Teaser_1400 18th Ave
Confidential Offering Memorandum 1400 18 TH AVENUE SOUTH | NASHVILLE, TENNESSEE 37212 81,041 SF Class A Office Building
Cassidy Turley is pleased to offer for sale an iconic Nashville office building: 1400 18th Avenue South. The 81,041 square foot office building is located on 2.7 acres in the heart of Music Row and Vanderbilt area. This property represents a rare opportunity to purchase a building in a core location that currently has a stabilized rent roll and strong-credit tenants. Among the tenants that call 1400 18th Avenue home are Sony Music Entertainment, the current owner, and Vanderbilt University. The asset, originally built in 1916 as a convent, was meticulously converted to a Class A office building in 1999 and has been home to one of Nashville’s top country music labels ever since.
Property name 1400 18 th Avenue South
Slab to Slab Height 10’ to 12’ slab to slab height allowing for an exposed ceiling environment of 1’-2’ for easy access to the mechanicals, i.e., VAV boxes, pulling cabling, etc.
pump was replaced in 1998 with jockey pump and controller with 750GPM, 80PSI, 50HP, 460/3/60, the new controller was also replaced with a 208V. All fire extinguishers are located every 75’ on each floor as required by codes. Fire pump, sprinkler, strobes and horn tests are done annually and semi-annually on the Liebert units. Doors Main entrance doors to both buildings are solid cherry wood doors Interior doors throughout the building are cherry wood with insulated glass tops and side panels with a stained glass coding on each floor All stairwell and service center doors throughout the building are aluminum and fire rated as required by codes
Address 1400 18 th Avenue South Nashville, TN 37212
Current Occupancy 100%
Year Built 1916 (Renovated 1999)
Parking 202 existing spaces for employees. 14 visitor parking spaces & 7 service center spaces Roof Slate roof with clay ridge caps on both the A wing and C building, the B-wing consists of Carlisle 60-mil EPDM with rocks placed on it for the placement of the roof-top chiller unit
Owner Sony Music Entertainment
Square Footage 81,041 RSF
Land Area 2.66 Acres
Ceiling Heights Finished ceilings vary from 7’8” on the 1st floor, 10’3” on the 2nd floor, 8’9” on the 3rd floor and 8’8” on the 4th floor
Life Safety The building is fully sprinkled. The fire
Rare Mid-Town Nashville Office Investment
term rent growth. These advantages coupled with a highly visible location in the heart of Music Row has the building poised to outperform its peer properties over the long term. Barriers to Entry Despite the strength of the Nashville economy, the region has seen little new speculative construction in recent years. The challenging topography surrounding much of the city limits the cost effectiveness and viability of new projects. While there are some nearby development parcels, it is unlikely that there will be significant speculative construction in the near term without substantial pre-leasing. Stabilized Near-Term Cash Flows with Strong Upside The property offers both substantial and consistent near term revenue with a tenant base of strong credit companies, Sony and Vanderbilt University. The
building is situated in a submarket experiencing significant rental growth due to high demand and the cost of new construction. The asset is expected to generate higher returns after the in-place leases expire. Numerous Area Amenities There are numerous amenities within walking distance of the building including banks, restaurants and general services typically found in a Class A office environment. Given its location close to Vanderbilt University, the area has a higher than average concentration of unique and high-end retail establishments. Discount to Replacement Cost This offering represents a significant discount to replacement costs. Current estimates for comparable new Class A construction in the area are in excess of $275 per square foot.
1400 18 th Avenue South represents the first mid-town office investment of significant size to come to the market in recent years. The area has always been attractive to investors due to strong valuations and proximity to Vanderbilt University. The area, otherwise known as Music Row, sits among the most prominent neighborhoods in Nashville. Opportunities to invest here are coveted. Positive Market Dynamics Nashville continually ranks among the premier cities for corporate relocations, quality of life and pro- business government. Despite the recent downturn in the national economy, the city has weathered the economic storm far better than its peers. Demand for office buildings such as 1400 18 th Avenue South has been and is expected to remain strong as investors seek well- located assets with potential for long
Crews Johnston III, SIOR 615.301.2901 email@example.com
Perry Gooch 615.301.2923 firstname.lastname@example.org
Peter Buckey 212.318.9794 email@example.com
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