Dalfen Industrial has purchased a 76-acre tract of land directly east of Nashville International Airport for a new industrial development.
The developer acquired the land from FedEx for $19.5 million, according to CoStar data. FedEx originally purchased the site in 2007 with intentions to build a data center; that project was ultimately relocated to Colorado Springs, Colorado.
The development site is located at 700 Airpark Commerce Drive along critical travel paths with access to Murfreesboro Pike and Interstates 24 and 40, a major logistical corridor that connect Nashville to runs from South Carolina to California. The land is also in close proximity to downtown Nashville and the Nashville International Airport, making it one of the few remaining undeveloped last mile sites that is currently zoned for industrial use, Dalfen Industrial said in a news release.
Dalfen plans to develop the land into a three-building, 739,950-square-foot industrial park. Current plans call for buildings totaling 140,000, 270,000 and 340,000 square feet that are set to provide flexibility to accommodate a variety of uses and tenants, according to Sean Wood,senior vice president of development and construction at Dalfen.Site work is anticipated to begin in late summer 2021, and is projected to wrap up in the first quarter of 2022.
Dalfen Industrial President and Chief Investment Officer Sean Dalfen told CoStar that positive fundamentals in the Nashville market, coupled with the anticipation of continued population and economic growth in the area, were key motivators in the selection of this site. He also noted the proximity to both population centers and logistics infrastructure provided by this location were identified as affording last mile operators increased efficiency and profitability.
Over the last 12 months, Dalfen Industrial has transacted on $1.7 billion of real estate in the United States.
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