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| Mark Bigarel |
NASHVILLE, TN (– Denver-based EverWest Real Estate Investors has
cemented its entry into the Nashville industrial market with the purchase of a
169,855-square-foot infill building located at 640 Massman Dr., in the heart of
the metro Nashville’s logistics supply chain.
Purchased in a $12 million off-market deal from a private
owner, EverWest plans to renovate the fully vacant building with improvements
that will maximize functionality and the building’s location within the
sought-after Elm Pike Hill area.
With a vacancy rate of just 1.7 percent and trailing rent
growth of more than 6.6 percent, this is one of Nashville’s most popular
industrial neighborhoods, strategically positioned between downtown Nashville
and the Nashville International Airport.
Todd Prevost of Avison Young
represented EverWest in the acquisition.
“Nashville has been on our radar for quite a long time, but
little industrial product is trading on the open market,” said EverWest Senior
Vice President and Head of Acquisitions Mark Bigarel.
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| Todd Prevost |
EverWest will renovate the 640 Massman Dr. building with
improvements including new dock doors, energy-efficient LED lighting, exterior
paint and transformation of approximately 5,000 square feet of office space
into fully modernized interiors.
It will also upgrade the parking and truck court areas with new asphalt.
It will also upgrade the parking and truck court areas with new asphalt.
Built in two phases between 1970 and 2000, the 640 Massman
Dr. building sits on 11.45 acres just off of Elm Hill Pike. It features 20’ to
32’ clear heights, expansive parking and a separate parcel for trailer storage.
It is minutes from Interstates 40 and 24, and the Nashville International
Airport, within a highly strategic regional distribution hub.
The submarket is further strengthened by a low cost of doing
business and robust new business attractions and expansions, including the
Amazon HQ2 that alone will add approximately 5,000 new employees to the
downtown market.
EverWest will begin renovations at 640 Massman Dr. in the
second quarter of 2020, with completion expected in the late third quarter of
2020.
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| 640 Mussman Drive, Nashville, TN |
EverWest is an active investor and lender across the United
States, including regional activity in the Southeastern U.S. spanning
industrial, office and multi-family product.
CONTACT:
Stacey Hershauer
focusAZ
P 480.600.0195
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