasant View 2741 York Rd Pleasant View December 2016 32

Top Ranked Market for RevPAR Growth 2010-2015 Courtyard Nashville Southeast Murfreesboro 1306 Greshampark Dr Murfreesboro December 2016 113 BetweenTOP 2010 RANKEDand 2015, Nashville posted MARKET the highest RevPAR CAGR FOR of any of theR Top-25ev marketsPAR tracked GROWTH by STR 2010-2015 15% Between 2010 and 2015, Nashville posted the TownePlace Suites Nashville Smyrna 990 Colonade Dr Smyrna December 2016 89 13.1% highest RevPAR CAGR of any of the Top-25 markets TownePlace Suites Nashville Goodlettsville Long Hollow Pike & Conference Dr Goodlettsville February 2017 100 12% tracked by STR Home2 Suites Nashville Smyrna 900 Block Colonnade Dr Smyrna May 2017 89

9% Fairfield Inn & Suites Nashville Hendersonville Indian Lake Blvd Hendersonville July 2017 90 6.9% Tru by Hilton Murfreesboro 909 N Thompson Ln Murfreesboro August 2017 79 6% Hampton Inn & Suites Franklin Berry Farms Lots 199 & 205, Berry Farms Development Franklin October 2017 115

3% Home2 Suites Murfreesboro 909 N Thompson Ln Murfreesboro November 2017 91

0% Total 3,549

Source: STR (September 2016)

