CBRE RETAILNASHVILLE’S AUTHORITY IN URBAN RETAIL

AUSTIN BENEDICTUrban Retail ExpertAustin.Benedict@cbre.com +1 615 493 9221

Austin Benedict serves within CBRE’s Nashville Retail Services Group and focuses specifically on leasing assignments in Nashville’s urban districts and surrounding areas. His duties include both pre-leasing new construction developments and the leasing/disposition of existing projects, as well as representing a number of local, regional and national retailers in site selection assignments. He is also active in CBRE’s Midwest Restaurant Practice Group and CBRE’s Urban Retail groups.

Austin holds significant experience in leasing projects located in Nashville’s Downtown Core, Gulch and Midtown districts, having been engaged by Owner/Developers on over two dozen assignments in these areas alone since 2010. His resume includes leasing street retail located within mixed-use developments of virtually every conceivable variety: retail located within multi-family high-rises, office developments, hotels, multi-level retail within a prominent music performance venue, subterranean retail and even retail in parking structures.

With an academic background in marketing and construction management, Austin advises on existing real estate developments as well as through all phases of the new-construction development process including advising investors regarding future tenant mix and economic expectations and forecasting as well as all facets of recruiting prospects and transaction negotiations. Austin also counsel clients during the schematic design phase and is particularly valuable in overcoming complexities common in new-construction urban developments, ranging from restaurant infrastructure requirements to negotiating tenant parking in parking-constrained areas. For these reasons, Austin continues to list and complete more retail projects in the urban core than any competing broker.

AD

DIT

ION

AL

SE

LE

CT

TR

AN

SA

CT

ION

EX

PE

RIE

NC

E

TE

NA

NT

RE

PR

ES

EN

TA

TIO

N H

IST

OR

Y

INV

ES

TO

R/

DE

VE

LO

PE

R R

EP

RE

SE

NT

AT

ION

HIS

TO

RY

M E T R O P O L I TA N DEVELOPMENT

HOUSING AGENCYNASHVILLE, TN

Hastings Architecture, LLC

PARKVIEW TOWERS(Completed)210 25th Avenue NorthNashville, TN 37203Landlord: Elmington Capital GroupLeased 13,500 SF to Salons by JC, CrossFit

GULCH UNION(Under Construction)1222 Demonbreun StreetNashville, TN 37203Developer: Endeavor Real Estate GroupMarquee Street-Level Retail below 325,000 SF Class A Office Development

NASHVILLE’S AUTHORITY IN URBAN RETAILCBRE RETAIL

CITY LIGHTS20 Rutledge StreetNashville, Tennessee 37210Developer: Richard Rhea, Meeks + Partners71 Luxury Condos & 5,150 SF Restaurant in SoBro’s Rutledge Hill neighborhood

SKYHOUSE NASHVILLE (Completed)1701 BroadwayNashville, TN 37203Owner: Novare Group/Simpson Housing352 Apartments, 25 stories, MidtownLeased 10,250 SF Street-Level Retail to Orangetheory, Grabbagreen & other F&B

AEG AT NASHVILLE YARDS(Under Construction)901 Church StreetNashville, TN 37203Developer: Anschutz Entertainment Group4,000 Capacity Music Venue, Cinema & HotelAssignment includes leasing +100,000 SF F&B

SHOPS OF ARTS AVENUE(Completed)147 5th Avenue NorthNashville, TN 37219Developer: MDHALeased 1,010-Stall Parking Garage, CBD Core8,000 SF Street-Level Retail to Corner Pub, Rise Biscuits + Donuts

1200 BROADWAY (Completed)1200 Broadway Nashville, TN 37203Developer: Endeavor Real Estate GroupPNC Bank (by broker) Whole Foods (by Endeavor)

HAMPTON INN & SUITES(Completed)310 4th Avenue South Nashville, TN 37201Landlord: The LCP Group, L.PExpansion of hotel to 208 RoomsLeased 2,200 SF to Corner Bakery Cafe

CAMBRIA HOTEL AND SUITES(Completed)118 8th Avenue SouthNashville, TN 37203Developer: Fillmore Hospitality255-Key Luxury Hotel, CBD coreLeased 7,790 SF to NashHouse Restaurant

Selection of Austin Benedict’s past and current urban listings:

FORMER GERST HAUS (Completed)301 Woodland StreetNashville, TN 37213Owner: Jim ChandlerSold 0.72 Ac to Hotel Developer

127 3RD AVENUE SOUTH(Completed) 127 3rd Avenue SouthNashville, Tennessee 37201Owner: Hastings Holdings, LLCLeased 15,120 SF to STIRR F&B

ENCORE CONDOMINIUMS (Completed)301 Demonbreun StreetNashville, TN 37201Developer: Novare/Giarratana/Jamestown333 Condos, 21 stories, SoBro area of CBDLeased 20,000 SF Street-Level Retail to Etch, The Farm House, Bakersfield Tacos, Starbucks

