Turnbridge Equities (Turnbridge) has secured construction financing for its first two Nashville developments in the popular 12 South neighborhood. Ashwood 12 South (Ashwood) is a 116,500 square-foot, three-story mixed-use retail and office development. Located across from Ashwood is an 11,000 square-foot, single-story retail project situated across two buildings. The vertically integrated investment and development firm secured the $78 million construction through a NYC-based Institutional Investor. The project is located at 2212 12th Avenue South.
“We were fortunate to be able to obtain construction financing in this difficult environment. We are grateful for the close relationships we’ve created with financing sources that allowed us to move this exciting project forward. Now that our financing has been secured, we look forward to delivering the first Class-A boutique office space in the 12 South neighborhood. We have been working closely with our office and retail brokers to attract best-in-class tenants to make Ashwood an incredible addition to this vibrant area of Nashville.”Andrew Joblon, Founder of Turnbridge Equities.
“Interest from prospective office tenants has been incredibly strong to date due to the desire of companies that want to escape the congestion of the urban core. Unlike many other office projects in Nashville, Ashwood offers a boutique mixed-use experience in a highly walkable and heavily amenitized environment that caters to the needs of today’s office user. We are thrilled to be a part of this transformative project in 12 South.”Frank Thomasson, Senior Vice President at CBRE.
The construction loan will fund Turnbridge’s second project on the same block at 2311, 2315, 2317 12th Avenue South, shown below. This site is approaching completion of structural work and expected delivery in February 2024. The project will consist of an existing 4,800 square-foot single-story retail building and a newly constructed 6,200 square-foot single-story retail development that will add three new and retail and restaurant concepts to the street. Here’s the quick rundown:
Ashwood 12 South
2212 12th Avenue South
|What’s Now||Cleared Site|
|What’s Next||Office Mixed Use|
|Retail Leasing||Ojas Partners|
|Civil||Barge Civil Associates|
Overall, Ashwood will offer 44,500 square feet of prime retail and restaurant space on the ground floor of the 3 building structures which make up the site. It is complemented by pedestrian-friendly, open-air paseos and landscaped space. There are two single-story retail out-buildings which primarily fronts 12th Avenue and the paseo. The 3-story building sits parallel to the two single-story buildings which also has frontage along 12 South and further defines the retail paseos (or walkways).
The 72,000 square feet of office space is located in the 3-story building. The ground floor is activated by retail/restaurant space. There is a 37,000 SF floor plate on level 2 and a 35,000 SF floor plate on level 3. Building amenities include expansive private outdoor terraces, electric vehicle charging stations, and covered parking for employee collaboration and access. The diagram below show potential demising options for the office space.
Ashwood has completed site work and commenced foundations, with delivery set for December 2024. Turnbridge is actively leasing and has signed five leases with a variety of food & beverage and retail concepts that will benefit neighbors, visitors, and office tenants alike, including: sushi concept, Sushi-San, smoothie and healthy grab-and-go staple, SunLife Organics, all-day Australian café, Two Hands, as well as other first-to-market lifestyle retail concepts.
Currently owned and developed by Turnbridge Equities, the office brokerage on record is CBRE, represented by Frank Thomasson, Senior Vice President, and Byran Fort, Senior Vice President, with retail leasing managed by Jeremy Zidell, founder of RUE Realty, and Elam Freeman, founder of Ojas Partners.
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