Pre-development Site Conditions:
- Existing bank branch on 1.2 acres
- Extremely heavy traffic and commercial trade area pressure with little to no options for retailer growth
- High-growth Southern Nashville market
- Multiple client trade area interest
After securing the site, it was presented to a national restaurant chain that expressed immediate interest in leasing this property. In negotiations with this chain, it became apparent the economics of the property were too much for a single tenant to handle, even with a relatively small parcel. Through creative thinking and utilizing PCGs design consultants, PCG was able to subdivide this property into two parcels large enough to accommodate two repeat clients, Taco Bell and Dunkin’ Donuts. The Dunkin’ operator was a multi-unit franchisee with growth commitments to fill and the Taco Bell was a direct corporate lease. Both were very excited to see the opportunity come together due to the challenges of locating in this market.
Even though the property is on a mature commercial corridor, this corner had challenges tied to a lot subdivision, a future intersection redesign, multi-tenant design coordination and a difficult municipality. Over a 9-month period, with only one signed lease, PCG risked its time and capital to entitle the property and deliver the property fully entitled for both tenants. Throughout this process, PCG was also re-negotiating a more affordable land price with the seller to ensure the lowest possible rents for each tenant.
Upon receiving all civil and demolition permits, PCG closed on the property and began its landlord work. Within six weeks PCG completed its landlord work letter and turned over the property to the tenants three weeks early. Both tenants are now open for business and serving their customers.