CASE STUDY: SHOPS ON ARTS AVENUE100% Leased to Two Restaurants at above Pro-Forma Lease RatesAfter a competitive proposal process with other brokerage firms, The Metropolitan Development Housing Agency (the public/private board which approves all downtown projects) selected Austin and CBRE to handle the leasing of 8,000 SF of retail at the street-level of its new 1,010-stall parking garage located in Downtown Nashville. CBRE began the marketing process after construction of the garage had commenced, and achieved the following:

• Leased 6,000 SF to Corner Pub at a rental rate 120% above the Pro-Forma rental rate MDHA projected for the space

• Leased 1,700 SF to regional chain Rise Biscuits & Donuts at a rental rate 132% above the Pro-Forma rental rate MDHA projected for the space

• Total Tenant Improvement Allowance Dollars negotiated in leases was at or below MDHA’s pro-forma budget

• CBRE achieved the highest market rents for the Avenue of The Arts District in Downtown Nashville

CASE STUDY: ENCORE100% Leased and Showcases Nashville’s #1 White Tablecloth Restaurant The Encore project includes a 333-unit condominium tower with street retail located in the “SoBro” district of Downtown Nashville, just two blocks south of Broadway. Austin’s assignment included +20,000 square feet of urban street retail intended for both restaurant and other retail uses. Austin assumed the assignment at 0% occupancy and leased the project to 100% occupancy with the following tenants:

• Etch Restaurant (featuring Deb Paquette, voted Nashville’s #1 chef sixteen times)• The Farm House• Bakersfield Tacos & Tequila• Ensemble Boutique• Jimmy John’s Gourmet Sandwiches• Starbucks• Daily Juice• Metropolitan Wine & Spirits

Austin achieved the highest market rents for non-Broadway retail in the Central Business District core. Because of these leasing efforts, when the retail space was sold to Crow Holdings Capital Real Estate, the property achieved the highest recorded sales price at the time for multi-tenant retail in Nashville’s history. This sale price equated to several million dollars in return above the developer’s pro-forma. Crow Holdings continues to use Austin as agent for the Encore retail.

CASE STUDY: SKYHOUSE NASHVILLE100% Pre-Leased ahead of Project’s Construction Completion DateSkyHouse Nashville is comprised of a 25-story luxury apartment tower including a total of 352 residential units, 497 parking stalls and 10,252 SF of street-level retail. The project was developed in the Midtown area of Nashville at the marquee corner of Broadway and 17th Avenue South.

The Developer charged Austin with the following objectives: 1. Secure a great mix of retail tenants who complement each other2. Tenants need to be an amenity to future residents, the neighborhood, and aid pre-leasing apartments 3. Have all leases executed before the project’s construction completion date

Austin achieved all of these requirements by pre-leasing 100% of SkyHouse’s 10,250 square feet of retail to the following retail tenants:

• Louie’s Wine Dive• Capriotti’s Sandwiches• Grabbagreen• Orangetheory Fitness

CASE STUDY: AEG ENTERTAINMENT DISTRICT AT NASHVILLE YARDS (ONGOING ASSIGNMENT)Entertainment Tenant Commitments Prior to Construction Following a competitive interview process, CBRE was selected by developer AEG Worldwide (Anschutz Entertainment Group) and AEG’s JV partner MGM Resorts International to handle leasing for all retail planned within AEG’s 4-acres portion of Nashville Yards (Amazon’s +1M SF office HQs in Nashville). Currently under construction, the AEG/MGM project includes a 5-story office/retail structure, a 4,000-capacity performance venue managed by AEG, a 315-room Park MGM Hotel and +100,000 SF of retail and food & beverage spaces intermixed throughout the project for which CBRE advises on an ongoing basis. Prior to commencing construction, CBRE performed a competitive search process leading to the selection of the nation’s best-in-class dine-in cinema concept for a full floor space at the development.

NASHVILLE’S AUTHORITY IN URBAN RETAILCBRE RETAIL

Client References

Project Developer Reference Contact

1200 Broadway Whole Foods313 apartments66,000 SF office4,900 SF retail

Endeavor Real Estate Group Jamil Alam Endeavor Real Estate Group Managing Principal jalam@endeavor-re.com (512) 970-4111

901 Church Street AEG-MGM Entertainment District at Nashville Yards 75,000 SF of F&B; 90,000 SF office; Park MGM Hotel; 4,000-capacity music venue & +100,000 SF retail & F&B

JV Partners:AEG Worldwide Real Estate DevelopmentMGM Resorts International

Kevin Rieger AEG Worldwide Development Senior Vice President krieger@aegworldwide.com (213) 742-7855

301 Demonbreun Street Encore Apartment Tower 333 Apartments; 20,000 SF Retail (Etch, Farm House, Starbucks, Bakersfield Tacos, Jimmy John's)

JV Partners: Novare Group Holdings, LLCGiarratana Development

Andy Vance Novare Group Holdings, LLC Senior Vice President avance@novaregroup.com (404) 575-4443

1701 Broadway SkyHouse Apartment Tower 352 Apartments; 10,150 SF Retail (Louie's Wine Dive Capriotti's Sandwiches Grabbagreen Orangetheory Fitness)

JV Partners: Simpson Housing LLLP Novare Group Holdings, LLC

Dave Homan Simpson Housing LLLP Senior Vice President david.homan@simpsonhousing.com (843) 822-3234