Source: STR

33 32 / NASHVILLE ASSEMBLAGE NASHVILLE ASSEMBLAGE / 33

THE PROPERTY ACCESSIBILITY AND TRANSPORTATION TOP REGIONAL EMPLOYERS NASHVILLE REGION’S DIVERSE ECONOMY National, regional or division headquarters in bold. Excludes government • Nashville International Airport is • CSX Transportation has two major rail yards Number of Management, information, administration, Transportation, warehousing and employers. professional and technical services (7,875) wholesale trade (3,211) located eight miles from downtown. in Nashville, as well as an Intermodal Company employees Industry • Offers 390 daily arriving and departing terminal, TDSI automatic distribution terminal, Retail trade (5,991) Management,Construction (2,966) information, admin., AIR RAIL 40,484 BUSINESS flights and provides service to more than and TRANSFLO terminal. Nashville is CSX’s Vanderbilt UniversityESTABLISHMENTS22,105 Finance, insurance and real estate (4,869) professional,Education, arts, andent. and tech. rec. (1,695)services (19.3%) 11 million passengers annually. division headquarters. (NASHVILLE MSA) Nissan North America 10,050 Health care and social assistance (4,445) Manufacturing (1,440) • Served by 10 airlines and provides non- Retail Trade (15.0%) HCA 7,000 stop air service to more than 50 markets. • Port of Nashville on the Cumberland River; Accommodation and food services (3,753) Miscellaneous services (4,239) 9-foot navigation channel accessible to Ohio Saint Thomas Health TOP7,000 REGIONAL EMPLOYERS NASHVILLE REGION’S DIVERSE ECONOMY 34 / NASHVILLE ASSEMBLAGE National, regional or division headquarters Finance, insurance,NASHVILLE and real ASSEMBLAGE estate (11.9%) / 35 • Nashville is one of only six U.S. cities at the River, Mississippi River, and Gulf of Mexico. Randstad in bold.3,785 Excludes government WATER employers. 40,613Number business of Company employees Health care andIndustry social assistance (11.0%) convergence of three major interstate Electrolux Home Products 3,200 establishments highways – I-40, I-65 and I-24. Management, information, admin., ROAD Community Health Systems 3,092 Vanderbilt University 22,105 professional, and tech. services (19.3%) • The 440 Parkway Downtown Loop and Briley • Intercity bus system (Nashville MSA) Accommodation and food services (9.1%) Nissan North America 10,050 Parkway link the urbanized areas; Route 840 • Music City Star suburban rail Cracker Barrel Old Country Store 3,012 7,000 Retail TradeManagement, (15.0%) information, administration, Transportation, warehousing and HCA Transportation, warehousing,professional and and technical wholesale services (7,875) wholesale trade (3,211) connects 4 counties in an outer loop. • Nashville B-cycle bike-sharesystem TOP REGIONAL EMPLOYERS FORTUNE 500 / 1000 TRANSIT Shoney’s 3,000 Saint Thomas Health 7,000 LOCAL Finance, insurance,Retail trade and (5,991) real estate (11.9%) Construction (2,966) NASHVILLE• 140 freight REGIONAL carriers and 150 truck PROFILE COMPANIES HEADQUARTEREDtrade (8.0%) 2015 40,484 BUSINESS The Kroger*National, Co. regional2,554 or division Randstad 3,785 40,613 business Management, information, administration, Transportation, warehousing and EMPLOYEES IN THE NASHVILLEESTABLISHMENTS REGION RANKINGHealth careFinance, and social insurance assistance and real estate(11.0%) (4,869) Education, arts, ent. and rec. (1,695) terminals headquartersElectrolux Home Products 3,200 professional and technical services (7,875) wholesale trade (3,211) Published by the Nashville Area Chamber of Commerce 2,200 establishments(NASHVILLE MSA) Middle Tennessee State University Construction (7.5%) Health care and social assistance (4,445) Manufacturing (1,440) Community Health Systems 3,092 (Nashville MSA) Accommodation and food services (9.1%) General Motors 2,139 Retail trade (5,991) Construction (2,966) VanderbiltCracker University Barrel Old CountrySource: Store U.S. Census3,012 Bureau, 201340,484 BUSINESS Accommodation and food services (3,753) Miscellaneous services (4,239) Education,HCA arts,63Transportation, entertainment, warehousing, and and wholesale NASHVILLE: Strategically located in the heart Maury Regional Medical Center Medical2,135 Center* 20,000Shoney’s 3,000 ESTABLISHMENTS Finance, insurance and real estate (4,869) Education, arts, ent. and rec. (1,695) (NASHVILLECommunityManagement, Health information,MSA) Systems administration,125trade (8.0%)Transportation, warehousing and HIGHER EDUCATION The Kroger Co. 2,554 professional andrecreation technical services (4.3%) (7,875) Healthwholesale care trade and (3,211) social assistance (4,445) Manufacturing (1,440) of the Tennessee Valley, the Nashville region is UPS HCA2,012 Holdings* 10,380 Middle Tennessee State University 2,200 Retail tradeDollar (5,991) General 138ConstructionConstruction (7.5%) (2,966) Accredited Four-Year & Postgraduate Location Enrolled in 2013 National HealthCare Corp.Nissan North2,000 America* 10,10040,484 BUSINESS Accommodation and food services (3,753) Miscellaneous services (4,239) General Motors 2,139 Source: U.S. Census Bureau,Manufacturing 2013 (3.6%) where businesses thrive and the creative spirit ESTABLISHMENTS TractorFinance, Supplyinsurance