REBusinessOnline

Tennessee

NAI Secures $49.5M Sale of Walmart Neighborhood Market Portfolio in Tennessee

FORT LAUDERDALE, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co., a Fort Lauderdale affiliate of NAI Global, has arranged the $49.5 million sale of a four-store Walmart Neighborhood Market portfolio located in Chattanooga, East Ridge, Murfreesboro and Knoxville. Frank Castoro of NAI represented the buyer, a series of special purpose entities (SPE). The sites were build-to-suit prototypes for the store and are triple-net-leased to Walmart Neighborhood Market for 15 years with 18 five-year..

August 22, 2017

Cushman & Wakefield Secures $40M Construction Loan for Apartment Community in Nashville’s Cool Springs

FRANKLIN, TENN. — Cushman & Wakefield has secured a $40 million construction loan for the development of a 328-unit apartment community in Franklin, the seat of Nashville’s Cool Springs district. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield structured senior debt on behalf of the borrower, Middleburg Real Estate Partners. The Cushman & Wakefield team also sourced joint venture equity with an institutional capital partner for the development. The property..

August 2, 2017

Covenant Capital Sells Apartment Community in Downtown Nashville for $27.3M

NASHVILLE, TENN. — Covenant Capital Group LLC has sold 500 5th Avenue, a 170-unit apartment community located in downtown Nashville, for $27.3 million. 500 Fifth LLC, an entity controlled by JEM Holdings, purchased the property. Covenant originally acquired the asset, formerly known as Metro Manor Apartments, in 2015 for $15.8 million. The company invested nearly $8.2 million in the project, executing renovations including a new entrance, fitness center, business lounge, bike room, sky..

July 31, 2017

Branch Properties Acquires 192,624 SF Kroger-Anchored Shopping Center in Metro Memphis

BARTLETT, TENN. — Atlanta-based Branch Properties LLC has acquired Bartlett Towne Center, a 192,624-square-foot, Kroger-anchored shopping center located at 6045 Stage Road in Bartlett, roughly 13 miles east of Memphis. Jim Hamilton and Richard Reid of HFF marketed the property on behalf of the seller, Houston-based Weingarten Realty Investors. The sales price was not disclosed. At the time of sale, Bartlett Towne Center was 94 percent leased to tenants including Petco, Dollar Tree, Shoe..

July 21, 2017

JE Dunn Construction to Break Ground on $120M Parking Garage at Nashville International Airport

NASHVILLE, TENN. — JE Dunn Construction has unveiled plans for a six-story, $120 million parking garage at Nashville International Airport, the first element of the airport’s $1.2 billion expansion plan. The project will replace an existing structure and provide 2,000 parking spaces, sensors to let drivers know what spaces are available and a passenger pick-up and drop-off hub for taxis, limos, shuttles and ride-sharing services. The garage will feature eco-friendly elements including an..

July 20, 2017

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The..

July 20, 2017

Buckingham Cos. Opens Residences at Aertson Midtown in Nashville

NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has opened the residential portion of Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development located adjacent to Vanderbilt University in Nashville. The Residences at Aertson Midtown is made up of 350 studio, one-, two- and three-bedroom units with rents ranging from $1,800 to $5,500 per month. The property features a rooftop pool, dog park, dog wash station, bike storage, theater, fitness center and 24-hour in-room dining..

June 22, 2017

AEG to Develop Mixed-Use Entertainment District in Downtown Nashville

NASHVILLE, TENN. — AEG plans to develop a mixed-use entertainment district at Southwest Value Partner’s (SWVP) Nashville Yards in downtown Nashville. The Los Angeles-based sports and entertainment venue owner/operator purchased a four-acre parcel of land that will be anchored by a 4,000-capacity music venue, a flagship Regal Cinemas theater complex, a 600- to 700- capacity live entertainment club, an approximately 240-room boutique hotel and other entertainment, food and beverage options...

June 20, 2017

Chinese Investor Offers $3B to Acquire Tennessee-Based Brookdale, Reuters Reports

BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors..

June 14, 2017

Crescent Communities Unveils Plans for Bigby Mixed-Use Development in Nashville’s Cool Springs District

FRANKLIN, TENN. — Crescent Communities has unveiled plans for Bigby, a mixed-use development in Nashville’s Cool Springs submarket. Situated at the intersection of East McEwen Drive and Carothers Parkway in Franklin, Bigby will comprise 30,000 square feet of retail space, a 280,000-square-foot office tower, 40,000 square feet of loft office space, 330 apartments, 15 townhomes, a 200-room hotel, a 12-acre park, public plazas and roughly 2,015 parking spaces. Bigby will connect to existing..

June 13, 2017