Tennessee

Oakley Group Purchases 96-Unit Pro Park Apartments in Clarksville, Tennessee

by John Nelson November 19, 2024

CLARKSVILLE, TENN. — Oakley Group, a multifamily investment firm based in Birmingham, Ala., has purchased Pro Park, a 96-unit apartment community located at 850 Professional Park Drive in Clarksville. The three-building, newly built property is situated on a 4.4-acre site roughly 46 miles northwest of Nashville. Developer Bert Singletary sold the community to Oakley Group for an undisclosed price, and Synovus Bank provided an undisclosed amount of acquisition financing for the purchase. The new owner has selected locally based NextGen Properties to operate Pro Park, which is being rebranded to The Oakley at Pro Park. Completed in 2024, the property offers one- and two-bedroom units ranging from 879 to 1,200 square feet in size, as well as a clubhouse, fitness center swimming pool, 20 garages and 64 storage units. The community was 63 percent occupied at the time of sale.

November 19, 2024

Development Mixed-Use Retail Southeast Tennessee

GBT Realty, Robinson Properties to Develop Mixed-Use Project in Mount Juliet, Tennessee

by John Nelson November 14, 2024

MOUNT JULIET, TENN. — GBT Realty Corp. and Robinson Properties have announced plans for Everett Downs, a mixed-use development in Mount Juliet, roughly 20 miles east of Nashville. GBT Realty will develop the retail portion of the project, which will comprise a 41,255-square-foot retail center. A 23,256-square-foot Sprouts Farmers Market will anchor the shopping center, which will also feature approximately 18,000 square feet of small shop and outparcel retail space. Completion of the retail component, which is currently 75 percent preleased, is scheduled for October 2025. Robinson Properties will develop Phase II of Everett Downs, which include a multifamily component.

November 14, 2024

Florida Georgia Kentucky Loans Retail Southeast Tennessee

CBRE Arranges $171.4M Refinancing for Southeast Shopping Center Portfolio

by John Nelson November 12, 2024

ATLANTA — CBRE has arranged a $171.4 million loan for the refinancing of an eight-property portfolio of grocery-anchored shopping centers in the Southeast. The portfolio totals nearly 1.2 million square feet and was 96.6 percent leased at the time of financing to 194 tenants, including Kroger, Publix and Whole Foods Market. PGIM provided the loan to the borrowers, Branch Properties and Corebridge Real Estate Investors (formerly AIG Global Real Estate). Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan, which refinanced the mortgages for shopping centers in Bradenton, Sarasota, Melbourne and Palm Coast, Fla.; Atlanta and Gainesville, Ga.; Lexington, Ky.; and Memphis and Knoxville, Tenn.

November 12, 2024

Acquisitions Retail Southeast Tennessee

TSCG Negotiates Sale of 65,900 SF Shopping Center Near Memphis

by John Nelson November 11, 2024

COLLIERVILLE, TENN. — The Shopping Center Group (TSCG) has negotiated the sale of Houston Levee Galleria, a 65,900-square-foot retail center in Collierville, an eastern suburb of Memphis. Built in 2006, the property was 94 percent leased at the time of sale to tenants including Jim’s Place, Gould’s Day Spa and Salon, Smoothie King, The Transformation Doctor, Newk’s Express Café, Club Pilates, Moe’s Southwestern Grill, Loni’s Fashions and The Sewing House. Anthony Blanco and Lynn De Marco of TSCG represented the seller, a limited liability company, in the transaction. The buyer and sales price were also not disclosed.

November 11, 2024

Development Leasing Activity Mixed-Use Retail Southeast Tennessee

Crunch Fitness Opens at Hamilton Place Mall in Chattanooga

by John Nelson October 30, 2024

CHATTANOOGA, TENN. — Crunch Fitness has opened a new location at Hamilton Place, a shopping mall and mixed-use campus in Chattanooga. The property is owned by locally based and publicly traded CBL Properties. The new fitness venue is one of the final components of the mall’s Sears redevelopment project, which commenced in 2019. Other tenants that have backfilled the former Sears department store include The Cheesecake Factory, Mean Mug Coffeehouse, Malone’s, Dave & Buster’s, Dick’s Sporting Goods and an Aloft by Marriott hotel. Since March, CBL Properties has welcomed eight new concepts at Hamilton Place, including Taco Mamacita, Texas Roadhouse, Mr. Cow, Malone’s, Miniso, Vintage Stock, Dry Goods, Shoe Station, as well as a newly remodeled and expanded Buckle store. Additional openings are expected in 2025.

