ESTATE EXPERT
02 Nashville Commercial Real Estate 1st Quarter 2013 realty.elizabethgatlin.com
NASHVILLE MARKET TRENDS
NEIGHBORHOODS APARTMENT DEFINED HOUSING BOOM
2012 year in review and 4th quarter market report. What to expect for 2013 CRE.
A look at Nashville neighborhoods from a local’s perspective. How have they changed?
The addition of multiple apartment complexes will mean change for Nashville.
Real Transit Coming to Nashville? Will the new East West Connector BRT line effect your property for the better or for the worse? Real estate experts weigh in.
PHOTO: SUZANNE GIESEMANN
PLUS Marketing your property. Our insider’s guide for getting it SOLD.
Chas. Hawkins Co., Inc. CORFAC International
ESTATE EXPERT
CONTENT 6 REAL TRANSIT COMING SOON Will the new East West Connector BRT line effect your property for the better or for the worse? Real estate experts weigh in.
10 NASHVILLE MARKET TRENDS The next big boom city - 4th Quarter market report and what to expect for 2013 rates.
14 RECENT SALES
22 APARTMENT HOUSING BOOM From affordable to luxury, Nashville has many new housing options on the horizon.
See which properties are selling in your neck of the woods with recent property sales.
16 DEAL SPOTLIGHT Local commercial listings that have deal written all over them.
18 DEVELOPERS CORNER Nashville Neighborhoods defined and explained.
22 APARTMENT HOUSING BOOM The addtition of multiple apartment complexes will mean change for Nashville.
26 EVENTS CALENDAR
Local events to enjoy with family and friends this season.
27 MARKETING YOUR ASSET How the best real estate agents get your property SOLD.
26 GET OUTDOORS THIS SEASON Forget cabin fever this winter, these attractions will get you out of the house and into Nashville.
28 FEATURED SERVICES Make the most of your real estate by capatalizing on these featured services.
30 TAKE THE LEAP TODAY Meet your new team of real estate experts and let us help you today.
ESTATE EXPERT No. 02 路 February 2013 路 Year 2 路 EDITOR Elizabeth Gatlin CREDITS Images are taken from various sources noted where aplicable. CONTENT Written by Elizabeth Gatlin unless otherwise noted SIGN UP visit realty.elizabethgatlin.com for more information DISCLAIMER Chas. Hawkins Co., Inc. makes no representation or warranty, expressed of implied, to the accuracy of the information contained in this publication, and it is subject to errors, omissions, changes, withdrawal from the market, and other modifications without notice. No guarantees are made to the accuracy of the articles or implied information.
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ESTATE EXPERT
EDITORIAL
HI, Welcome to Estate Expert - A quarterly report geared towards Nashville’s leading commercial real estate decision makers.
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re you ready for your property investment to start paying off in 2013? Here are some of the many ways you can benefit from comprehensive real estate services that will maximize your return on investment.
“If you want to make money, the day you buy should be the day you start planning to sell.”
PLANNING FOR REAL ESTATE DISPOSITION
COMPREHENSIVE PROPERTY ANALYSIS
Whether you know you want to sell your property or you are just considering lease options, quality planning is key. Just as you plan your finances before you make a big purchase you should also be taking a hard look at the finances associated with the income you will gain from the disposition of your property. The first step in planning is having quality information and expectations to base your goals. I tell my clients:
You probably have a value in mind. Together we can tailor your listing to meet or exceed your goals.
Elizabeth Jewell Gatlin - Vice President, Brokerage Chas. Hawkins Co., Inc. / CORFAC International
CONTACT: Email: egatlin@chco.com Office: 615-345-7217 Website: ElizabethGatlin.com
One of the best ways to start your plan is with a thorough analysis of your asset. I often provide my clients a comprehensive property analysis that combines up to date market information, relevant comparable listings and sales, real world experience, and intimate first hand knowledge that will help you set a realistic and attainable listing goal. Call me today to set up an appointment and we can discuss all the ways to maximize your investment.
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LOCAL FLAIR
ESTATE EXPERT
Map My Run GPS App Find routes across town or make your own. This app is free and perfect for exploring the city and your community while staying active.
East Nasty Running Club Join me and 100s of other local Nashvillians on group runs in East Nashville.
NEW YEAR’S RESOLUTIONS Get active with these FREE ways to move around our city. Everything from running and walking to riding and biking. Nashville is a great place to put your New Year’s resolutions into action.
