Somera Buys Nashville Office Property in Opportunity Zone
WeHo Crossing is 60,000 square feet of office space and 12,500 square feet of Class A retail/restaurant space.
Nashville, TN–Somera Road recently purchased a property located in a designated Opportunity Zone. Located at 1414 4th Avenue South, WeHo Crossing is a former light-industrial property that is in the Wedgewood-Houston (WeHo) neighborhood of Nashville.
WeHo Crossing, which consists of 60,000 square feet of office space and 12,500 square feet of Class-A retail and/or restaurant space, “is adjacent to the upcoming Soho House, new restaurants, apartments, condos, and a variety of makerspaces, where artisans, artists, and musicians are creating a vibrant and magnetic community that we believe office users will love to be a part of. It’s exciting to watch this neighborhood grow right before our eyes and it’s hard to find a more rapidly developing ‘cool’ neighborhood across the country,” says Ian Ross, founder and managing principal of Somera Road.
Situated within Opportunity Zone designated boundaries, WeHo qualifies for tax incentives within the Tax Cuts and Jobs Act of 2017 and the deal marks Somera Road’s fifth Opportunity Zone transaction since the legislation was announced. WeHo is their first Opportunity Zone designated transaction in Nashville.
“We have invested in several Opportunity Zone projects around the country including Louisville, KY, Cleveland, OH, St. Louis, MO, and of course Nashville, TN,” says Ross. “There is always a large overlap with the markets we like and invest in and designated Opportunity Zones.”
“As Nashville grows and becomes a prominent global business hub for the knowledge economy, we are seeing substantial demand increase for offices that provides unique and creative workspaces for the millennial employee set. WeHo is no doubt on the verge of becoming the next big neighborhood of Nashville, having evolved into its own unique live-work-play ecosystem, accentuated by a plethora of food and beverage, and hospitality-driven amenities,” observes Ross.
Nashville-based Manuel Zeitlin Architects are commissioned to design the plans that will be used to convert the building from its existing industrial space into office and retail space. The building is expected to deliver in the first quarter of 2020.