Stream Enters Nashville Market With 1.1 MSF Project

Stream Realty Partners has broken ground on a nearly 1.1 million-square-foot, two-building speculative project in Lebanon, Tenn. It’s the firm’s first industrial development in the Nashville, Tenn., market.

Central Pike Logistics Center is taking shape on 89.2 acres at the 1600 block of Central Pike, about 25 miles east of downtown Nashville. The project’s location provides direct access to Tennessee State Route 109 and Interstate 840.

Upon delivery, Building A will comprise 355,982 square feet of light industrial space in a cross-dock configuration, with 40-foot clear heights, a 130-foot truck court, 80 trailer parking spaces and an ESFR sprinkler system. Building B will be 724,146 square feet, also in a cross-dock configuration, with 40-foot clear heights, 177 trailer parking spaces and ESFR sprinklers.

Stream is developing the project through its Investment Management platform. The team includes Executive Managing Director & Partner Rob Lowe and Vice President of Investments Mitch Kingsley, together with Senior Directors Dale Todd and Drue Stoehr. Cushman & Wakefield is handling the leasing, while Mycon Construction serves as general contractor.

A dollar value for the project has not been disclosed, and Stream did not reply to Commercial Property Executive’s request for that and other information.

Roads to growth

With an unusually large number of interstate highways converging there, Nashville has been attracting steady interest from logistics developers and investors.

In May, CRG broke ground on the first building of The Cubes at Sparta Pike, a 198-acre industrial park also in Lebanon. Completion is scheduled for early 2026.

And in August, properties in metro Nashville comprised more than a quarter of the total square footage in an industrial portfolio for which TPG Real Estate secured a $407.5 million CMBS loan. Goldman Sachs and Bank of America originated the interest-only note with three one-year extension options.

The Nashville area’s industrial market saw a surge of deliveries in the second quarter, with six projects adding 1.7 million square feet, according to a report from Cushman & Wakefield. However, only 12.4 percent of that was preleased.

Looking ahead, the company anticipates persistent demand among tenants seeking spaces smaller than 50,000 square feet. These tenants are expected to migrate toward older properties, pushing those rents upward.

Nashville’s East submarket had an overall vacancy of 7.2 percent in June on an inventory of 51 million square feet, with a further 3.1 million under construction.