MUSIC CITY CIRCUIT Ride the free MTA bus around downtown. Put our tax payer dollars to good use and end with a couple of blocks walk to your destination.
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NASHVILLE’S B CYCLE AND GREEN BIKES PRGRAMS Bike rentals are now available downtown. Visit Nashvillebikeshare.org and Bcycle.com for locations and rental information.
ESTATE EXPERT
EXPERT AREA
3 MILE RADIUS What happens if you focus your real estate investments on one of the biggest boom cities in the nation? Real Estate portfolio success.
EXPERT AREA Estate Expert focuses soley on happenings in the Metro Nashville area.
CORRIDORS Nashville Real Estate - 12 Major Corridors, 50 miles of Opportunity. CORRIDOR CONNECTIONS 1. 2. 3.
Woodland, Main and Gallatin Hermitage and Lebanon Lafeyette and Murfreesboro Pk.
4. 5. 6. 7. 8.
2nd, 4th and Nolensville 8th and Franklin Pike 12th Avenue South Division and Demonbeun Broadway and
WHY NASHVILLE? Nashville real estate is beautiful. It is historic and varied. After all, there is a deep heritage here that other places do not have and the people really want to be here. Nashville-located companies care and give back. All of these things make our clients the
best people to work with. We understand Nashville and how the urban landscape continues to change and grow. We also understand the opportunities available to companies interested in metro real estate just beyond the downtown core and still connected to it all.
21st Church and West End 10. Charlotte Avenue 11. Jefferson and Rosa Parks 12. 1st and Dickerson 9.
GO INFILL REDEVELOPMENT is one of the greatest real estate opportunties for growing cities such as Nashville. There are plenty of available parcels ready to be filled by valuable local businesses.
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BROADWAY BEFORE TRANSIT Photo: Sarah Maurer
ESTATE EXPERT
ECONOMICS
TEXT ELIZABETH GATLIN PHOTOS NASHVILLE MTA
TRANSIT COMING TO
NASHVILLE
W
ill the new Nashville EastWest Connector BRT (Bus Rapid Transit) Line effect commercial property values for the better or for the worse? Political and administrative concerns aside, here is a look at how real estate experts weigh in on transit and development. Now that the city has decided on the type of transit initiative proposed for connecting major thorough fairs in downtown Nashville the question is not WILL the project be used as predicted but instead HOW will it effect your commercial property values.
of heritage and history that makes our music city so unique.
BELOW What the proposed line would look like for Broadway: central transit stops, two way flex lanes, and no more street parking.
The best way to look at the overall picture of how a new mass transit initiative will effect adjacent property is not looking to other cities but instead taking a snap shot of how it will be used and perceived by the
Wait a second, what about our street parking? The East-West Connector BRT line may have a huge effect on your property value. Real estate experts weight in on the pros and cons.
natives. The BRT line was one of three options considered by the city. Though everyone almost unanimously wanted to bring back our charming street cars, the BRT scenario seemed to be the most cost effective while meeting federal incentive criteria. The transit line is located in the center of the road with lanes go-
WHY BUS RAPID TRANSIT? Not all mass transit options are created equal, especially in the South. It might be obvious if you go down to Broadway any time of the year, but Nashvillians love their cars, errr, I mean TRUCKS. They also love the sense
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ECONOMICS
ESTATE EXPERT
ing both ways reserved for buses that stop along at major central stations. The pictures don’t make it look too obtrusive or high tech (imagine seeing and installing tracks and power lines everywhere to service light rail) but wait a second, what happened to the street parking!?!
ABOVE 17 Transit stops going from Five Points in East Nashville to White Bridge Road
PARKING RATIOS AND MASS TRANSIT Especially in the South many investors and developers want to see high parking ratios for their commercial investments. Most require between 4 and 5 spaces per 1,000 sf and the downtown Nashville core has experienced increasing demand for parking since the 80’s. One of the cited concerns about developing and purchasing downtown commer-
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RIGHT The transit alliance notes the system will not operate like a typical bus route.
cial real estate is a general lack of parking options and amenities that bring potential customers and buyers to the area. In a study by Randall Gross / Development Economics one of the only ways to decrease and alleviate this demand for parking in Nashville
would be to offer an efficient mass transit option that maximizes public reach and mobility. So will the number of spaces lost from the program out weigh the benefit? The parking loss could immediately have a negative impact on the business owners that
ESTATE EXPERT
ECONOMICS
Even with the southern ”bus stigma” people will slowly begin to ride the new transit line because it is easier than driving.
