Value-Add Opportunity: Shadowbluff has 100% original interiors allowing new ownership the opportunity to add value to the property by updating the interiors with new countertops, appliances, fixtures, and flooring.
Loss-to-Lease Burnoff: Recent Leases have been renting for $118 more than in-place rents on average. New ownership will have the opportunity to organically increase rents through loss-to-lease burnoff.
Rent Growth Opportunity: Shadowbluff is over $300+ below rent of nearby properties. New ownership will be able to increase rents and capitalize on the demand to potentially increase NOI. Submarket rents are anticipated to grow by 11.5% in 2022 and 5.2% in 2023, according to CoStar projections. Submarket year-over-year rent growth has been 19.7% .
$1.4 Billion Airport Expansion: The property is located near Nashville International Airport, which is in progress on a $1.4 billion expansion plan. The renovation will include more parking, larger baggage claim and ticketing areas, an expanded concourse, new international facilities, and a hotel. By 2023, BNA passenger traffic will grow from 18 million to more than 23 million.
$1.2 Billion Oracle Job Announcement: Oracle announced a new campus hub which will bring 8,500 jobs with an average salary of $110,000/year to Nashville, the largest job announcement in Tennessee history. Oracle also said over 11,500 ancillary jobs would be created plus another 10,000 temporary jobs through construction and other support services.
Additional Nashville Developments: In the last five years, TNECD has supported 55 economic development projects in Davidson County resulting in more than 25,000 job commitments and approximately $3.2 billion in capital investment. Highlights include:
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
Nashville is a Top City: Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including:
#1 – Top U.S. City for Job Seekers (MoneyGeek)
#1 – Metropolitan Economic Strength Ranking (Policom)
#1 – Most Economic Growth in 2021 (Stessa)
#1 – Most Promising Market for Real Estate and Investor Demand 2022 (ULI)
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Shadowbluff") located in Nashville, Tennessee.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Nashville, Tennessee and known as Shadowbluff (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: