Area real estate professonials could soon have a new benchmark by which to measure the Middle Tennessee commercial market.
Canyon-Johnson Urban Funds has put up for sale the office and retail section of the 14-story Terrazzo tower in The Gulch. The building, which comprises 109 condominium units as well as 79,000 square feet of offices on three floors and about 20,000 square feet of retail space, opened its doors in early 2009 at a cost of $68 million. Canyon-Johnson first invested $20 million in the project — then being developed by Crosland — in the fall of 2007 and took control of the project in 2010.
"Canyon-Johnson Urban Funds is pleased that the vision of the Terrazzo mixed-use development in The Gulch is being realized," Canyon-Johnson officials said in a statement to NashvillePost.com. "Today, the office space is almost fully leased, the residential portion is 99 percent sold, and interest in the remaining retail space is strong."
Terrazzo's nearly full office space has been one of the region's brighter CRE spots in the past year and a half. Among the tenants that have moved there are marketing company Dye Van Mol & Lawrence, CPA firm Sussman & Associates and entertainment venture BE Music & Entertainment as well as a number of smaller law firms. Canyon-Johnson has tapped Don Albright, director of the capital markets group at Cushman & Wakefield|Nashville Commercial, to market the Terrazzo sections.