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AcquisitionsOfficeSoutheastTennesseeTop Stories

Drawbridge Realty Acquires 30-Story Bridgestone Tower in Downtown Nashville for $255M

by Kristin Harlow

NASHVILLE, TENN. — Drawbridge Realty has entered the Nashville market with the acquisition of Bridgestone Tower, a 30-story office building in the downtown district, for $255 million. Raleigh-based Highwoods Properties Inc. sold the 514,000-square-foot building, which was developed as a build-to-suit for Bridgestone Americas Inc. and completed in 2017. Eastdil Secured represented Highwoods in the sale. The property was fully leased at the time of sale and serves as the headquarters of Bridgestone Americas, the largest subsidiary of Bridgestone Corp., a publicly traded manufacturer of tires and rubber. Bridgestone Tower is situated within walking distance of Broadway, Bridgestone Arena, the Music City Center and the Country Music Hall of Fame. “Bridgestone Tower is a high-quality, mission-critical asset leased to a major global credit tenant in one of the most attractive investment markets in the country,” says Charlie McEachron, CEO of Drawbridge. With this acquisition, Drawbridge has purchased more than $740 million in assets in the past 12 months, totaling over 1.1 million square feet. Last October, the firm acquired The HIVE, a Class A office campus in Costa Mesa, Calif., that is fully leased to Anduril Industries. Drawbridge invested more than $20 million in tenant and capital improvement projects across …

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INDUS-Commerce-Center-@-840-Lebanon-Tennessee
DevelopmentIndustrialSoutheastTennesseeTop Stories

INDUS Realty Trust Underway on 2.1 MSF Industrial Park in Metro Nashville

by Taylor Williams

LEBANON, TENN. — Indus Realty Trust, an industrial owner-operator based in New York, is underway on construction of INDUS Commerce Center @ 840, a 2.1 million-square-foot industrial park that will be located on the eastern outskirts of Nashville in Lebanon. The site spans 189 acres near the I-840 and Couchville Pike interchange. The development will consist of four buildings that can accommodate tenants with requirements from 250,000 to 1 million square feet. Vertical construction of the first, 507,000-square-foot building is now underway. This structure will be known as Building 2 and will feature a clear height of 40 feet, 120 dock-high doors, four drive-in doors, parking for 216 cars and 175 trailers, ESFR sprinklers and high-efficiency LED lighting. Completion is slated for the first quarter of 2027. Building 1 within INDUS Commerce Center @ 840 spans 537,000 square feet and is pad-ready. That structure also features a clear height of 40 feet, as well as 110 dock-high doors, four drive-in doors and parking for 196 cars and 120 trailers. Buildings 3 and 4 are also pad-ready and will total 496,674 and 610,480 square feet, respectively. In addition, according to the property’s marketing brochure, Buildings 3 and 4 can be combined …

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DevelopmentMultifamilySoutheastTennessee

Crescent, Stockbridge Capital Break Ground on 277-Unit Apartment Development in West Nashville

by John Nelson

NASHVILLE, TENN. — Crescent Communities has broken ground on NOVEL Richland Creek, a 277-unit multifamily development located in west Nashville. The Charlotte-based firm is co-developing the community with San Francisco-based Stockbridge Capital Group, which owns the adjacent Lion’s Head Village, a shopping center anchored by Trader Joe’s. Designed by KTGY, NOVEL Richland Creek will feature studio, one-, two- and three-bedroom apartments, as well as 4,800 square feet of retail space and direct trailhead access to the Richland Creek Greenway. Amenities will include a lobby with a café and wine bar, maker and wellness spaces, coworking and book club room areas, a rooftop pool and indoor and outdoor gathering spaces. The design-build team includes ESG (interior design), EM Structural (structural engineer), Lighthouse Engineering (MEP engineer), Barge Civil Associates (civil engineer) and Hawkins Partners (landscape architect). J.P. Morgan provided an undisclosed amount of construction financing to Crescent and Stockbridge Capital.

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640-Massman-Drive
IndustrialSoutheastTennessee

Stos Partners Acquires 169,855 SF Warehouse in Nashville for $26M

by Abby Cox

NASHVILLE, TENN. — San Diego-based Stos Partners has acquired 640 Massman Drive, a 169,855-square-foot warehouse located in Nashville, for $26 million. The infill property was fully leased to Cumberland International Trucks at the time of sale. Todd Prevost and Jackson Pavitt of Big Tent Co. represented Stos Partners in the transaction. The seller was a private investor. Aldon Cole, Brad Vansant and Jenna Frakes of JLL arranged financing for the acquisition. 640 Massman Drive was constructed in two phases and can accommodate multiple tenants. The first phase — completed in 1970 — features 22-foot clear heights, three dock-high doors, two grade-level doors and nearly 2 acres of green space. The second phase, which was completed in 2000, was an expansion that included 30-foot clear heights, five dock-high doors and one additional grade-level door.

