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DevelopmentLeasing ActivityMixed-UseMultifamilyRetailSoutheastTennessee

Portman Signs Solidcore to Retail Lease at Starling Residential Tower in Nashville

by John Nelson

NASHVILLE, TENN. — Portman has signed fitness chain [solidcore] to a retail lease at Starling, a 363-unit residential tower underway in Nashville’s Germantown neighborhood. The fitness concept, which focuses on high-intensity, low-impact training in 50-minute group classes, will join a tenant roster that will include Toastique, Social Cantina and Retrograde Coffee. Preleasing efforts at Starling are currently underway, with the first units delivering in May. Portman plans to debut [solidcore] this fall, marking the concept’s second location in Nashville.

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Market ReportsOfficeSoutheastSoutheast Market ReportsTennessee

Nashville’s Office Market Bucks National Trends with Rent Growth, Leasing Velocity

by John Nelson

By Stewart Lyman and Robby Davis of Stream Realty Partners Contrary to popular belief, the office market is not dying, particularly not in Nashville. While the market is facing headwinds from the interest rate environment and general economic uncertainty, Nashville has shown resiliency, bolstered by the city’s strong population growth, low unemployment rates, and a vibrant, diverse job market.  However, while flight-to-quality has been experienced well before the COVID-19 pandemic, the positive performance of top-tier buildings compared to the rest of the market has accelerated coming out of COVID-19. In 2023, Class A Tier I buildings posted 1.17 million square feet of positive absorption compared to negative absorption of 141,900 square feet and negative 32,267 square feet in Class A Tier II and Class B assets, respectively.  Top-tier buildings signed some of Nashville’s largest leases in the past year, such as Creative Artists Agency (CAA) for 75,000 square feet at Nashville Yards, Designed Conveyor Systems for 47,000 square feet at McEwen Northside and JE Dunn for 41,000 square feet at Neuhoff. In the urban core, two of the most high-profile new developments are Neuhoff (Germantown) and Nashville Yards (Downtown), both of which are elevating the tenant experience by delivering best-in-class …

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DevelopmentMultifamilySoutheastTennessee

Southwest Value Partners, StreetLights Residential to Open Two Apartment Towers Totaling 650 Units at Nashville Yards

by John Nelson

NASHVILLE, TENN. — Development partners Southwest Value Partners and StreetLights Residential are currently underway on the construction of two residential towers at Nashville Yards, with plans to open in November. Comprising 34 and 35 stories, respectively, The Everett and The Emory will total 650 units. Amenities at the properties will include a shared third-floor deck featuring a pool, fitness center, game room, resident bar, workspace and a golf simulator. The project team includes architect StreetLights Creative studio and general contractor Clark Construction. Leasing is scheduled to begin this summer. Upon completion, the 19-acre mixed-use Nashville Yards development will also feature a 591-room hotel and 4,500-person concert venue, as well as office and retail space.

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DevelopmentMixed-UseRetailSoutheastTennessee

Urban Story Ventures to Redevelop 160,000 SF Shopping Center in Metro Chattanooga

by John Nelson

EAST RIDGE, TENN. — Urban Story Ventures will redevelop a 160,000-square-foot shopping center located at 3715 Ringgold Road in East Ridge, roughly 10 miles outside Chattanooga. The developer purchased the 13-acre property — which features a 38,000-square-foot space formerly occupied by Food City, five retail outlet buildings and parking — last year. A roster of food-and-beverage, professional services and apparel retailers currently occupy a portion of the center. Plans call for a combination of renovations to existing suites, as well as new construction. Urban Story Ventures will reposition the property as a mixed-use development and plans to sign leases with retail, office and medical office tenants throughout the redevelopment.

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DevelopmentHospitalitySoutheastTennessee

Hospitality Solutions, Hilton to Open 164-Room Embassy Suites Resort in Gatlinburg, Tennessee

by John Nelson

GATLINBURG, TENN. — Hospitality Solutions, a locally based hotel owner and operator, and Hilton are planning to open the Embassy Suites by Hilton Gatlinburg Resort on March 15. Located at 604 Airport Road, the 164-room hotel is situated at the base of the Great Smoky Mountains and will be connected via walkways to the neighboring Hampton Inn Gatlinburg Historic Nature Trail hotel. Hospitality Solutions will operate the Embassy Suites hotel upon completion. The hotel will feature dining options Roaring Fork and Sugarlands Coffee and Cream shop, as well as an indoor/outdoor waterpark dubbed Firefly Cove that will feature pools, a lazy river, water slide, creekside hot tub, outdoor fire pits, bar and an activity lawn with outdoor games and seating. Other amenities include a ballroom, several breakout meeting rooms and The Guide Room, a service that allows guests to curate their own excursions in the area in partnership with local outfitter Smoky Mountain Guides.