Company and real estate (4,869)415Education, Education,arts, entertainment, arts, ent. and rec.and (1,695) Aquinas College Nashville 574 Dollar General Corp.Saint ThomasMaury2,000 RegionalHealth* Medical7,100 Center(NASHVILLE2,135 MSA) Health care and social assistance (4,445)recreation (4.3%)Manufacturing (1,440) resonates across industries and communities. UPS 2,012 TOP REGIONALLifePointMiscellaneous HealthEMPLOYERS430 services (10.4%) Austin Peay State University Clarksville 10,339 Ingram Content GroupVanderbilt2,000 University* 6,400 FORTUNE 500 / 1000 National HealthCare Corp. 2,000 Accommodation and food services (3,753) LOCALMiscellaneous servicesCOMPANIES (4,239) HEADQUARTERED 2015 More than 117,000 students Belmont University Nashville 6,915 Delek US*National, Holdings, regional Inc. or division445Manufacturing (3.6%) The Nashville MSA has 14 counties and a EMPLOYEES IN THE NASHVILLE REGION RANKING attend the Nashville region’s higher Amazon.comCommunity Health2,000 Systems*Dollar General5,000 Corp. 2,000 headquarters Cumberland University Lebanon 1,501 Miscellaneous services (10.4%) education institutions. Ingram Content Group 2,000 Brookdale Senior Living 515 population of nearly 1.8 million, making it the Fisk University Nashville 646 A.O. Smith Corp. 1,900Randstad 4,361 Amazon.comSKILLED AND2,000 DIVERSE WORKFORCEIasis HealthcareVanderbilt University697 HCA 63 Lipscomb University Nashville 4,580 Bridgestone Americas 1,855 Medical Center* 20,000 largest metro area in a five-state region. Many Asurion* 4,000 1,900 TOP REGIONAL EMPLOYERS FORTUNE 500 / 1000 A.O. Smith Corp. Community Health Systems 125 Meharry Medical College Nashville 801 1,855 SKILLED AND DIVERSEGenescoHCA WORKFORCE Holdings*721 10,380 More than 17,000 students AT&TElectrolux Home ProductsBridgestoneEducational3,400 Americas 1,855Attainment LOCAL COMPANIES HEADQUARTERED 2015 corporate headquarter giants call Nashville Middle Tennessee State University Murfreesboro 23,881 *National, regional or division Dollar General 138 graduate from Nashville- PopulationTOP REGIONAL age 25 EMPLOYERSand older Cracker Barrel Old CountryNissan North Store America*763EMPLOYEES10,100 IN THE NASHVILLE REGION RANKING State Farm Insurance Cos. 1,650 AT&T 1,855 Educational Attainment headquartersFORTUNE 500 / 1000 home, including Nissan Northarea America, colleges annually, Nashville School of Law Nashville 640 The Kroger Co 3,212 LOCAL COMPANIES HEADQUARTERED 2015 Tractor Supply Company 415 State Farm Insurance Cos.*National,1,650 regional or divisionPopulation age 25 and older Saint Thomas Health* 7,100 with 10,000 choosing to remain Tyson Foods 1,600 EMPLOYEES AmsurgIN THE NASHVILLE766 REGION RANKING Tennessee State University Nashville 8,883 National HealthCare Corp. Tyson3,100 Foods 1,600headquarters LifePoint Health 430 Bridgestone Americas, Dollarin General, the Nashville region. VanderbiltVanderbilt University University* 6,400 Tennessee Technological University Cookeville 11,118 Williamson Medical Center 1,412 High school graduate High school graduate HCA 63 Williamson Medical Center 1,412 Medical Center* 20,000 Delek US Holdings, Inc. 445 Shoney’s Inc.* 3,000(includes equivalency) (includes equivalency)Community Health Systems* 5,000 28.6%28.6% Hospital Corporation of America (HCA) and Trevecca Nazarene University Nashville 2,406 The Trane Company 1,400 The Trane Company Vanderbilt1,400 University HCA 63 CommunityBrookdale Senior Health Living Systems515 125 2,981 Medical Center* 20,000 HCA Holdings*Randstad 10,3804,361 University of the South Sewanee 1,701 Lowe’s Cos. 1,400 Some college, no degree Dell Community Health Systems20.6%125 Iasis Healthcare 697 138 Gibson Guitar. Dell 1,400 Some college, noHCA degree Holdings* 10,380 Asurion* 4,000 Dollar General University of Tenessee Space Institute Tullahoma 100 YMCA of Middle Tennessee 1,344 Nissan North America* 10,10020.6% General Motors 2,643 Dollar General 138 Genesco 721 Associate degree Tractor Supply Company 415 Vanderbilt University Nashville 12,757 YMCA of Middle Tennessee 1,344 UnitedHealth Group Nissan1,342 North America* 10,100 Electrolux Home Products6.7% 3,400 Cracker Barrel Old Country Store* 2,600 Associate degree Saint Thomas Health* Tractor7,100 Supply Company 415 Cracker Barrel Old Country Store 763 UnitedHealth Group 1,342 Ibex Global Saint1,300 Thomas Health* 7,100 6.7% The Kroger Co 3,212 LifePoint Health 430 A national hub for the creative class, Nashville Accredited Two-Year Institutions Bachelor’s degree orVanderbilt higher University* 6,400LifePoint Health 430 Amsurg 766 GaylordLifeWay Opryland* Christian 2,500Resources Vanderbilt1,281 University* 6,400 32.3% & Tech Schools Ibex Global 1,300 National HealthCare Corp. 3,100 Delek US Holdings, Inc. 445 Management, information, administration, Transportation, warehousing and Delek US Holdings,Source: Inc. U.S. 445Census Bureau, 2013 has the strongest concentration of the music Maury Regional Medical Center* Bachelor’s2,200AsurionCommunity degree1,250 Healthor higher Systems* 5,000Community Health Systems*Shoney’s Inc.