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PCCP and Distribution Realty Group are teaming up once more on an industrial growth within the Nashville, Tenn., market. The three way partnership has begun development on Center Tennessee Industrial Middle, a four-building, 703,920-square-foot speculative challenge in Murfreesboro, Tenn., slated for supply in late 2025.
Situated on 89 acres at 315 S. Rutherford Blvd., the primary section of MTIC will encompass a rear-load, 234,588-square-foot constructing and a front-load 149,150-square-foot constructing. Each will function 36-foot clear heights. Constructing 1 may even have as much as 56 dock doorways and 188 parking areas, whereas Constructing 4 will embody as much as 40 dock doorways and 177 parking areas.
A timetable for development of the ultimate two belongings just isn’t obtainable however Constructing 2 is predicted to be a 216,405-square-foot rear-load constructing and Constructing 3 is deliberate as a 103,777-square-foot rear-load constructing.
The buildings can be utilized by single or a number of tenants. The builders anticipate receiving inquiries from all kinds of potential tenants, from native warehousing customers to bigger, extra regional distribution customers. Main firms within the space embody Lineage Logistics, FedEx, Americold Logistics and Amazon.
Near Nashville and freeway
MTIC will probably be located inside Nashville’s main core Interstate 24 submarket and about 36 miles southeast of downtown Nashville. The property is strategically positioned to serve each downtown Nashville and the broader regional space attributable to its proximity to I-24.
Ryan Dodge, a companion and managing director at New York-based actual property finance and administration agency PCCP, stated in ready remarks the I-24 hall has been experiencing excessive person demand and restricted provide attributable to excessive obstacles to entry. Noting the Larger Nashville space is projected to proceed seeing an in-migration of inhabitants and wealth, Dodge stated they count on the economic sector within the area to stay sturdy.
READ ALSO: Automation and AI Form Future Industrial Demand
The Nashville industrial market had 224 million sq. ft of stock and a 3.7 p.c emptiness fee on the finish of the third quarter, in keeping with the builders. JLL reported in its third-quarter 2024 market report the Nashville market had 4.7 million sq. ft of speculative growth beneath development, with tenant demand at practically 6 million sq. ft. That ought to result in rising rents. With constructive macroeconomic situations within the Southeast area, JLL expects Nashville to proceed to be seen as a extremely fascinating marketplace for tenants and buyers.
William Sisk, Brett Wallach and John Zeffrey of Lee & Associates in Nashville are dealing with leasing for the property house owners.
Earlier Nashville JV
PCCP and DRG have labored collectively in Tennessee previously. In October 2022, they introduced the formation of a three way partnership to construct Beechcroft Industrial Park, a speculative three-building, 815,530-square-foot challenge in Spring Hill, Tenn., close to a serious Common Motors manufacturing plant. Beechcroft Industrial Park features a 228,580-square-foot rear-loading constructing, a 244,950-square-foot rear-loading constructing and a 342,000-square-foot cross-docked constructing. The 63-acre web site is 38 miles south of downtown Nashville.
Extra PCCP industrial initiatives
In November, PCCP fashioned a three way partnership with CRG to develop The Cubes at Alpha, a 575,900-square-foot industrial park on a 37-acre web site in Alpha, N.J. Supply is predicted by the third quarter of 2025. The challenge will probably be geared toward e-commerce, distribution, 3PL and manufacturing makes use of. The Cubes at Alpha may have two buildings measuring 270,900 sq. ft and 305,000 sq. ft. Situated close to Interstate 78, the property is about 24 miles southwest of Allentown, Pa., and about 60 miles east of The Port Authority of New York & New Jersey.
In June, PCCP teamed with one other three way partnership companion, BBX Logistics Properties, for The Park at Delray, a 40-acre industrial campus in Delray Seashore, Fla. Section one of many challenge contains the event of a 200,000-square-foot constructing. Upon completion, it can function three buildings totaling greater than 670,000 sq. ft.
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