Germantown Market

 
 

1120 4th Ave. North
Nashville, TN 37208

MIXED USE BUILDING: Restaurant & Office

FC purchased this 11,000 square foot building at an incredibly low cost that was below market value. In a neighborhood that was on the verge of blowing up into a restaurant real estate hotspot, this former rebar manufacturing facility wasn’t necessarily an obvious grab, but Fresh Capital saw the potential. Fresh had the vision to design and implement a continuous tri-restaurant renovation that would add value to the Germantown neighborhood and simultaneously add value to FC’s portfolio.

Further, the building’s location is positioned to take advantage of over 3400 multi-family units, some of which have direct eyesight to the space. In a walkable neighborhood that is quickly becoming one of Nashville’s most popular and trendy, bringing a trio of Fresh restaurants fulfilled many residents’ desire for casual neighborhood dining.

With this total “overhaul” renovation, FC adhered to the strict Historic Commission guidelines and restrictions, keeping the design and structure consistent with that of the neighborhood, gaining good will among residents and neighbors.

Both the old space and historic guidelines provided many obstacles: asbestos and lead were found in the building, and extreme and unforeseen structural issues gave the FC team some major challenges. In the end however, FC delivered a high-quality finished space to each restaurant and office tenant. Furthermore, since the project’s completion, the office space has oft been called, “the coolest office space in Nashville.”

To make this project possible, FC sourced debt financing and syndicated equity to a mixture of old friends and family, while also reaching out to new partners.

Upon completion of the project, Fresh Capital won an award from the Nashville Preservation Society for the work done to this successful finished project.

 
 
 

West Virginia University Connector

Evansdale Crossing Building
Morgantown, WV 26505

MULTI-TENANT BUILDING

Public Private Partnership between West Virginia University and Fresh Capital

Fresh Capital negotiated with a public university to provide a unique solution for West Virginia University’s needs: the university wanted a building to use as a connector from their PRT (personal rapid transit) system on the main campus to the separated Evansdale campus. Using university credit, FC managed to borrow 100% of the building cost without any upfront equity, allowing them to maintain complete ownership of the building and alternatively preventing the university from tapping into their bond capacity. When the deal was sealed, WVU received a new and much needed multi-purpose building, suitable for administration needs, student education and student leisure, and FC gained an incredibly valuable addition to the portfolio.

A unique structure and partnership in which the University owns the land and FC owns the physical building, the WVU Connector provides great benefits to both parties via our profit sharing agreement. While the building owners get the tax benefit of depreciation and the elimination of paying property taxes, WVU gains the benefit of a beautiful new building that was constructed quickly: since the building was conceived outside of the normal processes set by the university, it avoids the rigamarole of being approved by dozens of committees, superiors, and university officials.

Fresh Capital leveraged current restaurant relationships to build a brand new on-campus food hall complete with four restaurant concepts, a juice bar, and a sandwich-and-coffee shop. The majority of the restaurants implemented have health-heavy menus, serving high-quality, fresh food instead of the traditional fast-fare seen on most college campuses. In addition to the food hall an on-campus Barnes & Noble, a PNC Banking Branch, a PostNet and a WVU Student Services all have space within the building as well, making on-campus life more convenient and efficient for students. Additionally, the School of Journalism and other University Administrative Offices occupy space on the upper levels.

The four restaurant tenants include Tazikis Mediterranean Grill, Little Donkey Cantina, Hugh Baby’s BBQ & Burger Shop, and Two Birds Chicken, while Panini Pete’s provides coffee and sandwiches, and Juice Bar serves fresh juice.

FC negotiated deal structure, sourced debt financing, secured tenants, worked with the architect to deliver plans, hired and value engineered the General Contractor, and most impressively, completed the project early and under budget, all occurring outside of FC’s traditional home market, Nashville, TN.

 
 
 

Martin's Bar-B-Que Joint at Rutledge Place

 
 

410 4th Avenue South
Nashville, TN 37201

BUILD TO SUIT

Fresh Capital purchased The Rutledge building in Nashville’s SoBro (South of Broadway) neighborhood before the area became a “hotspot,” therefore avoiding what shortly thereafter became record-setting land prices that would have been a barrier to this premium market. Because of FC’s foresight, this building became a part of our portfolio before the cost became prohibitive.