* 5,0003,000 professional and technical services (7,875) wholesale trade (3,211) 32.3% Columbia State Community College Columbia 5,225 LifeWay Christian Resources 1,281Regions Financial Corp. 1,250 Brookdale Senior Living 515 Brookdale Senior Living 515 Randstad 4,361 RandstadLowe’s Cos. 4,3612,981 industry in America. The Nashville region’s Middle Tennessee State University* 2,174 Source:Age Characteristics U.S. Census Bureau, 2013 Motlow State Community College Lynchburg 4,900 Retail trade (5,991) Asurion 1,250Construction (2,966)Genesco 1,245 Iasis Healthcare 697 Iasis Healthcare 697 40,484 BUSINESS Asurion* 4,000 GeneralAsurion* Motors 4,0002,643 educated workforce not only provides an Nashville State Community College Nashville 10,007 Triumph AerostructuresCigna-Healthspring 2,135 1,200 0-19 (26.5%)Genesco 721 ESTABLISHMENTS Finance,Regions insurance Financial and real estate Corp. (4,869) 1,250Education, arts, ent. and Electroluxrec. (1,695) Home Products 941,7703,400 Cracker Barrel Old Country Store* 2,600 Genesco 721 CGS Administrators 1,100 Electrolux Home Products 3,400 Volunteer State Community College Gallatin (NASHVILLE8,153 MSA) AT&T 2,100 total Age CharacteristicsCracker Barrel Old20-29 Country (14.6%) Store 763 abundant talent pool for companies, but Health care and social assistanceGenesco (4,445) 1,245ManufacturingCenterstone (1,440) 1,110The Kroger Co 3,212 Gaylord Opryland* 2,500 Cracker Barrel Old Country Store 763 Tennessee College of Applied Technology Nashville 1,014 workforce The Kroger Co 3,21230-39 (14.0%)Amsurg 766 GatewayUPS Medical2,084 CenterNational1,100 HealthCare Corp. 3,100 Maury Regional Medical Center* 2,200 also bolsters the region’s vibrancy, artistic Tennessee College of Applied Technology Dickson 481 AccommodationCigna-Healthspring and food services (3,753) 1,200Miscellaneous services (4,239) in the 0-19 (26.5%) Amsurg 766 Johnson941,770 Controls 1,080 National HealthCare Corp. 3,10040-49 (14.2%) Tennessee College of Applied Technology Murfreesboro 335 CGS Administrators 1,100Amazon 2,050 Shoney’s Inc.* Nashville3,000 Middle Tennessee State University* 2,174 and musical essence, and competitive edge Sumner Regional Medicaltotal Center 1,079 Economic Shoney’s20-29 Inc.* (14.6%)3,00050-64 (19.1%) Dollar General Corp.* 2,025 Lowe’s Cos. 2,981 Triumph Aerostructures 2,135 TOTAL ENROLLED 117,292 Centerstone 1,110 OHL 1,044 Market in technology and innovation. The Nashville workforce 2015-2016 Book of Lists, Source: General Motors 2,643 Lowe’s30-39 Cos.AT&T (14.0%) 2,981 65+2,100 (11.7%) Source: National Center for Source: National Center for Education Statistics, 2013 Gateway Medical Center 1,100Austin Peay State University 1,039 Source: TN Department of Source: U.S. Census Bureau, 2013 inCracker the Barrel Old Country Store* 2,600 General Motors UPS 2,6432,084 region is defined by a diverse economy, low 1,080 Belmont University 1,023 Labor & 40-49 (14.2%) Johnson Controls NashvilleGaylord Opryland* 2,500 Amazon 2,050 8 NASHVILLE ECONOMIC DEVELOPMENT GUIDEVerizon - WirelessECONOMY 1,001 WorkforceCracker Barrel Old Country Store* 2,600 costs of living and doing business, a creative 1,079 Development, Race and Ethnicity More than 117,000 students attend the Sumner Regional Medical Center EconomicMauryUBS Regional1,000 Medical Center* 2,200 Dollar General50-64 Corp.* (19.1%)2,025 TOP REGIONAL EMPLOYERS 2014 Gaylord Opryland* 2,500 2015-2016 Book of Lists, Source: culture and a well-educated population. FORTUNEOHL 1,044 500 / 1000 UnipresMarketMiddle USA Tennessee975 State University* 2,174 White (77.9%) Nashville region’s higher education institutions. LOCAL COMPANIES HEADQUARTERED 2015 65+ (11.7%) Source:Emdeon TNTriumph 950 Aerostructures Maury2,135 Regional Medical Center* 2,200 Black/African American (15.4%) *National, regional or division EMPLOYEESAustin Peay State University 1,039 RANKING Cultural diversity, unique neighborhoods, a IN THE NASHVILLE REGION GENCO 950 8 NASHVILLE ECONOMICSource: DEVELOPMENT U.S. Census GUIDE -Bureau, ECONOMY 2013 headquarters Department of AT&T Middle2,100 Tennessee State University* 2,174 Asian (2.4%) Belmont University 1,023 SchneiderLabor Electric & 900 variety of industries and a thriving creative UPS 2,084 American Indian/Native Alaskan (0.3%) WorkforceComdata 900 Triumph Aerostructures 2,135 More than 17,000 students graduateVanderbilt University from Verizon Wireless 1,001 community make Middle Tennessee among HCA 63 Amazon 2,050 Race and Ethnicity Other/two or more races (4.1%) Medical Center* 20,000 UBS 1,000Tractor Supply Development,Company 900 AT&T 2,100 Nashville-area colleges annually, with 10,000 Community Health Systems General1252014 Mills Dollar891 General Corp.* 2,025 Source: U.S. Census Bureau, 2013 the nation’s best locations for relocating, choosing to remain in the NashvilleHCA region. Holdings* 10,380 Unipres USA 975 2015-2016 Book of Lists, Source: WhiteUPS (77.9%)2,084 Source: NashvilleDollar Area General Chamber of 138Commerce Research Center, 2015 expanding and startup companies. Nissan North America* 10,100 Emdeon 950 Amazon Black/African2,050 American (15.4%) Tractor Supply Company8 NASHVILLE415 ECONOMIC DEVELOPMENT GUIDE - ECONOMY Saint Thomas Health* 7,100 GENCO 950 Dollar General Corp.* 2,025

