Development, Industrial, Nashville – Knoxville, News, Southeast, Distribution Realty Group
Middle Tennessee Industrial Center. Image courtesy of Distribution Realty Group
Distribution Realty Group is one step closer to starting construction on Middle Tennessee Industrial Center, a 700,000-square-foot project in Murfreesboro, Tenn. The firm has purchased the 87.7-acre development site from Mary K. Murfree Family Partnership for $8.5 million, according to Nashville Business Journal. Groundbreaking is set for early 2024.
To come online in two phases, the campus was designed to include four read-load buildings with 36-foot clear heights, LED lighting and office components. The property will cater to warehouse and logistics tenants.
Middle Tennessee Industrial Center will take shape along South Rutherford Boulevard near Interstate 24, some 36 miles southeast of downtown Nashville. Several major companies, such as Lineage Logistics, FedEx, Americold Logistics and Amazon, are also in the area.
Current industrial developments in Nashville
Since its founding in 2013, DRG has acquired and developed more than 10.8 million square feet of industrial and distribution facilities in several markets across the U.S., in states such as Tennessee, Indiana, Illinois and Mississippi. The firm currently has another Nashville-area project in the works; in partnership with PCCP LLC, the company is developing Beechcroft Industrial Park in Spring Hill, Tenn., with completion expected this November.
As of May, Nashville had 3.5 million square feet of industrial space under construction, representing 1.7 percent of stock, according to a CommercialEdge report. One of the ongoing developments, a speculative two-warehouse industrial project totaling more than 2 million square feet in Lebanon, Tenn., will be the largest of its kind in Nashville’s I-840 corridor when complete.
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This 700,000-square-foot project will break ground in early 2024.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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