Martin’s newest downtown location is positioned perfectly with regard to its proximity to the Music City Center, the Bridgestone Arena, high volume hotels, and a concentration of billions of dollars in new investments in downtown Nashville, which means that the return on this investment is likely to be monumental.

FC worked directly with the tenant and business owner, Patrick Martin, to provide his fourth Martin’s Bar-B-Que Joint: a completely unique & impressive build-to-suit for their new flagship location. Like other Martin’s Bar-B-Que Joints, this included plenty of space for the kitchen, for seating, and of course for large whole-hog smokers, but unique to this double-decker Martin’s restaurant, the downtown location also features private dining rooms for special events, additional bar space with bar games, and an outdoor beer garden, among other exciting and challenging extras.

FC managed the relationships between architect, tenant and general contractor on a daily basis to ensure completion of this massive project within a reasonable timeline considering the size, scope, and changing nature of the project.

This project provided a landmark restaurant for Patrick Martin and the Martin’s Bar-B-Que Joint brand as well as an exciting new landmark for downtown Nashville as a whole.

Between the exciting attractions and food at Martin’s, the prevalent location and the booming tourist market in downtown Nashville, FC expects to see huge returns on this investment.

 
 
 

Harwell & Big Strip Center

 
 

Unanchored Strip Center
Near: Shoppes of Providence West

200 Crossings Lane
Mt. Juliet, TN 37122

STRIP CENTER

A piece of land that was previously underdeveloped and underutilized, FC had the foresight to acquire this strip center, located in the heart of what is today booming retail development in Mt. Juliet.

FC worked directly with Patrick Martin, owner of Martin’s Bar-B-Que Joint, to provide a location for his 2nd bar-b-que joint. With specific build-out needs, such as smokers large enough to hold entire pigs, and distinct decor like garage doors indoor-outdoor seating, FC was able to incorporate a variety of unique design elements typical of the Martin’s brand while also maintaining the traditional strip-center continuity.

FC also took advantage of restaurant brand relationships within the Fresh Hospitality family to fill both ends of the strip center with high-end, local and regional fast-casual brands. Martin’s Bar-B-Que and Taziki’s Mediterranean Cafe both focus on fresh, affordable food, which makes both eateries ideal for the surrounding area.

The remaining space in-between the restaurants is filled with reliable national credit tenants, Sleep Outfitters and Batteries Plus Bulbs. A local veterinarian holds the third in-between space. She was able to open her own veterinary clinic in this strip, Blue Oasis Pet Hospital, at an affordable rate while also maintaining returns to the partnership.

 
 
 

Jim 'N Nick's Bar-B-Q

 
 

3068 Mallory Lane
Franklin, TN 37067

SINGLE TENANT

MAP

Fresh Capital negotiated with Sam’s Club / Walmart for the outparcel sale of this lot. Companies that have a track record of being tough on negotiations for this type of project, FC nailed down a reasonable purchase price that made this build-to-suit project attractive to both real estate partners and potential restaurant operators.

FC worked with real estate partners to manage the construction process from the initial architectural plans and seeing the project through completion. FC found creative ways to cut down on costs: in lieu of a commercial general contractor who would charge hard construction costs, a residential general contractor was chosen to oversee the project. Due to this type of ingenuity and creativity, FC was able to hold tight to the project budget.

Alongside Jim ‘N Nick’s, FC worked to develop a new sleek dining room model that was then implemented in all new stores.

FC syndicated equity to friends and family and sourced debt financing from a new, Nashville based local bank at favorable rates.

 
 
 

Litterer Laboratory Building

 
 

631 Second Avenue South
Nashville, TN 37210

THIRD PARTY OFFICE BUILDING

 

Prior to the neighborhood becoming a part of such a massive and unprecedented real estate boom, Fresh Capital purchased the Litterer Laboratories building in 2012 in the downtown Nashville neighborhood now known as SoBro (South of Broadway). Before this area had been developed and popularized however, FC had the foresight to see that development was going to move towards this southern downtown area. It was clear that purchasing this building would soon provide an extremely valuable asset.

This building was slowly renovated office-by-office as a way to achieve record rental rates for each successive tenant. By the time the renovations were complete, the cost of rent for each tenant had more than doubled from the original rates set by the building’s previous owner.

The Litterer Laboratories building positioned FC to take full advantage of unrealized value appreciation by simply taking things slowly and allowing the development to organically happen. Patience paid off.

This property serves as a clear example of pure third party leasing and management.