Asian (2.4%) 2015-2016 Book of Lists, Source: ACCESSIBILITY AND TRANSPORTATION LifePoint Health 430 Vanderbilt University* 6,400 Schneider Electric 900 1,005,990 Delek US Holdings, Inc. 445 American Indian/Native Alaskan (0.3%) • Nashville International Airport is located eight miles • CSX Transportation hasCommunity two major Healthrail yards Systems* in 5,000 Comdata 900 8 NASHVILLE ECONOMIC DEVELOPMENT GUIDE - ECONOMY total from downtown. Nashville, as well as an Intermodal terminal, TDSI Brookdale Senior Living 515 Other/two or more races (4.1%) workforce • Offers 390 daily arriving and departing flights and automatic distribution terminal, and TRANSFLORandstad 4,361 Tractor Supply Company 900 provides service to more than 11 million passengers terminal. Nashville is CSX’s division headquarters. General Mills 891Iasis Healthcare 697 Source: U.S. Census Bureau, 2013 in the annually. Asurion* 4,000 • Served by 10 airlines and provides nonstop air Genesco 721 Nashville • Port of Nashville on the ElectroluxCumberland Home River; Products 9-foot 3,400 service to more than 50 markets. Source: Nashville Area Chamber of Commerce Research Center, 2015 Economic navigation channel accessible to Ohio River, Cracker Barrel Old Country Store 763 Mississippi River, and Gulf of Mexico.The Kroger Co 3,212 Market • Nashville is one of only six U.S. cities at the Amsurg 766 convergence of three major interstate highways – National HealthCare Corp. 3,100 Source: TN I-40, I-65 and I-24. Shoney’s Inc.* 3,000 Department • The 440 Parkway Downtown Loop and Briley • Intercity bus system of Labor & Parkway link the urbanized areas; Route 840 • Music City Star suburban rail Lowe’s Cos. 2,981 Workforce connects 4 counties in an outer loop. • Nashville B-cycle bike-share system Development • 140 freight carriers and 150 truck terminals General Motors 2,643 Cracker Barrel Old Country Store* 2,600

