REBusinessOnline

Propst Development Unveils Plans for $500M Mixed-Use Project in Nashville

NASHVILLE, TENN. — Propst Development LLC, a real estate development firm based in Huntsville, Ala., has unveiled plans for Broadwest, a 1.2 million-square-foot mixed-use development in Nashville. The two-tower project will be located at 1600 W. End Ave., near the intersection of Broadway and West End in Nashville’s Midtown district. Construction costs and financing details were not disclosed, but local media outlets are reporting that Broadwest will cost nearly $500 million to develop. …

Marcus & Millichap Arranges $47.2M Sale of Apartment Portfolio North of Nashville

CLARKSVILLE, TENN. — Marcus & Millichap has arranged the $47.2 million sale of a seven-property multifamily portfolio in Clarksville, located roughly 40 miles north of Nashville. David Stollenwerk of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the out-of-state buyer. The communities included in the Class B portfolio were Heritage Point, Blue Grass Meadows, Parkway Place, Cobblestone, Newton Place, Whitehall Townhomes and Whispering …

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, …

GBT Realty Completes $20M Multifamily Community in Nashville’s Hillsboro Village

NASHVILLE, TENN. — GBT Realty Corp. has completed construction on Belcourt Park, a 76-unit multifamily community located in Nashville’s Hillsboro Village neighborhood. The $20 million project replaced the former home of Belmont Nursing Home, which closed in 2015. Belcourt Park is located across the street from the main entrance to Belmont University and three blocks from Vanderbilt University Medical Center. The four-story development includes a mix of studio to two-bedroom units with …

IPA Negotiates Sale of Three-Property Seniors Housing Portfolio in Tennessee, Arkansas

CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn …

Pizzuti Cos. to Develop $168M Marriott-Branded Hotel in Nashville’s SoBro Neighborhood

NASHVILLE, TENN. — The Pizzuti Cos. has received financing for the development of The Joseph Nashville, a 297-room hotel that will be located in Nashville’s SoBro neighborhood. Development costs for the Luxury Collection Hotel, part of Marriott International, total $168 million. MSF Real Estate Capital arranged construction financing for the development, which included an $83.5 million senior construction loan from Centennial Bank NA, a $42 million mezzanine construction loan provided by …

Highwoods to Build Asurion’s $285M Headquarters Campus in Nashville, Creating 400 New IT Jobs

NASHVILLE, TENN. — Highwoods Properties Inc. (NYSE: HIW) plans to build a new $285 million headquarters campus in Nashville’s central business district (CBD) for Asurion, a privately held tech solutions firm. The Nashville-based company specializes in providing insurance and warranty plans covering mobile devices and other consumer electronics. Asurion will consolidate four of its existing local offices into the new campus, as well as create 400 new information technology jobs, according …

Cushman & Wakefield Arranges $48.8M Acquisition Loan for Two Office Buildings in Nashville’s Cool Springs District

FRANKLIN, TENN. — Cushman & Wakefield has arranged a $48.8 million acquisition loan for Corporate Centre 8 and 9, two office buildings located at 6640 and 6550 Carothers Parkway in Franklin, roughly 14 miles from downtown Nashville. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the three-year, floating-rate loan with two one-year extension options on behalf of the borrower, KBS Capital Advisors. JPMorgan Chase Bank Strategic Property Fund sold the …

Bull Realty Brokers $10.4M Sale of Medical Office Building in Knoxville

KNOXVILLE, TENN. — Bull Realty has brokered the $10.4 million sale of a medical office building in Knoxville. The property is fully leased to Knoxville Dermatology Group, which has been in the Knoxville market for more than 40 years. Michael Bull and Paul Zerman of Bull Realty arranged the transaction on behalf of the seller, Dermatology Investment Group LLC. The name of the buyer was not

Cushman & Wakefield Arranges $18.3M Sale of Multifamily Community in Knoxville

KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage

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