CRG, a national real estate development and investment firm, 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. The address is 1526-1846 Sparta Pike.
Located 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 Nashville, 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.
“We are thrilled to bring The Cubes to Lebanon, marking our first project in the Nashville industrial market and adding to our growing portfolio in the booming southeastern region of the country,” said Shawn Clark, president of CRG. “Land sites such as this one with workable topography and access to utility infrastructure are difficult to come by, so we knew this location would be an ideal spot to offer best-in-class logistics solutions for our clients in this market.”
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.”
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