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tessa-madison
Build-to-RentLoansSoutheastTennessee

TWO Capital, Origin Secure Construction Financing for 199-Unit Build-to-Rent Community in Madison, Tennessee

by Abby Cox

MADISON, TENN. — TWO Capital Partners and Origin Investments have secured construction financing for the development of Tessa Madison, a 199-unit build-to-rent community located in Madison, about 12 miles northeast of downtown Nashville. Patterson Real Estate Advisory Group arranged the undisclosed amount of financing through Invitation Homes. TWO Resi Build, a wholly owned subsidiary of TWO Capital Partners, will serve as the project’s general contractor. Tessa Madison is situated on 55 acres within a Qualified Opportunity Zone, which is an economically distressed area where new investments may be eligible for preferential tax treatment. The community will consist of a mix of for-rent townhomes and detached single-family rental homes, with an average unit size of 1,851 square feet. All units will feature three- or four-bedroom floorplans, two-car attached garages and private driveways. Amenities will include a resort-style swimming pool, clubhouse, fitness center, coworking space, outdoor pavilion and a dog park.

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AcquisitionsIndustrialMississippiSoutheastTennessee

Provident Industrial Acquires 2.5 MSF Portfolio in Metro Memphis

by John Nelson

MEMPHIS, TENN. — Provident Industrial, a division of Dallas-based Provident, has acquired a 13-property industrial portfolio across the Memphis area totaling more than 2.5 million square feet. Case Van Lare and Christopher Martin led the Provident Industrial team in the transaction. The firm plans to hold the portfolio as a long-term investment opportunity. The seller and sales price were not disclosed, but the Memphis Business Journal reports that the seller was Blackstone Real Estate Income Trust Inc. and that 11 assets within Shelby County, Tenn., sold for $115 million. The outlet also reports that Provident Industrial purchased 33.7 acres in DeSoto County, Miss. Tenants within the portfolio include The Home Depot, UPS, Northstar and GXO, according to Memphis Business Journal.

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DevelopmentMultifamilySoutheastTennessee

Novare, BCDC Welcome Residents to 271-Unit Apartment Community in Knoxville

by John Nelson

KNOXVILLE, TENN. — A joint venture between Novare Group and Batson-Cook Development Co. (BCDC) has begun tenant move-ins at Elmstead West Knoxville, a 271-unit apartment community located at 962 Mabry Hood Road in Knoxville. The property features a mix of one-, two- and three-bedroom residences, as well as a resort-style pool, private garages, coworking lounge, fitness center, clubroom, grilling stations, fire pits, a dog park and pet spa. Monthly rental rates at Elmstead West Knoxville start at $1,557, according to the property website. The design-build team includes architect Dynamik Design and general contractor Summit Contracting Group. SouthState Bank provided construction financing to Novare and BCDC.

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AcquisitionsSeniors HousingSoutheastTennessee

NHI Agrees to Sell Skilled Nursing Portfolio to National HealthCare Corp. for $560M

by John Nelson

MURFREESBORO, TENN. — National Health Investors (NHI) has executed an agreement to sell a seniors housing portfolio to National HealthCare Corp. (NHC) for a total of $560 million. The portfolio includes 32 skilled nursing facilities and three independent living facilities. NHC currently operates the properties on behalf of NHI. In 2025, the portfolio generated cash lease revenue of roughly $39.7 million for NHI. According to NHI, the Murfreesboro-based company expects this move to increase its concentration in the category of private-pay seniors housing. Following the transaction, NHI’s senior housing operating portfolio segment will represent roughly 22 percent of its total investments, with skilled nursing exposure to represent 12.2 percent of total investments. In a statement, NHI also noted that this sale will “eliminate potential conflicts of interest between NHI and NHC.” Closing of the transaction is expected on July 1, subject to customary closing conditions. NHI expects to incur transaction costs between $6 million and $8 million. Blueprint Healthcare Real Estate Advisors is serving as the transaction advisor for NHI. Houlihan Lokey Capital is acting as financial advisor to a special committee of non-interested directors that was appointed to review the sale, and Venable LLP is serving as the committee’s …

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west-med-building
AcquisitionsHealthcareSoutheastTennessee

Maddox Brokers $11M Sale of Medical Office Building in Knoxville

by Abby Cox

KNOXVILLE, TENN. — Maddox Cos. has brokered the $11 million sale of the WestMed Building, a 55,000-square-foot medical office building situated on Sherrill Boulevard in Knoxville. Maddox Cos. represented both the seller, Knorr Family Properties, and the buyer, Clear Passage LLC, in the transaction. Built in 2004, the healthcare property sits on roughly 3 acres, according to LoopNet.

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AcquisitionsRetailSoutheastTennessee

Carmichael Capital Acquires 22,802 SF Adaptive Reuse Retail Property in Nashville

by John Nelson

NASHVILLE, TENN. — Carmichael Capital LLC, a locally based real estate investment firm founded by Taylor Camp, has acquired The Mill, a 22,802-square-foot adaptive reuse retail property located at 515 Merritt Ave. in Nashville’s Wedgewood-Houston neighborhood. SomeraRoad, an active mixed-use development firm in the Nashville market, sold the property for an undisclosed price. The Mill’s tenant roster comprises retail and restaurant concepts including Indochino, Hermitage Kitchen Gallery, Gordo’s Taqueria and BC Block Fitness. Kipper Worthington of Cushman & Wakefield handles the leasing assignment at The Mill, which is the second acquisition in the Wedgewood-Houston neighborhood for Carmichael Capital.

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