Gaylord Opryland* 2,500

Maury Regional Medical Center* 2,200 Middle Tennessee State University* 2,174 Triumph Aerostructures 2,135 AT&T 2,100

UPS 2,084 Amazon 2,050 Dollar General Corp.* 2,025 Source: Book of Lists, 2015-2016 Book of Lists, Source:

8 NASHVILLE ECONOMIC DEVELOPMENT GUIDE - ECONOMY

FOR MORE INFORMATION:

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nashvillechamber.com national average, Nashville residents have more disposable income for educational and leisure activities. [email protected] [email protected] environment.inenvironment. Nashville at BecauseBecause about 84 therethere percent is is no no ofpersonal personal the national income income average. tax, tax, your your Nashville dollar dollar goes goesoffers further further a high in in Nashvillequality Nashville of than life than inmost mosta low-cost cities cities in business inAmerica America SeaSeattlettle 126. 126.99 nashvillechamber.com/researchcenter Unemployment Rate % Per Capita Income andenvironment.and throughoutthroughout Because thethe world.world. there With With is ano a cost costpersonal of of living living income 10 10 percent percenttax, yourNashville below below dollar the the MSAgoes U.S. U.S. further average average in and Nashvilleand per per capita capita than income mostincome citieshigher higher in than America than the the New York City 222.6 10% Tennessee County COST-OF-LIVING INDEX Boston 137.7 nationalandnational throughout average,Unemploymentaverage, the NashvilleNashville world. Rate Withresidents residents % a cost have have of livingmore more disposable10 disposable percent income belowincome thefor for U.S.educational educational average and andand leisure perleisure capita activities. Peractivities. income Capita higher Income than the Nashville MSA U.S. Average = 100 Boston 137.7 United States Cheatham $35,594 New York City 222.6 national average,10% Nashville residents have more disposable incomeTennessee for educational and leisure activities.County Chicago 116.7 8% Davidson $51,245 Chicago 116.7 United States Cheatham Nashville$35,594 Metro Seattle 126.9 Indianapolis 93.5 DicksonPer Capita$33,039 Income San Francisco UnemploymentUnemployment8% RateRate %% PerDavidsonPer Capita Capita $51,245Income Income 167.5 Indianapolis Raleigh 93.3 93.5 6% NashvilleNashville MSA MSA MauryCounty$33,464 San Francisco 167.5 Raleigh 93.3 Dickson $33,039 New York City 222.6 10% TennesseeTennessee CountyCounty Unemployment10% 6% Rate % Nashville MSA PerCheatham Capita Income$37,122 Nashville 90.2 MontgomeryMaury $33,464$41,695 Boston 137.7 United States Cheatham $35,594 Charlotte 95.0 4% United States CheathamDavidson$35,594$54,307 NashvilleChicago 116.7 90.2 10% Tennessee RobertsonCounty $37,800 Los Angeles 135.1 Atlanta 99.6 Charlotte 95.0 8% Montgomery $41,695 8% 4% DavidsonDavidsonDickson$51,245$51,245$33,883 Los Angeles 135.1 Indianapolis 93.5 United States RutherfordCheathamRobertson $37,800$35,113$35,594 San Francisco 167.5 Atlanta 99.6 Raleigh 93.3 2% DicksonDicksonMaury$33,039$33,039$36,646 8% RutherfordDavidson $35,113$51,245 6%6% 2% SumnerMontgomery$39,894$39,708 Nashville 90.2 MauryMaury $33,464$33,464 Austin 94.6 Sumner $39,894 Charlotte 0% WilliamsonDicksonRobertson$69,439$33,039$35,160 Los Angeles 135.1 Tampa 92.4 95.0 Montgomery $41,695 Atlanta 99.6 6% 2010 2011 2012 2013 2014 MontgomeryWilliamson $69,439$41,695 Austin 94.6 4%4% 0% WilsonMauryRutherford$41,288$33,464$36,194 2010 2011 2012 2013 2014 Robertson $37,800 Source: ACCRA CostTampa of Living 92. 4 Source: U.S. Bureau of Labor Statistics RobertsonWilsonSumner$41,288$37,800$38,813 2014 annual data TennesseeMontgomery state total $39,558$41,695 Source: U.S. Bureau of Labor Statistics Austin 94.6 4% TennesseeRutherfordRutherford state total $35,113$39,558$35,113 Source: ACCRA Cost of Living 2%2% RobertsonWilliamson$37,800$71,761 Tampa 92.4