RIGHT Proposed look and feel of the BRT line as it travels west of town.
occupy space directly adjacent to the line because of construction, etc.. Bbut over the long term the lack of these spaces is negligible when compared to the benefits of the subsequent transit oriented development. If you own property along the route and are worried about losing your parking, hold tight. There are many ways to maximize your profit from the route, especially considering the increased visibility you will experience from riders, visitors and pedestrians. If you are outside of the urban core you are in luck because your parking supply is even higher and more consistent than downtown, especially with the lower parking requirements adopted by Zoning for new downtown redevelopment areas.
TRANSPORTATION AND COMMERCIAL REAL ESTATE One of the best parts of adopting a new mass transit line for Nashville is the mass of potential clientele that have access to adjacent businesses and commercial real estate. Even with
JOIN THE TRANSIT DEBATE
the southern “bus stigma” people will slowly begin to ride the new transit line because it is EASY. You wont be stuck searching 30 minutes for parking, you wont be fighting traffic in and out of town on game days and paying top dollar for gas and special event parking rates, and you can watch the city transform as you ride by on the BRT line to and from work. The value of commercial property in the area will grow not only because of the (errr hmmmm) higher property taxes, but because our city will continue to become renewed from the interest, activity, and investment laid by the East-West Connector line.
If you are interested in learning more about the new transit line, how it is funded and how BRT works, go to EastWestConnector.org
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MARKET TRENDS
ESTATE EXPERT
NASHVILLE MARKET TRENDS 4th Quarter Market Report 2012 The 4rd quarter ended on a positive note with 7.2 Million sf of positive absorption market wide between Nashville’s Office, Retail, and Industrial real estate. Now that’s a lot of real estate sales and leasing for the end of 2012.
NOTABLE OFFICE LEASE Burton Hills Office Park 110,000 sf AmSurg Class A
T
he Nashville Office market finished the year on a positive note posting over 300k SF of absorption for the quarter, bringing the Year-To-Date number to over 900k SF. Overall rental rates are remaining relatively stable while vacancy rates dipped below the 10% mark for the first time in
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NOTABLE OFFICE TRANSACTION Vantage Place 34,000 sf State of Tennessee Class B
NOTABLE RETAIL TRANSACTION 154 - 166 2nd Avenue North 13,211 sf Rodizio Grill Restaurant - Full Service
NOTABLE OFFICE LEASE One Nashville Place 97,482 sf Regions Class A
NOTABLE INDUSTRIAL LEASE LaVergne Distribution Center 518,667 sf Nissan Bulk Warehouse
years. The Nashville Retail market had a slightly positive quarter with 25k SF of absorption, which ended the year with nearly 130k SF. Vacancy rates continue to decline below the 6% mark. Overall rental rates remain relatively stable although still significantly less than 4Q last year, ending the year at $15.70 compared to
$16.14 in 2011. The Nashville Industrial market ended the year with over 3.2 million SF of positive absorption for the quarter, sending the YTD number to a remarkable 6.2 million SF. Overall vacancy rates dropped to 8.6%, two whole basis points less than the previous quarter.
XCELIGENT, INC. The above charts and data have been compiled from “3Q 2012 Market Trends” by Xceligent, Inc. All Rights reserved.
ESTATE EXPERT
MARKET TRENDS TEXT XCELIGENT, INC. PHOTO GOOGLE MAPS
MARKET SECTORS TO LOOK OUT FOR
OFFICE
RETAIL
INDUSTRIAL
Overall rental rates are remaining relatively stable while vacancy rates dipped below the 10% mark for the first time in years.
Vacancy rates continue to decline below the 6% mark. Overall rental rates remain relatively stable although still significantly less than 4Q last year, ending the year at $15.70 compared to $16.14 in 2011.
Overall vacancy rates dropped to 8.6%, two whole basis points less than the previous quarter. This significant drop is due to over 1 million SF of positive absorption in the East, Southeast and Southwest markets.
