CRG Enters Nashville Market with 2.8M SF Industrial Park
The Cubes at Sparta Pike will expand CRG’s national industrial platform to high-growth, high-barrier-to-entry Nashville market, catering to premium brands seeking modern warehouse, distribution, and manufacturing facilities in supply-constrained market.
NASHVILLE (Nov. 29, 2022) — CRG, the national real estate development and investment firm, today announced it has closed on a 200-acre property in Lebanon, Tenn., that can accommodate 2.8 million square feet of state-of-the-art industrial facilities. The project, branded as The Cubes at Sparta Pike, is located 30 miles east of downtown Nashville. At full buildout, the industrial park will comprise four buildings ranging in size from approximately 250,000 square feet to 1.4 million square feet, serving a range of users that will benefit from the accessible location and amenities offered by the city of Lebanon.
Located at 1526-1846 Sparta Pike, less than a mile south of a full-service interchange at I-40 and approximately 24 miles from Nashville International Airport, the project offers access to robust transit infrastructure, with frontage along the Nashville & Eastern Line Railroad, operated by R.J. Corman Railroad Group. CRG has retained Jim Rodrigues, SIOR, president of Lee & Associates National, to oversee leasing and marketing to prospective build-to-suit users.
“The Nashville market is continuing to experience a rising need for distribution space as users are met with historically low levels of vacancy,” said Kevin Scott, vice president of investments and development at CRG. “This is especially true for newly constructed buildings in the specific size ranges this project can accommodate. A site of this scale, complete with direct rail access, is unique to the region and we are excited to deliver buildings in a campus-like setting to meet the market’s needs.”
According to Lee & Associates, Nashville posted more than 4.2 million square feet of absorption in third-quarter 2022. The Wilson County submarket, where The Cubes at Sparta Pike is located, drove the majority of absorption and has accounted for approximately 3.3 million square feet year to date. During the same period, overall vacancy dropped 30 basis-points from the prior quarter, falling to 2.4% and marking the 12th consecutive quarter in which Nashville’s industrial market posted a sub-3.0% vacancy rate. The Wilson County submarket also benefited from 1.3 million square feet of pre-leasing activity in the third quarter.
The Cubes at Sparta Pike is designed to accommodate e-commerce, distribution, third-party logistics and manufacturing users. The proposed development will feature 40-foot clear heights, extra-wide staging bays with grade-level doors, deep truck courts, ample trailer storage and car parking, future building expandability and overall site plan flexibility to accommodate the needs of users as they expand operations. The site is also served by two substations with the potential for redundant power to its users.
“Lee & Associates is thrilled to be marketing The Cubes at Sparta Pike, and we consider this project to be the premier industrial development in the Nashville market,” said Rodrigues. “The demand for industrial space has rapidly increased in Nashville, and today’s users are looking for next-generation facilities that give them the flexibility and scalability needed to keep pace with the market.”
The Cubes represents CRG’s philosophy of developing best-in-class, next-generation distribution facilities whose design anticipates the needs of users, both today and in the future, and aligns with the modern requirements of Fortune 500 companies and other premier users, as well as institutional investors.
Nationally, CRG has planned, broken ground on or completed over 53 million square feet of The Cubes projects throughout the U.S. All are located in regional logistics hubs with extensive transit infrastructure, high workforce availability and large population bases.
CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Indianapolis, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
About Lee & Associates:
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter, and Link, our company blog.