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DevelopmentIndustrialSoutheastTennessee

CRG Breaks Ground on 520,000 SF Industrial Facility in Lebanon, Tennessee

by John Nelson

LEBANON, TENN. — CRG has broken ground on the first building within The Cubes at Sparta Pike, a 198-acre industrial park in Lebanon. Known as Building B, the new 520,000-square-foot facility will be the first of four buildings at the park and will feature 40-foot clear heights, staging bays with grade-level doors, deep truck courts, trailer storage, car parking, ESFR sprinklers and high-efficiency LED lighting. The Cubes at Sparta Pike is situated within a mile of I-40 and roughly 24 miles from the Nashville International Airport and will accommodate up to 2.8 million square feet of Class A industrial space. CRG has retained Jim Rodrigues and John Zeffery of Lee & Associates’ Nashville office to market and lease the development. The project team includes CRG’s parent company, Clayco, as the design-builder and Lamar Johnson Collaborative as the project architect. Construction at Building B is expected to be completed in early 2026.

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IndustrialMarket ReportsSoutheastSoutheast Market ReportsTennessee

Nashville’s Industrial Market: A Powerhouse Fueled by Demand, Strategic Growth

by John Nelson

Nashville’s industrial real estate market closed 2024 with a clear message: this metro is a logistics juggernaut, blending robust demand, strategic location and a dynamic investment landscape. With a vacancy rate ticking up to 4.1 percent in the fourth quarter amid new supply, yet absorption exceeding 4.2 million square feet year-to-date, the market’s resilience stands out.  Rents climbed to $9.94 per square foot, and industrial sales topped $1.4 billion — a 37 percent surge year-over-year. The takeaway is unmistakable for stakeholders: Nashville’s industrial sector thrives on its ability to absorb growth while signaling new opportunities for 2025. Economic engines  Macro and local economic trends underpin this strength. Nationally, e-commerce sales hit $308.9 billion in fourth-quarter 2024, a 9.4 percent increase year-over-year, according to Commercial Edge. This uptick amplifies demand for warehouse and distribution space. Locally, Nashville’s job growth moderated to 0.9 percent in 2024, according to Oxford Economics, down from 3.2 percent in 2023. But industrial sectors shone in the report: manufacturing jobs grew 2.2 percent and trade, transportation and utilities grew by nearly 0.5 percent.  The Nashville Area Chamber of Commerce reported that 79 percent of 2024 business relocations and expansions involved industrial users, promising 3,309 new jobs. With …

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DevelopmentMixed-UseTennesseeTop Stories

Ridgeline Development, Deep Cove Break Ground on 550,000 SF Mixed-Use Project in Nashville

by Hayden Spiess

NASHVILLE, TENN. — Ridgeline Development Partners (RDP) and Deep Cove Partners (DCP) have broken ground on The Bend at Capitol District, a 550,000-square-foot mixed-use project in Nashville.  The project marks an expansion of the TownePlace Suites at North Capitol development, which was completed in 2020.  Nashville-based Smith Gee Studio and New York-based S9 Architecture designed the project, which will feature a 188-key Moxy-branded hotel, 10-story residential tower and 17,000 square feet of retail space within an interconnected paseo. The residential building will include 128 fully furnished extended stay units and 133 apartment units.  Completion of the development is scheduled for early 2027. Skanska USA is the general contractor. The project team also includes engineers RaganSmith Associates and Power Management Corp. JLL is serving as project manager, and The Gettys Group will lead branding, interior design and procurement efforts.  The Bend at Capitol District is located near the Tennessee State Capitol and Metro Courthouse and will be within walking distance of the Music City downtown entertainment district.  — Hayden Spiess

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AcquisitionsRetailSoutheastTennessee

Halpern Enterprises Acquires 166,035 SF Shopping Center in Knoxville, Tennessee

by John Nelson

KNOXVILLE, TENN. — Atlanta-based Halpern Enterprises Inc. has acquired Harvest Park Centre, a 166,035-square-foot shopping center located at 5439 Washington Pike in Knoxville. Built in 2007 on the city’s east side, the center’s tenant roster includes Ross Dress for Less, Five Below, Marshalls, Old Navy, Ulta Beauty, Bath & Body Works, AT&T, Sports Clips and Sally Beauty Supply. Target shadow-anchors Harvest Park Centre, which is the second acquisition in Tennessee for Halpern Enterprises. The seller and sales price were not disclosed.