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LEASE RATES
ESTATE EXPERT
RETAIL Retail Rental Rates: Metro Nashville lease rates are closer to the top of the ranges shown. (Left)
XCELIGENT RETAIL AVAILABILITY MAP Available Retail real estate in Metro Nashville. (Right)
OFFICE Office Rental Rates: Metro Nashville lease rates are closer to the top of the ranges shown (Below)
RETAIL LEASE RATES
LEASE RATES Retail and Office lease rates are stable even with lower quarterly vacancies. Industrial rates on average have shown a slight increase. RETAIL HAS A COMPETITIVE EDGE: If you are about to start your year searching for a new Retail space prepare to brace yourself for possible competition and difficulty. With the 2012 4th Quarter closing with only a 5.7% Vacancy rate, retail takes the cake for the least amount of available space in the market. This means that as companies fill these spaces owners and landlords will begin to ask for an increase in
OFFICE LEASE RATES
INDUSTRIAL Industrial Rental Rates: Metro Nashville lease rates are closer to the top of the ranges shown. (Right)
INDUSTRIAL LEASE RATES 12
ESTATE EXPERT
LEASE RATES
AVAILABLE RETAIL SPACE
rental rates while simultaneously asking more in other property management areas such as CAM (Common Area Maintenance such as landscaping) or other improvements. They can even be more discriminating with potential tenants or buyers because they realize there is more demand out there than available properties. Ultimately the laws of economics play a huge factor even if rates have not yet shown a large increase.
If you plan on selling or leasing your space call me today. We can discuss the many ways you can benefit from this market shift and how you can take advantage of the new market trends. Now is a great time to consider leasing your existing retail or office space especially if you find it is not producing the income you desire. I am always ready to strategize how to make my clients more money while helping to protect them in a transaction
If you are just looking at Retail for your next space then look again. Downtown Office and Industrial properties can be great finds with more opportunity for Retail type innovation. 13
SALES COMPS
ESTATE EXPERT
12/12/12 East Nashville Sunset Evereadysmiles.tumblr.com
RECENT
SALES IN TOWN
SOLD for more. Nashville real estate seems to be more and more expensive as shown by these recent sales around town.
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f you were ever curious about what is selling in your neighborhood then look no further. Here are some of the top deals and sales from last quarter. Our brokers use this type of information to help you put a value on your property when you decide to list with us. Often if a similarly property has sold recently then
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we can use the price per square foot to determine a potential range for your property. Unlike residential sales, commercial properties are not actively published as SOLD and finding out how much a unique property went for can be a challenge. That is why you need us to help you find out all the applicable sales in your neighborhood to get the best possible price from your listing.
ESTATE EXPERT
SALES COMPS
319 FESSLERS LANE
615 MAIN STREET
525 4TH AVENUE S.
1906 WEST END AVE.
89,962 SF Industrial Property SOLD October 2012 $1,000,000 - $11.12/SF
94,109 SF - Commercial Office SOLD December 2012 $2,183,550 - $23.30/SF
10,640 SF - Commercial Retail SOLD November 2012 $360,000 - $33.83/SF
16,680 SF - Commercial Office SOLD October 2012 $2,369,000 - $142.03/SF
625 8TH AVENUE S.
601 MURFREES. PK.
926 LEBANON PIKE
1803 BROADWAY 318
6,927 SF - Warehouse SOLD November 2012 $717,435 - $103.57/SF
2,310 SF - Commercial Market SOLD October 2012 $835,000 - $361.47/SF
1,240 SF, 8.68 ACRE - Land SOLD November 2012 $650,000 - $74,884/ACRE
620 SF - Office Condo SOLD November 2012 $168,000 - $270.97/SF
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DEAL SPOTLIGHT
ESTATE EXPERT
DEAL SPOTLIGHT LAND FOR SALE IN MIDTOWN 224 15TH AVENUE NORTH A 50′ x 185′ parcel of land at 224 15th Avenue North Nashville, TN 37203 in the up and coming Midtown area is for sale for $177,000. This property would be a great investment opportunity for someone looking to capitalize on the growth in the area. The CF (Core Frame) zoned property boasts quick access to I-40 and I-65 as well a convenient and central location. The land could be used for outside storage, downtown parking, a community garden or dog park (leased to downtown residents maybe?) or could be developed / built to suit for retail or office. The urban zoning overlay increases the chances of an investor being able to modify the land to meet his/her needs as the city is eager to bridge the gap between downtown and the emerging midtown area. Learn more about how the urban zoning overlay affects downtown property and read about the many changes happening in this area in Developer’s Corner. Midtown (which didn’t even have a name when I was growing up here) has had major tenants and buyers scooping up property for development in recent years. These properties will only increase in value as the surrounding neighborhoods grow with quality mixed use spaces.
Contact Elizabeth Gatlin for information: 615-345-7217.
