CBRE Global Real Estate Income Fund : Investment Management Acquires 193K-Square-Foot Redeveloped Mixed-Use Asset in Nashville, Tenn.

CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, announced that it acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville, Tenn. Originally built in 1959 as a specialty wood mill, the site was redeveloped between 2018 and 2020 by FCP and Third & Urban and includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property is 61% leased.

"We believe that Sylvan Supply aligns with our firm's authentic placemaking strategy and that it provides a true mixed-use environment in an emerging area of Nashville," said Topper Sheeny, Director of Commercial Acquisitions for CBRE Investment Management. "The Nashville metro area continues to be one of the fastest growing areas in the country due to its diverse economy, strong healthcare presence, abundance of local universities, and its emergence as a technology and financial hub."

Since delivery, Sylvan Supply has become a work-play destination, with five restaurants and a variety of other retail tenants, including a brewery, a fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi, and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors.

"CBRE Investment Management is excited to build on the momentum started at Sylvan Supply by the Third & Urban and FCP teams. In the midst of a global pandemic, this asset has seen incredible demand from both office and retail tenants, which we believe speaks to the unique characteristics of the property. We look forward to finishing the business plan and adding to the incredible mix of tenants," said Tom Harris, Commercial Asset Manager for CBRE Investment Management.

Sylvan Supply is located at 4101 Charlotte Avenue on a 7.8-acre acre site, less than four miles from downtown Nashville. Situated along the Charlotte Avenue corridor, this area is a burgeoning office node, making up more than half of the commercial inventory in the West End /Belle Meade submarket.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.