Wedgewood-Houston Premier Development Opportunity
OFFERING MEMORANDUM 513-525 Merritt Avenue Nashville, TN 37203
Charlie Gibson, CCIM +1 615 301 2820 [email protected] Executive Summary
The Opportunity Offering Highlights
Cushman & Wakefield is pleased to offer the opportunity • Wedgewood-Houston is considered one of the top opportunity zones for to acquire 513-525 Merritt Avenue in Nashville, investment and development throughout the entire country Tennessee. The three parcels consist of 2 acres of land • Nashville is a top investment market in the Southeast and U.S. and also include 3 buildings consisting of 27,750 square • Nashville has continued to lead the U.S. in job growth and expects a continued feet. The property is well located in the revitalized population growth in the short term Nashville neighborhood called Wedgewood-Houston. WeHo is strategic to Downtown Nashville, The Gulch, • Excellent proximity and access to multiple areas of Nashville 12 South, and the interstate system via the 8th Avenue • Walking distance to future home of the MLS Stadium corridor as well as 4th Avenue South.
513-525 Merritt Avenue Nashville, Tennessee
TOTAL ACRES 2 Acres
27,750 SF TOTAL SF Divided Between 3 Buildings
IWD: Industrial Warehousing/Distribution ZONING / Ov-Uzo: Urban Zoning Overlay
513-525 Merritt Avenue 2 / Nashville, Tennessee Crossings Plaza 170 MCEWEN DRIVE
CBD CLAYTON ROAD
SOBROCOOL SPRINGS BLVD ROLLING MILL HILL
THE GULCH PIE TOWN
S. BRENTWOOD BLVD. 513-525 Merritt Avenue MUSIC ROW AVEDA Institute Nashville BAKERS BRIDGE AVE 64 EDGEHILL
WEDGEWOOD-HOUSTON
MOORES LANE
S. BIG BEND BLVD
of Cool Springs MALLORY LANE S. HANLEY ROAD
MELROSE 12 SOUTH BELMONT/ HILLSBORO
513-525 Merritt Avenue Nashville, Tennessee /3 Neighborhood Information
ADVENTURE Wedgewood-Houston SCIENCE CENTER FORT NEGLEY
Wedgewood-Houston is one of Nashville’s revitalizing neighborhoods. The area is convenient to downtown, the Gulch, 12 South, Belmont and Rolling Mill Hill. With close proximity to interstate 65, the downtown interstate hub as well as I-440, the location is superior to many other areas. Developments like May Hosiery Co-Op and The Finery have brought new attention to this evolving part of town. Tenants like Apple Music and SoHo House are a symbol of the neighborhood’s future as a premier destination in Nashville. Wedgewood-Houston is home to a number of artists and galleries becoming a hub for the creative class RESERVOIR in the city. Greer Stadium, the former home of the Nashville Sounds, PARK has been demoed and will be transformed into Nashville’s premier park and green space. Affordable housing and open green space have been batted about by Nashville Mayor David Briley as potential uses for the former facility. Other attractions include a growing food scene with new restaurants sprouting up, the Adventure Science Center, Fort FAIRGROUNDS Negley and Cosair Artisan Distillery.