$177,000 0.17 ACRES
ESTATE EXPERT
DEAL SPOTLIGHT
Investment Property Worth a Look. Wheather you are looking to lease or purchase your next property, these listings have deal written all over them.
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his quarter’s deal spotlight features a range of properties both for sale and for lease. Both 300 James Robertson and 2805 Nolensville Pike are brand new listings from the first quarter in 2013. 2105 Gladstone Avenue is a huge parcel located in the
center of boming Berry Hill. 2198 Nolensville Pike is ready to lease and has great visibility from the street where over 30,787 cars pass everyday. If you are interested in listing your property with Chas. Hawkins Co., Inc. and featuring it here, contact us today.
2105 - 2111 GLADSTONE AVE.
2198 NOLENSVILLE PIKE
+/-5,730 Square Feet on 3 parcel site Sale Price: $499,000 for all three, can be divided. Two Houses and One Warehouse in Berry Hill
+/- 1,482 Square Feet Total Lease Rate: $1,500 NNN / Month Zoned CS with 30,787 daily traffic count
300 JAMES ROBERTSON
2805 NOLENSVILLE PIKE
+/-24,501 Square Feet Total Sale Price: $2,700,000 includes 85 Parking spots Downtown code stand alone office building
+/- 4,256 Square Feet Total Sale Price: $390,000O or Lease: $3,000 / Month 2 Story Office Concrete Block Building
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DEVELOPERS CORNER The definition of major Nashville neighborhoods is just one of the many signs that Nashville is changing. If an area has been defined as a ”place” and given a name then we can expect the property values in that area to continue to rise. 18
EAST NASHVILLE – STRONG AND STEADY COMMUNITY Lockeland Springs, Historic Edgefield, Inglewood, East End, and now the East Bank – the first areas that come to mind when thinking of East Nashville. This place is far different from the dangerous “hood” of just a few years back. The biggest changes for East Nashville have happened because of the creative types that at one point sought refuge in the affordable homes and businesses in the area. They have managed to beautifully touch the neighborhood by developing a sense of
ESTATE EXPERT
DEVELOPERS CORNER
NASHVILLE NEIGHBORHOOD BOUNDARIES
TEXT ELIZABETH GATLIN PHOTOS VAIRED
LEFT Google Map with most major Nashville Neighborhoods outlined and defined.
entrepreneurship and innovation that is distinctly East Nashville (all while adding significant value to their properties and the sense of community). East Nashville might have a lot of hipsters, dog
BELOW The area in pink shows the boundaries for Midtown.
loving, business man by day band player by night types, but East Nashville’s walkable neighborhoods are appealing to all kinds of people, families, and lifestyles. East Nashville is one of the most sustainably growing neighborhoods in the city and still has a lot of infill projects slated for upcoming years.
SOUTH NASHVILLE – TRENDY BIG NAMES AND BIG CHANGE Who named “The GULCH” and why is Atlanta getting one? (Read more here) When did Berry Hill explode? Exactly the same time
that Vanderbilt bought the top floor of 100 Oaks of course. SoBro what? Oh, South of Broadway, aka the new convention center meets dilapidated concrete ready for infill development. With the new SoBro master plan we can expect even more to change. South Nashville has had private and public partnerships coming in and drastically changing the landscape into trendy and new urban lifestyle neighborhoods and this is very exciting for our city. But when does it all slow down? My guess will be in the new roundabout…just kidding. It is bound to keep morphing and adapting as the entire landscape gets a face
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DICKERSON Some wonder if the area around Dickerson will ever become a part of the dowtown redevelopment initiative... GERMANDTOWN Germantown and Salemtown north of Nashville are gaining a lot of momentum as Jefferson becomes revitalized.
LOCKELAND SPRINGS Known for community and family fun, the East Nashville area remains connected through many public events.
NASHVILLE NEIGHBORHOODS
ROLLING MILL HILL MDHA bought up a bit of land in this area that overlooks the river and the large East Bank scrapyard.
Germantown, The Gulch, SoBro, Midtown, Rolling Mill Hill, East Nashville.... Where do all these new neighborhood boundaries start and stop?
MIDTOWN For those that didn’t know, this is the area just west of the I-65 inner loop. It extends down West End, Church and Broadway.
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SOBRO Property South of Broadway is being held on to by investors hoping to capitalize on the New Convention Center’s tourist base. They know they will be better able to maximize their return in a few years.