October 30, 2024

Acquisitions Restaurant Retail Southeast Tennessee

Marcus & Millichap Brokers Sale of New Restaurant in Metro Memphis Leased to Whataburger

by John Nelson October 24, 2024

MEMPHIS, TENN. — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the sale of a newly built restaurant in a southern suburb of Memphis. Whataburger occupies the 3,318-square-foot property on a 14-year, corporate-guaranteed ground lease with rent increases in the initial term and extension options. The restaurant serves as an outparcel to a Walmart Supercenter. Don McMinn of Taylor McMinn represented the seller, a Tennessee-based firm that is a preferred development partner of the Whataburger brand, in the transaction. The buyer was an all-cash investor from California that purchased the restaurant for an undisclosed price in a 1031 exchange. “You can’t underestimate the importance in the relationship between price point and cap rates in today’s market,” says McMinn. “Lower price point deals will get significantly more activity and trade more aggressively.”

October 24, 2024

Florida Georgia Loans Multifamily South Carolina Southeast Tennessee Texas Top Stories

Newmark Arranges $533M Refinancing for Sun Belt Multifamily Portfolio

by Hayden Spiess October 24, 2024

NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower. Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore. According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing. Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million. — Hayden Spiess

October 24, 2024

Acquisitions Georgia Industrial Loans Southeast Tennessee Top Stories

CBRE Arranges $188.3M in Acquisition Financing for 1.9 MSF Industrial Portfolio in Atlanta, Nashville

by Kristin Harlow October 23, 2024

ATLANTA AND NASHVILLE, TENN. — CBRE has arranged $188.3 million in acquisition financing for a 24-building industrial portfolio totaling 1.9 million square feet in metro Atlanta and Nashville. Philadelphia-based Stoltz Real Estate Partners was the borrower. The previous owner was not disclosed. The properties range in size from 12,600 to 222,683 square feet and were built between 1974 and 1998. The portfolio was 93 percent leased at the time of sale to 80 tenants with a weighted average lease term of 3.6 years. The 17 Atlanta-area assets total a little over 1 million square feet and are situated in last-mile locations. The Atlanta market offers industrial users convenient access to I-75, I-85, I-20 and the Hartsfield-Jackson Atlanta International Airport. Additionally, the Port of Savannah is approximately 250 miles away. The seven Nashville properties total 866,053 square feet and are home to 15 tenants. The Nashville market offers convenient access to 24 states and is situated within a one-day truck drive of 75 percent of U.S. markets, according to CBRE. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE arranged the financing through Starwood Property Trust. Loan terms were not provided. Stoltz currently owns and manages approximately 16 million …

October 23, 2024

Acquisitions Healthcare Retail Southeast Tennessee

Boulder Group Negotiates $2.7M Sale of Retail Property in Bartlett, Tennessee Leased to Fast Pace Health

by John Nelson October 16, 2024

BARTLETT, TENN. — The Boulder Group has negotiated the $2.7 million sale of a retail property in Bartlett leased to Fast Pace Health. The medical services provider operates more than 235 healthcare clinics in the Southeast and Midwest and has more than 14 years remaining on its lease for the Bartlett location. The 3,700-square-foot, freestanding clinic was built in late 2023 at 3082 Kirby Whitten Road, about 15 miles northeast of Memphis. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investor, in the transaction. The undisclosed buyer purchased the property in a 1031 exchange.

October 16, 2024

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Acquires 411,489 SF Industrial Complex in Northwest Tennessee

by John Nelson October 11, 2024

UNION CITY, TENN. — An affiliate of Phoenix Investors has acquired a 411,489-square-foot industrial complex located in Union City, a city in the northwestern corner of Tennessee. MVP Group International sold the property, which is located at 600 E. Sherwood Drive, for an undisclosed price. Built in 1985 and renovated in 1995, the development comprises roughly 398,000 square feet of warehouse space, as well as 13,500 square feet of office space and a 2,200-square-foot breakroom. The building features 18 dock doors, clear heights of up to 28 feet, two compressors and an extensive racking system. Phoenix Investors plans to implement a capital improvement plan at the property.

October 11, 2024

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