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DevelopmentIndustrialSoutheastTennessee

Foundry, Principal Global Investors Complete 371,000 SF Warehouse in Metro Nashville

by John Nelson

SMYRNA, TENN. — A joint venture between Foundry Commercial and Principal Global Investors, doing business as Tridon Property Owner LLC, has completed the development of Creekside Logistics, a warehouse development located in Smyrna, roughly 25 miles outside Nashville. Ware Malcomb provided architecture and interior design services for the project, and Layton Construction served as the general contractor. Totaling 371,000 square feet, the property features three buildings comprising 147,500; 135,240; and 88,500 square feet. Situated on 43 acres, the development will accommodate tenant occupancies ranging from 17,860 to 147,260 square feet. The buildings feature tilt-wall construction with 32-foot clear heights.

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DevelopmentMultifamilySoutheastTennessee

Alliance Residential Opens 303-Unit Broadstone Berry Hill Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Arizona-based Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit apartment community located at 2500 Bransford Ave. in Nashville. In addition to studio, one- and two-bedroom residences, the property features a soon-to-be-opened coffee shop and Second Story, A Private Office Collective, which comprises 19 private offices for rent. Amenities at Broadstone Berry Hill include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a saltwater pool, and the other includes an outdoor TV lounge, fire pit and turf area for lawn games. The project team includes architect Dynamik Design and interior designer Mad Studio. Monthly rental rates range from $1,618 to $3,465, according to the property website.

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DevelopmentMixed-UseSoutheastTennessee

Equitable Property Co. to Develop 44-Acre Mixed-Use District in Smyrna, Tennessee

by John Nelson

SMYRNA, TENN. — Equitable Property Co. has purchased 44 acres in Smyrna, with plans to develop a mixed-use district dubbed Sewart’s Landing. Situated about 24 miles southwest of Nashville, the project will comprise 250,000 square feet of ground-level retail space, in addition to two medical office buildings (MOBs) totaling 400,000 square feet; a 240-room hotel; and 75 for-sale townhomes. Sewart’s Landing is named after the former Sewart Air Force Base that operated from 1941 to 1971. The groundbreaking is scheduled for next month, with completion of Phase I expected in the first quarter of 2025. Tenants at the development’s first phase will include Starbucks Coffee, Wawa, Jonathan’s Grille and an undisclosed grocer. Equitable Property acquired the land for the project from the City of Smyrna, which helped the developer formulate the master plan for Sewart’s Landing. Kipper Worthington of JLL and Land Deleot of Equitable Property will lead leasing efforts at the development.

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AcquisitionsRetailSoutheastTennessee

Marcus & Millichap Brokers $5.6M Sale of Strip Retail Center Near Chattanooga

by John Nelson

OOLTEWAH, TENN. — Marcus & Millichap has brokered the $5.6 million sale of Wolftever Crossing Shopping Strip, a 12,040-square-foot strip retail center located in Ooltewah, roughly 20 miles outside Chattanooga. Tenants at the property, which was built in 2017, include AT&T, Supercuts, Salsarita’s, Firehouse Subs and a standalone AFC Urgent Care. Harrison Creason and Andrew Margulies of Marcus & Millichap arranged the sale on behalf of the seller, a South Carolina-based partnership, and procured the buyer, a California-based private investor. Jody McKibben assisted in closing the transaction as the firm’s broker of record in Tennessee.

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AcquisitionsIndustrialSoutheastTennessee

Gorney Realty Acquires 45,000 SF Industrial Portfolio in Goodlettsville, Tennessee

by John Nelson

GOODLETTSVILLE, TENN. — OSB Holdings LLC, an entity controlled by Nashville-based Gorney Realty Co., has acquired the Old Stone Bridge Industrial Portfolio at 300 Old Stone Bridge Road in Goodlettsville. Situated about 14 miles south of Nashville via I-65, the property comprises two shallow-bay service centers totaling 45,000 square feet. The buildings were 96 percent leased to 14 tenants at the time of sale. Steve Preston, Jack Armstrong and Will Goodman of CBRE represented the undisclosed seller in the transaction, and Gorney was self-represented. The sales price was not disclosed.

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