CRG Acquires Site for 2.8 MSF Industrial Park
The Cubes at Sparta Pike marks the company’s entry into the Nashville market.
CRG has acquired a 200-acre property in Lebanon, Tenn., and plans to develop it into The Cubes at Sparta Pike, a four-building, 2.8 million-square-foot industrial park.
The site is 30 miles east of downtown Nashville, and the buildings to be developed there will range in size from about 250,000 square feet to 1.4 million square feet. The project marks the company’s entry into the Nashville industrial market.
The Cubes at Sparta Pike is designed to accommodate e-commerce, distribution, third-party logistics and manufacturing users. Its buildings will feature 40-foot clear heights, extra-wide staging bays with grade-level doors, deep truck courts, and ample trailer storage and car parking. The site is also served by two substations, providing users with the potential for redundant power.
Located at 1526-1846 Sparta Pike, the property is less than a mile south of a full interchange on I-40 and about 24 miles from Nashville International Airport. The site also features frontage along the Nashville & Eastern Line Railroad.
In a prepared statement, Kevin Scott, vice president of investments and development at CRG, noted the Nashville industrial market’s rising need for distribution space alongside an historically low level of vacancy.
Jim Rodrigues, president of Lee & Associates National, has been retained to oversee leasing and marketing to prospective build-to-suit users.
CRG has planned, broken ground on or completed more than 53 million square feet of The Cubes projects in regional logistics hubs across the U.S.
The metro Nashville industrial market had more than 4.2 million square feet of absorption in the third quarter, according to Lee & Associates. Most of that, about 3.3 million square feet year to date, was in the Wilson County submarket, where The Cubes at Sparta Pike will be built.
Overall industrial vacancy in the third quarter decreased 30 basis points from the prior quarter, dropping to 2.4 percent, making this the 12th consecutive quarter in which Nashville’s industrial market posted a sub-3.0 percent vacancy.
In addition, the Wilson County submarket saw 1.3 million square feet of preleasing activity in the third quarter.
Just a few weeks ago, Foundry Commercial broke ground on a 370,900-square-foot light industrial campus in Smyrna, Tenn., in southeastern metro Nashville. Foundry’s partner in the spec project near I-24 is Principal Real Estate.