THE GULCH Popping up overnight, the area known as the Gulch is still being filled with up and coming projects such as a new office complex.
ESTATE EXPERT
lift. The more southern Nashville neighborhoods are experiencing rapid and large scale changes as well. Melrose is about to take off with new housing and an old empty bowling alley hole is waiting to be filled. Edgehill has a lot in common with communities to the East and might just become the next big liveable and desireable housing neighborhood.
ABOVE View from SoBro looking towards Broadway.
DEVELOPERS CORNER
WEST NASHVILLE – CORPORATE COMMONS
NORTH NASHVILLE – THE NEXT BIG THING
If you ever want to invigorate your career, sense of purpose, and reinvest in your legacy go to Midtown, Music Row, and Hillsboro Village. Between education innovators – Vanderbilt and Belmont, major healthcare providers – Baptist and HCA (coming soon), top music producers and corporate mega centers, West Nashville has the brains and the money to continue development that fits in with the local culture and Nashville’s old south feeling of prestige. Even the Elliston Place and Church Street corridors are being eyed for future projects. The city is starting to plan on how to bridge the I-65 interstate gap and all the while college students are thinking of sticking around and calling Nashville home. West Nashville has experienced steady growth over the years and will more than likely continue to as corporate companies invest in their local assets.
A little behind the rest of the neighborhoods but catching up fast, North Nashville’s historically industrial areas are being converted into communities almost overnight. Germantown, the first major revitalization project / industrial conversion is still picking up steam and blending into the North Capitol landscape. Old factories and industrial buildings along the river are also being purchased and converted into housing. Even the old farmer’s market seems to attract more of a crowd these days. North Nashville has huge potential but not a lot of investors biting at the chops just right now. There are some dangerous areas up north and flooding is a huge concern as the river wraps around and cradles potential development sites. North Nashville will be one of the city’s next big things when the economy and some big players start to get it off the ground.
LEFT MDHA and Urban Design Associates’s SoBro master plan.
NEW PLAN FOR SOBRO In January the Master plan for SoBro was completed by Urban Deisgn Associates. The design calls for better street connections and infill.
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APARTMENT HOUSING BOOM The addition of multiple apartment complexes will mean change for Nashville, bringing new consumers to the market.
ESTATE EXPERT
APARTMENT HOUSING BOOM TEXT ELIZABETH GATLIN PHOTOS SKYSCRAPERPAGE.COM
LEFT Eleventh North apartment development in the Gulch.
NEW APARTMENTS The addition of multiple apartment housing complexes across Nashville could mean big change for our city. With the addition of these mixed use apartments going up all over the city, Nashville is poised to continue to grow in population and jobs as the current national economy staggers on. Take a look at these new developments being built and scheduled everywhere from Downtown to Germantown to East Nashville.
BELOW Proposed East Nashville Apartments to be developed at 909 Main Street.
this new need exists, especially in our city where just a few years ago downtown apartments were almost non-existent. These investors have begun to capitalize on the apartment demand by developing nice new downtown rentable living space. And the appeal of these complexes continues to drive more and more development all over town, even in places
such as Franklin that at one point did not allow apartments within it’s city limits. APARTMENT APPEAL One of the great things about these new apartment complexes is that they are innovative in tackling design issues that used to plague cities prior. These new developments are often mixed-
WHY DEVELOP APARTMENTS INSTEAD OF CONDOS? Part of what made the housing crisis so severe in recent years was the overall lack of a variety of housing options available to the public. Where do people go when owning no longer makes financial sense and there are no more loans or affordable options? Apartments of course. Developers across the nation have realized
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APARTMENT HOUSING BOOM
use, walk able, and modern or contemporary, giving residents many community type perks that older complexes do not offer. The new apartments also appeal more to the in-between generations that will be living in them such as recent college graduates, empty nesters, and single parents all who desire fresh starts, updated spaces, and community amenities. These groups of people also rely more heavily on a sense of engagement and accessibility provided by their living spaces because they can otherwise become easily isolated. Not all of the apartments going up around town are being marketed just to these groups. Some are exclusively being built
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ESTATE EXPERT
ABOVE Bell Midtown, formerly 1700 Midtown located West of Downtown.
RIGHT 12th South Luxury Apartments will be developed by HG Hill Realty.
intended for the luxury crowds and established businessmen who want city living in addition to their suburban and country homes. These complexes are being developed as condos that are then rented for a premium price.
