If you're thinking — or hoping — that the flood of national and international real estate investment cash into Nashville will ebb soon, it looks like you're out of luck. A new report from CBRE puts Music City in the top 10 of cities for large investors in the coming year. And their interest goes beyond just apartments, hotels or office buildings.
Industrial is the preferred property type for investors in 2015, with one-third of survey respondents selecting either of the two industrial categories as their preferred sector. Industrial was also first in 2014 at about the same response rate. Office comes in second highest with 25% of the vote, down just slightly from 2014. Among niche property types, senior housing and healthcare are becoming increasingly appealing.
Distribution centers in Mt. Juliet and La Vergne are part of a massive recapitalization transaction by USAA Real Estate Co. that involves more than 14 million square feet of property in 11 states. The deal has brought in new investors and trimmed USAA's stake to about 10 percent. Combined, Rockdale Distribution Center II and Mid-South Logistec Center comprise about 1 million square feet.
It wasn't a huge surprise a month ago when the leaders of Hemlock Semiconductor said they plan to shut for good the doors of their Clarksville polysilicon plant. On Thursday morning, parent company Dow Chemical said how much that decision will cost it. The Michigan-based industrial giant will take a $500 million hit pre-tax, which comes out to $465 million after taxes.
SEE ALSO: A 2013 TNReport.com story detailing the money Hemlock got in various subsidies and credits for building its doomed Middle Tennessee operation.
Executives with Hemlock Semiconductor have decided to permanently close their massive Clarksville factory complex without it ever producing a finished batch of polycrystalline silicon, the rock-like material used in solar panels and semiconductor chips. Hemlock announced six years ago that it would invest more than $1 billion in Clarksville, but a global supply glut and the threat of Chinese tariffs led the company to lay off its 300 local workers in the spring of 2013.
Jimmy Settle has the story for The Leaf-Chronicle.
Now, the company will have to work with local government to determine what parts of the massive facility they built here just within the past few years can perhaps be re-purposed for other business uses.
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