513-525 Merritt Avenue Nashville, Tennessee /4 Area Amenities
CBD Neighborhood Amenities SoBro
1 Bastion Hemingway’s Bar & Hideaway 10 Royal Circus Americano Coffee Lounge 9 20 2 Never Never 17 3 Jackalope Brewery 21 31 Houston Street Pool Room 19 11 24 8 4 Humphrey’s Street Coffee 14 34 22 29 16 33 6 28 18 5 5 The Falcon Coffee 25 12 Flamingo Cocktail Lounge 32 1 23 30 7 3 6 Parson Chicken and Fish 26 35 4 2 7 The Finery 13 27 8 May Hosiery 15 9 Fort Negley
10 Adventure Science Center
11 Gabby’s Burgers & Fries
12 Houston Station Wedgewood-Houston 13 Corsair Distillery
14 Nashville Craft Distillery
15 Vintage Millworks
16 Dozen Bakery
17 Greer Stadium 18 Slim and Husky’s Pizzeria 19 Diskin Cidery
Developments Music & Arts
20 54 Unit apartment development 26 Kirby Welding - 104 condos, 9k SF commercial 31 Fork’s Drum Closet Recording Studio 21 Outpost, mixed-use development (proposed) 27 Nashville Design Collective 32 Julia Martin Art Gallery 22 Track One - 27k SF existing and under construction redevelopment 28 517 Hagan - 30k SF office 33 Ole (music management) 23 Woodstock Condos 29 Residential sites
34 Zeitgeist Art Gallery 24 May Hosiery - 100k mixed-use 30 Various townhome developments David Lusk Art Gallery 25 152 Unit co-living beds 35 Kings of Leon (music studio)
513-525 Merritt Avenue 5 / Nashville, Tennessee WeHo in the Press
“There’s a spark of energy that shows no sign of slowing down in Nashville’s Wedgewood-Houston neighborhood.” - Shivani Vora , New York Times
How Five Places to Go Living in Wedgewood- in Nashville Nashville’s Houston Became Nashville’s Wedgewood-Houston Wedgewood- neighborhood was long a run- the Center of down part of town. After creative Houston types moved into the area, trendy Nashville’s Art restaurants, galleries, distilleries and Neighborhood other business have followed. Scene
By Shivani Vora, New York Times By Jennifer Chesak, Doorsteps.com By Sean M. Della Croce, Neeighborhoods
Neighborhood Wedgewood- Spotlight: Houston Apple Music to Wedgewood emerges as Open Wedgewood- Houston’s Hip trendy, artistic Houston Office Culture neighborhood
By Elizabeth Fox, Style Blueprint By Bill Lewis, The Tennessean
By William Williams, Nashville Scene
513-525 Merritt Avenue 6 / Nashville, Tennessee MarketCrossings Overview Plaza
Why Nashville? 75% ACCESSIBILITY of the U.S. market is within a 2-hour flight 8 460 miles to Nashville Flights Daily International Airport (BNA) from Downtown 64 1 OF 6 U.S. cities at the convergence 65 of 3 major interstates Non-Stop Destinations
HISTORICAL POPULATION GROWTH Nashville’s population climbed from 1.52M to 1.83M in the last decade, spurring rapid development in all sectors. NO. Best Place To Start A NO. Metro Area 170 For Professional And Business In America 1 1.9M 1.83M 4 Business Service Jobs - INC.COM - FORBES 1.8M
1.7M RD Best Big City For Jobs NO. America’s Fastest In U.S. Growing Cities 1.6M 3 7 1.52M - FORBES - FORBES 1.5M S. BRENTWOOD BLVD.
TH Strongest Economy 1.4M NO. Best City For 4 In America College Grads 1.3M 3 - POLICOM 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - SMART ASSET (F)
NO. In Tech Job Creation NO. City For Young Professionals 7 - PRAXIS STRATEGY GROUP 6 123K 24 - SMART ASSET 60% Accredited Four-year, Students Attend of College Graduates Two-year, Tech Schools NO. Best Place To Live the Area’s Colleges Remain in the Region and Postgraduate and Universities 15 - US NEWS & WORLD REPORT Institutions
First513-525 Community Merritt AvenueCredit Union 513-525 Merritt Avenue 7 RichmondNashville, Heights,Tennessee MO / Nashville, TN /7 Crossings Plaza Sale Comps
513-525 Merritt Avenue 8 / Nashville, Tennessee Crossings Plaza
1033 Demonbreun, Suite 600 Charlie Gibson, CCIM Nashville, TN 37203 +1 615 301 2820 +1 615 301 2800 [email protected] cushmanwakefield.com