SO HOW DOES APARTMENT DEVELOPMENT AFFECT COMMERCIAL PROPERTY VALUES? With the increase of housing options in the downtown area there will also be an increase in retail
ESTATE EXPERT
APARTMENT HOUSING BOOM
Apartments can appeal to a wide range of tenants which in turn promotes the growth of a sustainable local economy.
RIGHT Nance Place Apartments in Rolling Mill Hill.
and office space development. While apartment rates stabilize (more apartments developed = better rates for renters) other investors will move on to developing amenities for this new captive audience. These infill and revitalization projects will continue to raise property values around the city and people will continue moving back into town. As they pump money into the surrounding amenities, the property values of the entire urban core will continue to rise. Tenants in these buildings should also see an increase in revenue from the surrounding renters. After the apartment complexes are developed it usually takes half the time to fill them with tenants than the condo type projects which means faster property value increases.
BELOW Pine Street Flats in the Gulch.
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EVENTS CALENDAR
ESTATE EXPERT
COLOR RUN Saturday, March 30th at LP Field FAMILY FUN The Color Run is a feelgood, happy, colorful event. “Color Runners” of all shapes and sizes happily go from wearing pristine white clothing, to being covered in prismatic
color. The Color Run celebrates healthiness, happiness and individuality and brings the community together to create a five-kilometer canvas of colorful fun.
The 5k run begins at LP field on Saturday morning at 9 am. Participants run over the river and through town back to the field. The registration fee is between $35 and $60.
CASTING CALL If you love the new ABC show Nashville, join the extras cast. CASTING CALLS FOR “NASHVILLE”
CHEEKWOOD LIGHTS MAY 24 THROUGH NOVEMBER 10 Cheekwood is featuring British lighting designer Bruce
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Munro this spring for an outdoor art exhibit. The fiber-optic installations will transorm the gar-
dens into stunning dream scapes to be enjoyed through out the season.
Inspired to take over the city scene? ABC’s hit show “Nashville has regular extra casting calls through their Facebook page. So, if you love the show and want to be part of the action join the fan page and go to some of the casting events. You could be standing
in the crowd for one of Rayna’s big shows, or jamming at the 5 Spot in that latest scene. Some extras even get paid to enjoy the music and acting. Find more information at Facebook.com/NashvilleExtras/
ESTATE EXPERT
MARKETING YOUR PROPERTY An insider’s guide for how we get it sold: A multifaceted approach.
O
ne of the greatest benefits of having a real estate expert help you with the sale of your commercial real estate is having a strong voice in the market that is continuously“Selling” your asset. With all of my clients I use a thorough multifaceted approach to reach the right buyer that will pay you the highest dollar for your real estate.
DIRECT CONTACT If you are reading this then you have already experienced one of
the best ways I can market your property through continuous face to face contact with buyers, tenants, and potential investors. My direct marketing campaign is the highest value service I provide as I strategically target potential prospects that may have an interest in your asset.
ELIZABETHGATLIN. COM My website received over 2,000 vistors in January 2013. Don’t you want your property featured?
MARKETING
tions, search engine optimized website, and various listing services place your property at the forefront of potential prospects’ minds. I make sure to use the right titles and tags to get people interested and then hooked.
FRESH PERSPECTIVE AND PRINT For every property I list, I design a relevant and fresh flyer and print based marketing campaign that is distributed to our vast network of contacts. Having a variety of marketing approaches helps get your property SOLD
ONLINE NETWORKING With my communications background in technology I am able to constantly market your property effectively through multiple online sources. Linkedin, Facebook, broker to broker industry associa-
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FEATURED SERVICE
ESTATE EXPERT
LEFT Windlands Shopping Center off of Nolensville Pike, Nashville
THOROUGH LEASE REVIEW An experienced expert might see items in your contract that you wouldn’t think twice about until they burn you down the road.
Y
ou might have passed the Windlands Shopping Center on Nolensville Pike in Nashville if you are looking for a bargain or plan on visiting the Nashville Zoo. The strip center anchors big name tenants such as Essex “Bargain Hunt”, Dollar General, and Music City Thrift. It also boasts a new tenant – Mundo Tax, which signed a lease December 26th, 2012 just days after it was purchased from the Bank.
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THE VALUE OF A SECOND OPINION Mundo Tax was referred to me by a residential agent at Keller Williams. The owner asked me to assist him with his commercial real estate needs in Nashville including the review of a lease prior to execution. The lease in question was 29 pages and seemed to have some vague, confusing, and sometimes contradictory terms. This happens a lot in commercial real estate because Landlords often use boilerplate leases and
add in the specifics as relevant.
