The Realiste Fund Discusses the Effect of the Nashville Tornado on the Industrial Market
The recent tornado that hit the Nashville area did a lot of damage. Many businesses are without spaces to operate and are in the process of rebuilding.
Nashville, TN, March 22, 2020 --(PR.com)-- Nashville Tornado and Its Industrial Aftermath
A devastating EF4 tornado with wind speeds up to 175 mph hit Middle Tennessee on March 3, 2020. It tore a path of destruction in Nashville and in Lebanon and Mt. Juliet in the I-40 corridor, did a great deal of damage, and immediately affected homes and the local industrial market in a major way. Many buildings were completely destroyed or were significantly damaged and will have to be repaired or replaced.
At least five million square feet of warehouse space was totally lost or damaged. This includes:
-Two Beckwith buildings of 500,000 square feet each and one of 1, 247,500 square feet are totally lost. One Beckwith building with 706,000 square feet lost 30% of space, but it is not operable.
-One Eastgate building with 430,000 square feet and another of 300,000 square feet are totally lost. Another building with 430,000 square feet of space is heavily damaged and is not useable.
-Nine smaller Eastgate Boulevard buildings totaling 400,000 square feet were destroyed or sustained heavy damage.
-The balance was mostly older and non-Class-A buildings north of the Airport in the Hermitage/ Donelson area or on the west side of Nashville in the Cockrill Bend area.
In addition, throughout the state, 25 people were killed, including five children aged 2 to 13 years old, with four families losing multiple people. Many more residents were injured in the aftermath, and normal lives have been disrupted for a long time to come.
Other damage includes:
- Hangars and planes were destroyed at John C. Tune Airport in West Nashville with damages expected to reach $93 million.
- Damage occurred in at least four counties in the path of the storms.
- At one time, over 73,000 businesses and homes in four counties were without power because 15 primary distribution lines and four substations were damaged.
- Overturned tractor-trailers blocked parts of Interstate 40 near Mt. Juliet and Interstate 24 near Antioch.
- State offices closed in eight counties.
- The Crazy Gnome Brewery, ready to serve their first beer, was struck just days before their Grand Opening.
- Tennessee Gov. Bill Lee declared a state of emergency.
The affected and displaced businesses have been scrambling to lease whichever vacant buildings are still standing. There is a limited supply of buildings for them to use, and many are waiting for their former buildings to be renovated or rebuilt to accommodate their businesses once again. Obviously with the extensive damage done by the tornado, that will take a good while. Hopefully, once the buildings return, more opportunities will present themselves for future planned projects.
For more information, contact Stephen Epstein at the Realiste Fund in Nashville at stephen@realistefund.com. He will also be happy to give you updates on the progress being made and the investment funds being sought for real estate development in the Nashville area.
A devastating EF4 tornado with wind speeds up to 175 mph hit Middle Tennessee on March 3, 2020. It tore a path of destruction in Nashville and in Lebanon and Mt. Juliet in the I-40 corridor, did a great deal of damage, and immediately affected homes and the local industrial market in a major way. Many buildings were completely destroyed or were significantly damaged and will have to be repaired or replaced.
At least five million square feet of warehouse space was totally lost or damaged. This includes:
-Two Beckwith buildings of 500,000 square feet each and one of 1, 247,500 square feet are totally lost. One Beckwith building with 706,000 square feet lost 30% of space, but it is not operable.
-One Eastgate building with 430,000 square feet and another of 300,000 square feet are totally lost. Another building with 430,000 square feet of space is heavily damaged and is not useable.
-Nine smaller Eastgate Boulevard buildings totaling 400,000 square feet were destroyed or sustained heavy damage.
-The balance was mostly older and non-Class-A buildings north of the Airport in the Hermitage/ Donelson area or on the west side of Nashville in the Cockrill Bend area.
In addition, throughout the state, 25 people were killed, including five children aged 2 to 13 years old, with four families losing multiple people. Many more residents were injured in the aftermath, and normal lives have been disrupted for a long time to come.
Other damage includes:
- Hangars and planes were destroyed at John C. Tune Airport in West Nashville with damages expected to reach $93 million.
- Damage occurred in at least four counties in the path of the storms.
- At one time, over 73,000 businesses and homes in four counties were without power because 15 primary distribution lines and four substations were damaged.
- Overturned tractor-trailers blocked parts of Interstate 40 near Mt. Juliet and Interstate 24 near Antioch.
- State offices closed in eight counties.
- The Crazy Gnome Brewery, ready to serve their first beer, was struck just days before their Grand Opening.
- Tennessee Gov. Bill Lee declared a state of emergency.
The affected and displaced businesses have been scrambling to lease whichever vacant buildings are still standing. There is a limited supply of buildings for them to use, and many are waiting for their former buildings to be renovated or rebuilt to accommodate their businesses once again. Obviously with the extensive damage done by the tornado, that will take a good while. Hopefully, once the buildings return, more opportunities will present themselves for future planned projects.
For more information, contact Stephen Epstein at the Realiste Fund in Nashville at stephen@realistefund.com. He will also be happy to give you updates on the progress being made and the investment funds being sought for real estate development in the Nashville area.
Contact
Realiste Fund
Stephen Epstein
615-696-7676
www.realistefund.com
Stephen Epstein
615-696-7676
www.realistefund.com
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