After announcing plans to invest $80 million over the next five years to relocate its manufacturing operations to its headquarters city of Portland, Tennessee, Shoals Technologies Group signed a full-building lease for a new, 638,400-square foot distribution facility at 1500 Shoals Way.
The company is an electrical balance of systems (EBOS) provider for solar, energy storage and eMobility manufacturers. This type of firm provides the electrical components and wiring systems beyond the solar panels, inverters and mounting structures that are essential for operating and managing the electricity flow in solar panels and energy storage systems. The rapidly expanding company serves customers worldwide from several locations in the U.S.
For creating approximately 550 new jobs over the next five years in Sumner County, bringing the company's total headcount in the region to roughly 1,400, the Shoals Technologies expansion earned a 2025 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: Cincinnati-based Merus, a real estate and construction firm formerly known as Al. Neyer, was the developer and design-builder of the Shoals Way industrial building. Shortly after leasing the building to Shoals Technologies, Merus sold it to EQT Exeter Real Estate Income Trust for $75 million or $117.48 per square foot.
What the judges said: "At more than 630,000 square feet, the Shoals deal could stand alone on its own merits. But when combined with a local jobs impact of more than 500 additional employees in this region, the overall impact is tough to argue against," said Devin McClendon, the CEO of NAI Nashville.
They made it happen: Executive Managing Directors David McGaharen and Doug Howard of Cushman & Wakefield brokered the full-building lease of the facility to Shoals Technologies Group, led by President Jeff Tolnar. Newmark Executive Managing Director Dale Karrh represented Shoals Technology Group in the lease.
Vice Presidents Patrick Poole and Justin Hartung and Development Manager Kelly Hiett led Merus LLC's building development team.
This article was updated on April 14 to include Dale Karrh as the tenant representative.