{"id":1004573163,"date":"2022-03-24T03:57:30","date_gmt":"2022-03-24T11:57:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573163"},"modified":"2022-12-08T13:34:38","modified_gmt":"2022-12-08T21:34:38","slug":"oak-street-funds-90m-manufacturing-facility-in-tennessee","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oak-street-funds-90m-manufacturing-facility-in-tennessee\/","title":{"rendered":"Oak Street Funds $90M Manufacturing Facility in Tennessee"},"content":{"rendered":"
\"Portobello<\/a>

Rendering of Portobello America\u2019s build-to-suit facility in Baxter, Tenn.<\/p><\/div>\n

Oak Street Real Estate Capital<\/strong> has agreed to fund the construction of and then purchase a $90 million manufacturing facility well east of Nashville. Avison Young<\/strong>\u2019s Capital Markets Group negotiated the build-to-suit, sale-leaseback deal.<\/p>\n

The 965,000-square-foot facility is in Baxter, Tenn., and will be used by Portobello America<\/strong>, a business unit of Brazil\u2019s Portobello Group<\/strong>, as a ceramic-tile manufacturing plant, warehouse, U.S. headquarters office and showroom.<\/p>\n

Portobello had chosen Avison Young principals Timothy Hall, James Hanson and Tom Viscount to raise the capital to build the facility.<\/p>\n

\n

READ ALSO<\/strong>: Port Markets Lead Industrial Activity<\/a><\/p>\n

\n

Portobello America purchased the land and sought capital for construction of the manufacturing facility, which began late last year.<\/p>\n

Oak Street bought the property and is funding construction of the new facility. Portobello will execute a 20-year lease when construction is complete, which is expected in late 2022.<\/p>\n

Portobello Group is Brazil\u2019s largest tile manufacturer and distributor. It estimates that the Tennessee facility will create more than 200 local jobs and generate about $150 million in annual revenue, once full capacity is reached, which is expected to occur by 2026.<\/p>\n

The 92-acre site is situated on I-40, about 70 miles east of Nashville and in the Cookeville Micropolitan Statistical Area. It\u2019s in Putnam County, reportedly a national center for ceramic tile manufacturing because of the region\u2019s significant natural supplies of clay and feldspar.<\/p>\n

Tile mecca<\/h2>\n

Portobello was an attractive sale-leaseback candidate in part because the company \u201cis a dominant player in the global and U.S. tile industry, so investors value their credit under the leaseback,\u201d Hanson told Commercial Property Executive<\/em>. In addition, the facility will be state-of-the-art, with the latest technology for tile manufacturing and sustainability.<\/p>\n

He added, \u201cTennessee is an extremely attractive state for new business development and job creation, so the industrial market there is very attractive to investors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Avison Young negotiated the build-to-suit, sale-leaseback transaction on behalf of Brazil\u2019s leading ceramic tile manufacturer.<\/p>\n","protected":false},"author":882,"featured_media":1004573177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21825,13,21742],"tags":[33022,37350],"class_list":["post-1004573163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-finance","category-midwest","category-latest","tag-avison-young","tag-oak-street-real-estate-capital"],"acf":[],"yoast_head":"\nOak Street Funds $90M Manufacturing Facility in Tennessee - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Oak Street Real Estate Capital has agreed to fund the construction of and then purchase a manufacturing facility east of Nashville.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/oak-street-funds-90m-manufacturing-facility-in-tennessee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oak Street Funds $90M Manufacturing Facility in Tennessee\" \/>\n<meta property=\"og:description\" content=\"Oak Street Real Estate Capital has agreed to fund the construction of and then purchase a manufacturing facility east of Nashville.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/oak-street-funds-90m-manufacturing-facility-in-tennessee\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-24T11:57:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:34:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Portobello-America-build-to-suit-facility-in-Baxter-Tenn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"817\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oak-street-funds-90m-manufacturing-facility-in-tennessee\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/oak-street-funds-90m-manufacturing-facility-in-tennessee\/\",\"name\":\"Oak Street Funds $90M Manufacturing Facility in Tennessee - 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