Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
: : James R. Morris Senior Vice President 615.248.3500 [email protected]
: : Paul Gaither Senior Vice President
615.248.1161 [email protected]
coRneR of MuRfReesboRo Road & hobson P ike/old h ickoRy blvd.
nashvi l le , Tn 37013
Quality Nashville Land Opportunity
ca
pita
l Ma
rke
ts |
Priv
ate
clie
nt G
rou
p
: : land oPPoRTuniTy
Executive Summary
Demographics
Investment Highlights
Proposed Site Plan
Location Map
Property Overview
Traffic Counts Map
Market Overview
Confidentiality Agreement
Table of conTenTs
2
ExEcutivE Summary
CB Richard Ellis has been retained as the exclusive listing agent for Starwood Commons,
a commercial and residentially zoned development site in Nashville’s highest growth
corridor. Located at the southern quadrant of Murfreesboro Road and Hobson Pike,
the site consists of approximately 65 acres with approved zoning for up to 421,500
square feet of commercial space and 250 residential units.
The property is well-known in the Nashvile metropolitan area because it is the former
Starwood Amphitheatre. The complex operated for over 20 years and was Nashville’s
premier outdoor live entertainment venue up until 2007. The property is now available
to be developed into a quality project, featuring both anchored retail and a residential
community that will compliment the overall area.
Quality NashvilleLand Opportunity
Demographics 1-mile 3-mile 5-mile
Population (2008 est.) 1,463 35,290 101,581
avg. HH income (2008 est.) $62,933 $61,981 $59,813
Population (2013 est.) 1,760 39,356 113,215
avg. HH income (2013 est.) $67,897 $66,293 $63,824
3 4
invesTMenT hiGhliGhTs
high Growth area
The population has grown over 60% in a one-mile
radius within the last eight years. The southeastern
Nashville to Murfreesboro, Tennessee corridor has
easily had the most growth in the market over the last
decade, and it continues to be the leader in new home
construction permits.
Well-known location
The site is well-known throughout the Nashville
metropolitan area because it was home to Starwood
Amphitheatre for over 20 years. It is currently branded
as Starwood Commons and is a highly recognized
location in the market.
Major intersection
Starwood Commons is located at the high-traffic
intersection of Murfreesboro Road and Hobson Pike.
Murfreesboro Road is a primary thoroughfare that
connects the entire southeastern corridor from Nashville
to the city of Murfreesboro. It parallels Interstate 24
and is a four-lane highway. Hobson Pike is a primary
crossroad for Murfreesboro Pike and is an extension of
Old Hickory Boulevard’s intersection with Interstate 24.
Hobson Pike also features the only bridge that crosses
Percy Priest Lake - approximately three miles northeast
of the site - and is very important to traffic movement in
the area.
civic advantage
There are currently four key public schools within a one-mile radius of the site. Mt. View Elementary is
directly across Murfreesboro Road from the site. Antioch High School - featuring the highest enrollment of
any public school in Nashville - is east of the site on Hobson Pike, along with J.F. Kennedy Middle School.
Cane Ridge High School was recently built and is southwest of the site on Hobson Pike, close to Interstate
24. The area will remain heavily traveled due to these schools, which will also continue to spur commercial
and residential development in the immediate area.
close Proximity to interchange city
The site is near Nashville’s largest industrial submarket - Interchange City. This particular market consists of
over 50 million square feet of industrial space and provides jobs to many residents in the area.
4
PRoPosed s i Te P lan
5
locaT ion MaP
6
location: Corner of Murfreesboro Road & Hobson Pike/Old Hickory Blvd.Nashville, TN 37013
site area: Commercial 44.50 AcresResidential 22.50 AcresTotal 65.00 Acres
access: Three points of access on Murfreesboro Road;Four points of access on Old Hickory Blvd.
utilities: All available to site
Zoning: The Starwood Commons development site has received an “SP” or Special Purpose zoning classification that allows up to 421,500 square feet of retail/commercial property and 250 residential units.
flood Zone: Area is outside the flood zone FEMA Map and Date 47037C0386F 4/20/2001
PRoPeRTy oveRv ieW TRaff ic counTs MaP
7
market overview Nashville market
The Nashville metropolitan area is the largest in a five
state region that includes Tennessee, Alabama, Kentucky,
Mississippi and Arkansas. Nashville is consistently ranked
as one of the top U.S. markets in terms of investment
opportunities, diversity of the local economy, employment
and quality of life. Over the past decade Nashville has
experienced tremendous increases in employment,
population and income growth. Nashville’s population
exceeds 1.4 million and is expected to grow 7% in the next
four years.
