BETHESDA, Md., Jan. 27, 2021 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it sourced equity for a joint venture to acquire and develop Myatt Drive Industrial, a 16-acre land parcel located approximately 13 miles northeast of Downtown Nashville, Tennessee. The development provides much-needed inventory of Class A, flex-industrial space in the greater Nashville MSA and will serve as last-mile distribution centers for smaller firms and service-related tenants. The demand for such localized distribution facilities to serve as last-mile distribution centers has increased significantly, thanks to increased demand for e-commerce and shortened delivery windows.
Walker & Dunlop’s Capital Markets Director Heather McClure advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The transaction is Walker & Dunlop’s first deal with CA South Development, a woman-owned industrial development firm in Nashville, Tennessee.
Positioned two miles south of Interstate 65, Myatt Drive has excellent access to the interstate highway network and close proximity to the Nashville Central Business District. The 171,000 square foot development distinguishes itself from typical large cross-dock facilities in the area by offering smaller site options between 10,000 and 30,000 square feet. The development is complete with Class A office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. Additionally, the site is located within the bounds of a designated opportunity zone census tract. Opportunity zones were established by Congress in the Tax Cuts and Jobs Act of 2017 and encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
Meg Epstein, Founder and CEO of CA South Development, commented, «We are excited to expand our industrial footprint across Nashville. With our city’s explosive growth, we are doing our part to provide a place for last-mile logistics and mid-sized companies to better serve the city.»
Ms. McClure added, «It is such an honor to support influential clients like CA South who are trailblazing the commercial real estate development space as a woman-owned business. Walker & Dunlop is committed to creating a diverse workforce both within and outside the firm. By 2025, the company has set ambitious goals to increase the representation of females in management positions and among top company earners.»
Walker & Dunlop has one of the strongest industrial finance networks in the industry, with over 100 dedicated experts in the sector. In 2019 and 2020, Walker & Dunlop completed 160 industrial property transactions in 21 states.
For more insights on the industrial market, including trends driving new warehouse construction, the need for urban infill industrial properties, and case studies on recently closed transactions, please see our Industrial Market Report.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.
About CA South
CA South Development, led by Meg Epstein, is a local to Nashville, woman-owned real estate development firm specializing in urban infill ground-up development projects in the downtown core. The company specializes in office, multifamily opportunity zone, and residential condominium developments with over $300 million of projects currently underway. CA South Industrial marks a move into urban-infill industrial and flex office for CA South Development. For further information, visit www.CASouthDevelopment.com.
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SOURCE Walker & Dunlop, Inc.