U.S. $44,765 Source: Bureau of Economic Analysis, 2013 2014 annual data Sumner $39,894 SumnerU.S.Wilson$44,765$39,894$41,214Source: Bureau of Economic Analysis, 2013 Rutherford $35,113 Source: ACCRA Cost of Living 2% WilliamsonTennessee State$69,439 2014 annual data 0%0% Williamson $69,439$42,064 2010 2011 2012 2013 2014 SumnerTotal$39,894 2010 2011 2012 2013 2014 2015 Q3 2016 $41,288 WilsonWilson $41,288 0% Source: U.S. Bureau of Labor Statistics WilliamsonU.S.$69,439$43,378 SPORTS & CREATIVE PERFORMING MUSEUMS & Source: U.S. Bureau of Labor Statistics Tennessee state total $39,558 2010 2011 2012 2013 2014 Tennessee state total $39,558 LEISURE VITALITY ARTS FESTIVALS Wilson $41,288

Source: U.S. Bureau of Labor Statistics U.S. $44,765 Source: Bureau of Economic Analysis, 2013 SPORTS & CREATIVE PERFORMING MUSEUMS & Tax Policy U.S. $44,765 Source: Bureau of Economic Analysis, 2013 Tax Policy Tennessee statePropertyProperty total $39,558TaxTax LEISURE VITALITY ARTS FESTIVALS

CountyCountyU.S. Tax$44,765 raterate % % Source: Bureau of Economic Analysis, 2013 State incomeState tax: income None tax: on None wages, on wages,6% on 6% types on typesof interest of interest income income CheathamCheatham 2.78 Nashville Predators (NHL) Platinum Level Certified: Ryman Auditorium Country Music Hall of