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Market ReportsMultifamilySoutheastSoutheast Market ReportsTennesseeWalker & Dunlop

Turning the Corner: Optimism Builds in Nashville’s Apartment Market

by John Nelson

Nashville’s multifamily sector has faced headwinds stemming from a wave of new deliveries over the past few years, similar to other high-growth areas across the country. Across this market, stabilized occupancy is currently 350 basis points below historical norms. Average market rents have declined nearly 3 percent from their 2022 peak, and concessions are widespread across several submarkets.  However, despite these challenges, optimism is building around the Nashville’s outlook over the coming years. Investors are actively seeking well-positioned assets, anticipating what many believe will be the next strong cycle for multifamily assets in this market. Over the past three years, Nashville’s multifamily market has absorbed approximately 28,000 units, compared to roughly 30,000 new deliveries — creating a near-term supply-demand imbalance that contributed to recent softness.  Nevertheless, the outlook is shifting. Only 17,000 units are expected to deliver between 2025 and 2027, while demand is expected to exceed this new supply materially, creating strong tailwinds for rent growth. In 2024 alone there were over 11,000 units of net absorption.  New starts are few and far between, mostly concentrated in suburban submarkets where developers can build cost-effective, attainable housing. Elevated construction costs and higher interest rates continue to constrain development, pointing to …

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Market ReportsRetailSoutheastSoutheast Market ReportsTennessee

Nashville’s Retail Market Maintains Momentum as Investment Activity Rises

by John Nelson

The Nashville retail market has firmly established itself as one of the strongest and most dynamic in the United States. From luxury national chains to local entrepreneurial storefronts, retailers are increasingly drawn to the city’s diverse and resilient economy — and for good reason. Over the past decade, Nashville has been one of the fastest-growing cities in the country, with consistent year-over-year population and employment gains. This trajectory has been fueled by a favorable business climate, highlighted by the absence of a state income tax, as well as local policies that encourage corporate investment and relocation.  The results are tangible: global and domestic companies alike have planted deep roots in Middle Tennessee. Major players such as AllianceBernstein, Amazon, Nissan, Bridgestone, Asurion and Deloitte have relocated or expanded here, joining long-standing Nashville-based giants like HCA Healthcare and Tractor Supply Co., both of which continue to grow their local footprint. This economic expansion has powered steady demand in the retail real estate sector. In just the past year, a wave of retailers — including Whataburger, In-N-Out Burger and 7-Eleven — have entered the Nashville market, underscoring its appeal to both national and regional brands. These additions further diversify a landscape already shaped …

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AcquisitionsMixed-UseOfficeRestaurantRetailSoutheastTennessee

JLL Negotiates $50M Sale of Mixed-Use Property in Nashville’s Music Row District

by John Nelson

NASHVILLE, TENN. — JLL Capital Markets has facilitated the $50 million sale of Edgehill Village, a 58,468-square-foot mixed-use property located in Nashville’s Music Row district. Originally built in 1920 and 1934 and renovated in 2016, the property comprises 2.4 acres of retail and office space. Tenants at the property include Van Leeuwen Ice Cream, Barcelona, Consider the Wldflwrs, Warby Parker and Vow’d. Brad Buchanan and Jim Hamilton of JLL’s Investment Sales and Advisory team represented the seller, Charlotte-based Asana Partners, in the transaction. The buyer was not disclosed.

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AcquisitionsHealthcareSoutheastTennessee

Flagship Healthcare Acquires 27,657 SF Medical Office Facility in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Flagship Healthcare Properties has acquired East Ridge Physicians Building, a 27,657-square-foot medical outpatient building located at 929 Spring Creek Road in Chattanooga. Situated adjacent to the 128-bed HCA Parkridge East Hospital, the Class A facility was fully leased at the time of sale. The buyer acquired the property through its private REIT, Flagship Healthcare Trust. The seller and sales price were not disclosed. Built in 1985, East Ridge Physicians Building’s interior and exterior were renovated last year by the previous owner. Flagship will provide property management and asset management services for the facility.

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AcquisitionsHospitalitySoutheastTennessee

Marcus & Millichap Arranges $5.9M Sale of Hampton Inn Hotel in Caryville, Tennessee

by John Nelson

CARYVILLE, TENN. — Marcus & Millichap has arranged the $5.9 million sale of a 62-room Hampton Inn hotel in Caryville, roughly 24 miles north of Knoxville via I-75. Located at 4459 Veterans Memorial Highway along Cove Lake, the 42,000-square-foot Hampton Inn was originally built in 1994. Amenities at the property include an outdoor swimming pool, fitness center and a business center. Alexandre Duong and Lucas Jalenak of Marcus & Millichap’s Cleveland and Nashville offices marketed the property on behalf of the undisclosed seller. Alexandre Duong and Kishan Patel from the firm’s Louisville office procured the buyer. Jody McKibben served as Marcus & Millichap’s broker of record in Tennessee for the deal. 

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Residences at The Streets of St. Charles
AcquisitionsIllinoisIndianaKentuckyMichiganMidwestMissouriOhioOklahomaSoutheastTennesseeTexasTop Stories

Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M

by Channing Hamilton

CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …

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