Duke Realty Secures Seven New Lease Deals and 13 Lease Renewals in Nashville

Lease Agreements Lock Down 305,000 SF of Industrial Space

NASHVILLE — September 16, 2021 — The Nashville office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, has entered into seven new lease agreements totaling 68,000 square feet of space and has renewed leases with 13 tenants totaling 237,084 square feet of space. New tenants have secured space in Duke Realty’s Nashville Business Center, Aspen Grove Industrial and Brentwood South Business Center.

“Duke Realty’s industrial facilities and business centers in Nashville continue to attract and retain tenants in need of state-of-the–art space in convenient locations,” said Jeff Palmquist, Duke Realty’s vice president of leasing and development in Nashville. “By working closely with trusted broker partners, Duke Realty’s in-service portfolio in Nashville is currently 97.6 percent leased. With our high occupancy and second quarter average asking rents up 17.5 percent year-over-year1, demand for modern, convenient space in Middle Tennessee is very strong.”

Lease deals include:

  • 62,088 square feet of space at Nashville Business 3300 to Vanderbilt University Medical Center,
  • 13,000 square feet of space at Brentwood South 7106 to Growtech, a garden tools supplier,
  • 3,600 square feet of space at Brentwood South 7108 to Daikin Applied Americas, a global HVAC leader,
  • 5,280 square feet of space at Brentwood South 7108 to Old Dominion Insulation Inc, a commercial insulation contractor,
  • 12,113 square feet of space at Aspen Grove Business 305 for Raging Bull Nashville LLC, a new auto dealer,
  • 8,126 square feet of space at Aspen Grove Business 320 to One Generation Away, an organization that distributes healthy foods to families in need throughout Middle Tennessee, and
  • 8,126 square feet of space at Aspen Grove Business 320 to CHC Art Services LLC, a corporate art supplier.

Additionally, Duke Realty inked lease renewal deals with 13 tenants to remain in company spaces in the Nashville metropolitan area.

Nashville Business Center is a two-facility complex that sits along I-24 with access to I-65 and I-40 and within three miles of the FedEx and UPS Ground facilities. Brentwood South Business Center offers six buildings in the heart of the Cool Springs submarket with access to I-65. Aspen Grove Industrial is a five-building industrial complex with more than 576,000 square feet of space just off of I-65 in Franklin.

Jimmy Pickel with Southeast Venture, Barry Smith with Eakin Partners, Christopher Gaw with Cushman & Wakefield, Coleman Aycock with Aycock Realty Group, Mylinda Vick with Cherry & Associates, Suzanne Ganser with Avison Young and Ben Ozburn and Bill Buntin with Colliers International represented the tenants. Duke Realty was represented by Lonnie Russel at Cushman & Wakefield and Jeff Palmquist, Duke Realty’s vice president of leasing and development in Nashville.

In the Nashville metro area, Duke Realty owns and manages 3.6 million square feet of industrial properties.

1CBRE Marketview Nashville Industrial, Q2 2021