The Southeast’s Largest Mixed-Use Property Sells Commercial Space
- Nov 02, 2012
Terazzo, the spectacular mixed-use mid-rise at 700 12th Ave South in Nashville’s upscale Gulch neighborhood has sold its commercial component.
The Nashville Post reports that the 100,000-square-foot office and retail component of the development was recently sold to a private investor group identified in the Davidson County Register of Deeds as Nashville Terazzo Partnership. According to the same filing the general partnership paid $19 million for the space and filed an $11 million deed of trust, but none of the papers filed indicate what entities are behind the partnership.
The Class A, Silver LEED-certified development has been on the market since spring 2011. The seller was Canyon-Johnson Urban Funds, the entity that lists former NBA star Magic Johnson as a Partner. Canyon Johnson invested $20 million in Terrazzo in 2007.
After representing the seller in the transaction, Cushman & Wakefield|Cornerstone Commercial Real Estate Services will reportedly be staying on with the new owners to provide property management and leasing services.
The 14-story green development opened in 2009 at a cost of $68 million. It features 117 high-end condominiums atop approximately 100,000 square feet of office, retail and restaurant space. Terazzo benefits from classic contemporary architecture with mid-century design influences.
The commercial component of Terazzo features 24/7 concierge services, secured and monitored access, and separate commercial parking as well as separate commercial elevators. Retail space is available at street level and features expansive glass, up to 22-foot ceilings, and lobby or street-level entrances. Office space is located on floors two through four and it offers up to 28,000-square-foot-floor plates. The commercial component is 82 percent leased.
Condominiums feature 11-foot ceilings, oversized terraces, gourmet kitchen with Italian cabinetry and stainless steel professional appliances, bamboo hardwood floors and master baths outfitted with vanity cabinets, soak tub and separate tiled showers. Residents enjoy a 44-hour concierge service, access to a controlled underground parking lot and bike parking, a large clubroom, outdoor lap pool, fitness and cardio center, climate-controlled storage units, dog walk, private residential elevator and wireless internet access throughout the building.
Terazzo is the largest mixed-use/residential high-rise in the Southeast to achieve the Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council, the first LEED-certified high-rise in downtown Nashville and the first LEED certified mixed-use high-rise in Tennessee. Green features include low-E glass that provides natural light in 96 percent of interior space, energy-efficient lighting and mechanical systems, Energy Star appliances, water-efficient fixtures and landscaping, low VOC paints and sealants, on-site recycling stations, green housekeeping, stormwater management, green rooftop terraces, light colored paving and roofing and underground and covered parking with reserved garage parking for fuel-efficient and low-emission vehicles as well as secure bike parking. One fourth of the development’s building materials are sustainable or high in recycled content as well as locally extracted or manufactured, and 75 percent of construction waste was recycled.
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Photo courtesy of Terazzo’s Google+ Page
Chart courtesy of CBRE, Inc.