“Having an expert actually read your Lease, understand it’s implications, and review it with you has immense value by lowering your financial risks and protecting you against unforeseen loopholes.” In Mundo Tax’s case, the Right to Relocate the Tenant with 30 days raised a huge red flag as this could have a negative impact on business operations. We were able to catch and eliminate many possible ways the lease would have not benefitted my client and add valuable lease terms such as free rent and shortened renewal option. We also did the hard work on the front end so Mundo Tax could focus on getting their space up and running in time for tax season
ESTATE EXPERT
LOCAL EXPERTISE
DUE DILIGENCE Environmental Engineers that help you before you buy. THE BRELAND GROUP
RENOVATIONS A Commercial contractor dedicated to quality renovations. UTOPIA RENOVATIONS is a Commercial Contractor that provides renovation services for customers who value quality work, delivered on time and within bud-
get. Their clients’ satisfaction is their first commitment. They work with their clients to provide services managing any size construction project required, satisfying
their expectations. Utopia Renovation offers a full menu of commercial construction services that meet the individual needs of their clients.
The Breland Group, LLC specializes in the performance of cost-effective, professional quality Property Condition Assessment reports and Environmental Consulting Services on a nation-wide basis. The Breland Group is an approved consultant for premier lending institutions, legal firms, real estate companies, general commercial companies, industries, life insurance companies, and several of the nation’s largest health care corporations.
Their clients utilize these reports for existing property portfolios, acquisitions, sales, and refinancing activities. Their Environmental Services satisfy ASTM due-diligence requirements to identify wether or not on-site adverse environmental concerns or impact exist. Their Property Condition Assessment services identify the condition of structure components deficiencies for development of immediate, near term,and long-term capital replacement reserve budgets.
UTOPIA RENOVATIONS - Contact Leo Moreno at (615) 953 - 6697 7104 Crossroads Boulevard, Suite 108 Brentwood, TN 37027 THE BRELAND GROUP - Contact Ed Breland at (615) 777-3500 95 White Bridge Rd, Suite 317, Nashville,TN 37205
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REAL ESTATE TEAM
ESTATE EXPERT
MEET
YOUR ESTATE EXPERTS Commercial Real Estate Professionals since 1962 Chas. Hawkins Co., Inc. / CORFAC International
S
ince 1962, the Chas. Hawkins Co., Inc. has provided stable, reliable and outstanding real estate services to the Nashville community.
Our current business statistics include: • •
• We are a dynamic, energetic, forward focused & skilled group of real estate professionals with a significant presence in the Middle Tennessee commercial real estate markets. Phone: 615-256-3189 776 Melrose Avenue Nashville, TN 37211
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• •
Leases with over 500 customers Annual transaction volume in excess of $100,000,000.00 Manage over 8,000,000 square feet of space Over 45 build to suit projects completed Over 34 speculative projects completed
Call or visit us today to learn more about how we can help you with your real estate needs.
ESTATE EXPERT
REAL ESTATE TEAM
ELIZABETH GATLIN MORE ABOUT ELIZABETH Elizabeth Gatlin is an architecture and property investment specialist focused on metro Nashville real estate. She works with clients interested in owning, selling, or leasing real estate along the primary corridors leading into the downtown Nashville area. Elizabeth is a born and raised Nashvillian graduating from Hume Fogg Academic Magnet. She holds an Honors Bachelor’s degree in Architecture from the University of Tennessee, Knoxville and has been involved with both public and private initiatives that develop Nashville as a quality place to live and work. Her experience with companies and leaders developing the Middle Tennessee region gives her insight into the best deals in town. She lives with her husband in East Nashville’s Lockeland Springs neighborhood.
CONTACT HER TODAY:
Office: 615-345-7217 Cell: 615-429-3382 Email: egatlin@chco.com Chas. Hawkins Co., Inc. / CORFAC International 776 Melrose Avenue Nashville, TN 37211
JONATHAN DOUILLARD
KIM CAMP
STEPHEN PRATHER
TEE PATTERSON
Email: jdouillard@chco.com Call: 615-345-7233
Email: kcamp@chco.com Call: 615-345-7226
Email: sprather@chco.com Call: 615-345-7229
Email: tpatterson@chco.com Call: 615-345-7229
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