The Nashville economy is one of the most diverse in the
U.S. with major employers in healthcare, manufacturing,
automotive and entertainment sectors. The city is home
to 18 colleges and universities, including the prestigious
Vanderbilt University, with total enrollment of more than
46,000 students. This leads to a well-trained job force,
which contributes to an already favorable business
environment.
Nashville’s diverse economy, strong educational and
cultural amenities, strategic location and excellent
transportation system combine to make Nashville a
desirable business location, primed for continued economic
growth.
Tennessee is accredited for being ranked 2nd in the country
for “Top State Business Climate” (Site Selection, November
2008).
Lavergne / rutherford County market
Rutherford County is one of the nation’s fastest growing counties, according to the U.S. Census
Bureau (March 2008). One of the fastest growing areas in the county is the town of LaVergne. It
is located in the geographic center of Tennessee in the southeast quadrant of the Nashville MSA,
approximately 25 miles from Nashville’s central business district. Also located within close proximity
of the Starwood Commons site is the city of Smyrna. It is home to the Nissan automotive plant and
employs over 5,000 people.
Murfreesboro is considered the county seat of Rutherford County, and is now the sixth largest city
in the state. The city is located less than 20 miles south of the property, and is home to MTSU, the
third largest university in Tennessee with an enrollment of over 19,000. The college offers degree
programs at both the graduate and undergraduate levels.
According to a recent article in Forbes (March 2008), the Nashville-Davidson-Murfreesboro MSA
ranks 15th on the list of “Best Places for Business and Careers”.
8
This is a confidential Memorandum intended solely
for your limited use and benefit in determining
whether you desire to express further interest in
the acquisition of the Starwood Commons site
(“Property”).
This Memorandum contains selected information
pertaining to the Property and does not purport
to be a representation of the state of affairs of
the Owner or the Property, to be all-inclusive or
to contain all or part of the information which
prospective investors may require to evaluate a
purchase of real property. All financial projections
and information are provided for general reference
purposes only and are based on assumptions
relating to the general economy, market
conditions, competition and other factors beyond
the control of the Owner and CB Richard Ellis.
Therefore, all projections, assumptions and other
information provided and made herein are subject
to material variation. All references to acreages,
square footages, and other measurements
are approximations. Additional information
and an opportunity to inspect the Property will
be made available to interested and qualified
prospective purchasers. Neither the Owner or
CB Richard Ellis, nor any of their respective
directors, officers, affiliates or representatives
are any representation or warranty, expressed
or implied, as to the accuracy or completeness
of this Memorandum or any of its contents, and
no legal commitment or obligation shall arise
by reason of your receipt of this Memorandum
or use of its contents; and you are to rely solely
on your investigations and inspections of the
Property in evaluating a possible purchase
of the real property.
The Owner expressly reserved the right, at its
sole discretion, to reject any or all expressions of
interest or offers to purchase the Property, and/
or to terminate discussions with any entity at any
time with or without notice which may arise as a
result of review of this Memorandum. The Owner
shall have no legal commitment or obligation to
any entity reviewing this Memorandum or making
an offer to purchase the Property unless and
until written agreement(s) for the purchase of the
Property have been fully executed, delivered and
approved by the Owner and any conditions to the
Owner’s obligations therein have been satisfied
or waived.
By receipt of this Memorandum, you agree
that this Memorandum and its contents are of
a confident nature, that you will hold and treat
it in the strictest confidence and that you will
not disclose this Memorandum or any of its
contents to any other entity without the prior written
authorization of the Owner or CB Richard Ellis. You
also agree that you will not use this Memorandum
or any of its contents in any manner detrimental to
the interest of the Owner or CB Richard Ellis.
In this Memorandum, certain documents, including
leases and other materials, are described in
summary form. These summaries do not purport to
be complete nor necessarily accurate descriptions
of the full agreements referenced. Interested parties
are expected to review all such summaries and other
documents of whatever nature independently and
not rely on the contents of this Memorandum in
any manner.
If after reviewing this Memorandum, you
have no further interest in purchasing the
Property, kindly return this Memorandum to
CB Richard Ellis.
conf idenT ial i Ty aGReeMenT
: : James R. Morris Senior Vice President 615.248.3500 [email protected]
: : Paul Gaither Senior Vice President
615.248.1161 [email protected]
9
cb R ichaRd ell i s | e xc l u s i ve agen t s
: : James R. Morris Senior Vice President 615.248.3500 [email protected]
: : Paul GaitherSenior Vice President 615.248.1161 [email protected]
exclusively Marketed by:
Private client Group nashville Retail
150 4th Avenue, NorthSuite 2110Nashville, Tennessee 37219
www.cbre.com
www.StarwoodCommonsSite.com For more information on the Starwood Commons property, please visit our website at:
© 2009 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only a and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. © CB Richard Ellis, Printed in USA, 02/2009