Joint Venture Transformed 60-Year-Old Mill Into Vibrant Sylvan Supply
Nashville, Tennessee (January 25, 2022) — Third & Urban and FCP® have sold their interests in Sylvan Supply, the adaptive reuse development on Charlotte Avenue at the gateway to Nashville’s Sylvan Park, to CBRE Investment Management which acquired the asset on behalf of its investment funds.
The project features large, open class-A creative office space with large windows and public corridors. Open spaces and terraces connect the eight buildings that formerly made up Madison Mill, providing outdoor workspaces. Sylvan Supply has a total of 158,000 square feet of office space and 35,650 square feet of curated dining and shopping.
It has become an 18-hour, work-play destination, with restaurants and various other retail tenants, including a brewery, a fitness studio and a salon.
“Our vision for Sylvan Supply as captured and designed by Centric Architecture created a compelling asset for both Nashville residents and investors,” said Chris Faussemagne, Partner, Third & Urban. “We appreciate the support of city council member Kathleen Murphy and Sylvan Park Neighborhood Association throughout the development and congratulate CBRE Investment Management on acquiring a strong, performing urban reuse project with tremendous upside.”
“FCP is very proud of Sylvan Supply, a stunning and successful example of our adaptive reuse strategy accomplished with Third & Urban,” said FCP Vice President for Commercial Investments, Liz Koteles. “The project has had an immediately positive impact along the Charlotte Avenue corridor and has proven to be highly attractive to employers and the community alike.”
Sylvan Supply attracted a number of commercial tenants to its modern spaces, including Accenture, Bricktops Restaurant Group, Keller Williams, ASD | Sky, W&A Engineering and KPFF.
Popular brewery Bearded Iris Taproom and boutique coffee purveyor Barista Parlor joined restaurants Radish, Red Perch and Punk Wok as Sylvan Supply’s curated retail destinations.
“CBRE Investment Management is excited to build on the momentum started by the Third & Urban and FCP teams at Sylvan Supply. In the midst of a global pandemic, this asset has seen incredible demand from both office and retail tenants, which we believe speaks to the unique characteristics of the property. We look forward to finishing the business plan and adding to the incredible mix of tenants,” said Tom Harris, Asset Manager for CBRE Investment Management.
FCP and Third & Urban thank Stewart Calhoun, Mike McDonald, Samir Idris, Crews Johnston and David Meline at Cushman & Wakefield for representing the seller.
About Third & Urban
Third & Urban are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, engaging in a deliberate value creation process to produce truly unique destinations and best-in-class results for office, retail and residential spaces. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. With more than 2,000,000 square feet across five markets in the Southeast, Third & Urban has developed more than $550,000,000 in institutional-grade urban projects. For more information, please visit www.thirdandurban.com.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
