Hillwood, a Perot Company, has begun construction on close to one-million square feet of speculative industrial space in the Nashville, TN MSA. The pair of buildings, totaling 924,325 square feet, are going north at a cost of $45 million, and are at the 75-acre Airport Business Park near U.S. 41 and Sam Ridely Parkway in Smyrna, TN. Though Hillwood has invested in and around Nashville in the past, the two buildings represent the first development spearheaded by the Dallas-based developer.

Completion is scheduled for spring of next year. The buildings will be delivered to a market in which 4.3% of industrial space was vacant at midyear, according to Avison Young’s Nashville office. Hillwood’s Memphis office is overseeing development. Brian Camp of ProVenture LLC is the leasing agent.

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