Sales and use tax: 7% state tax rate, except food at 5%, 2.25% Nashville Predators (NHL) Valley PlatinumSustainable Level Certified: Ryman Auditorium Country MusicFame Hall & Museum of Sales and use tax: 7% state tax rate, except food at 5%, 2.25% Davidson (general) 3.92 Tennessee Titans (NFL) Schermerhorn Symphony local option (Nashville and Davidson County) Davidson (general) 3.92 Community Valley (TVA) Sustainable Fame & Museum local option (Nashville and Davidson County) DavidsonDavidson (urban)(urban) 4.51 Tennessee Titans (NFL) SchermerhornCenter Symphony Frist Center for the Tax Policy Property Tax4.51 Community (TVA) Tax PoliExcisecy tax: 6.5% of Tennessee taxable income Davidson (urban)Property Tax Nashville Sounds (MLB) Center Frist Center for the Excise tax: 6.5% of Tennessee taxable income Dickson 2.90 Nashville Sounds (MLB)$9.7 billion music Visual Arts $9.7 billion music Tennessee Performing Visual Arts CountyDickson Tax2.90 rate % industry impact Tennessee Performing Franchise tax: 0.25% of the greater of net worth or real and tangible CountyMaury 2.62Tax rate % Nashville Zoo at Grassmere industry impact FStTranchiseaxate P incomeolipropc tax:y etax: rty0.25% (mi Noneni mumof on the wages,$1 greater00) 6% of on net types worth of orinterest real and income tangible Property Tax Nashville Zoo at Grassmere Arts Arts Center Center JohnnyJohnny Cash Museum Cash Museum CheathamMaury 2.782.62 State income tax: None on wages, 6% on types of interest income Montgomery 2.97 More than 600 arts-related property (minimum $100) Cheatham 2.78 Nashville ShoresNashville Shores More than 600 arts-related Sales andInventory use tax: tax:7% Nonestate ontax finished rate, except goods foodinventory. at 5%, 2.25% MontgomeryCounty 2.97Tax rate % non-profits NashvilleNashville BalletBallet CheekwoodCheekwood Botanical Botanical Sales and use tax: 7% state tax rate, except food at 5%, 2.25% Davidson (general)Robertson 3.922.96 non-profits InventorylocalState opt incomeio tax:n (N tax:Noneashville None on afinishedn ond David wages, goodsso n6% C ou inventory.onnty) types of interest income Davidson (general) 3.92 Area farmers’ markets Gardens Gardens & Museum & Museum local optiProno fessional(Nashville privilege and David tax: so$400n County) Cheatham 2.78 Area farmers’ markets 200 downtown restaurants Nashville Opera of Art DavidsonRobertsonRutherford (urban) 4.512.492.96 200 downtown restaurants Nashville Opera of Art ExciseSales andtax: use6.5% tax: of 7%Tennessee state tax taxable rate, exceptincome food at 5%, 2.25% Davidson (urban) 4.51 More than 100 public parks and bars ProfessionalUnemployment privilege tax: insurance $400 tax: 2.7% of the first $9,000 in wages Davidson (general) 3.92 Grand Ole Opry The Parthenon localExcise opt tax:ion 6.5% (Nashville of Tennessee and David taxableson C ouincomenty) RutherfordDicksonSumner 2.902.502.49 More than 100 public parks and bars Grand Ole Opry for new employers Dickson 2.90 80 miles of paved trails 7,500 residents live The Parthenon UFranchisenemployment tax: 0.25% insurance of the tax: greater 2.7% of of net the worth first $9,or real000 and in wagestangible Davidson (urban) 4.51 Bridgestone Arena Tennessee State Museum Franchise tax: 0.25% of the greater of net worth or real and tangible WilliamsonMaurySumner 2.622.312.50 80 miles of paved trails 7,500 residents downtown live forpropExcise nertyw tax:e (mimploye n6.5%imumrs of $1 Tennessee00) taxable income Maury 2.62 56 golf courses Bridgestone Arena Dickson 2.90 More than 120 live Tennessee State Museum property (minimum $100) MontgomeryWilliamsonWilson 2.972.572.31 2014 Comptroller of the Treasury, Source: Tennessee downtown55,000 people work in CMA Music Festival InventoryFranchise tax: tax: None 0.25% on offinished the greater goods of inventory. net worth or real and tangible Montgomery 2.97 56 golf courses 30,000 acres of inland lakes performance venues Maury 2.62 downtown core More than 120 live Bonnaroo Music and Inventoryproperty (mi tax:ni mumNone $1on00 finished) goods inventory. RobertsonWilson 2.962.57 2014 Comptroller of the Treasury, Source: Tennessee 55,000 people work in CMA Music Festival Robertson 2.96 performance venues Arts Festival Professional privilege tax: $400 Montgomery 2.97 30,000 acres of inland lakes downtown core Professional privilege tax: $400 Rutherford 2.49 Bonnaroo Music and Inventory tax: None on finished goods inventory. Rutherford 2.49 Unemployment insurance tax: 2.7% of the first $9,000 in wages RobertsonSumner 2.502.96 Arts Festival forUPrnemploymento nfessionalew employe privilege rsinsurance tax: tax:$400 2.7% of the first $9,000 in wages Sumner 2.50 for new employers WilliamsonRutherford 2.312.49 Unemployment insurance tax: 2.7% of the first $9,000 in wages Williamson 2.31

WilsonSumner 2.572.50 2014 Comptroller of the Treasury, Source: Tennessee for new employers

Wilson 2.57 2014 Comptroller of the Treasury, Source: Tennessee Williamson 2.31

Wilson 2.57 2014 Comptroller of the Treasury, Source: Tennessee NASHVILLE DEVELOPMENT OPPORTUNITY FANTASTIC URBAN INFILL LOCATION

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