REBusinessOnline

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units.Between the high rises, there will be 18,000 square feet of office space and …

Albion to Develop $140M Apartment Tower in Nashville

NASHVILLE, TENN. — Albion Residential will develop Albion in the Gulch, a $140 million apartment tower at 645 Division St. in Nashville. Hartford Investment Management Co. provided a $87.2 million loan for the project. Albion in the Gulch will include 415 studios to three-bedroom units, as well as two-story townhomes within the tower.The 20-story property will feature interactive events, as well as its own comedy club that will double as a karaoke venue. Community amenities will include a …

McShane Breaks Ground on 322-Unit Novel Harpeth Heights Apartment Community in Nashville

NASHVILLE, TENN. — McShane Construction Co. has broken ground on the 322-unit Novel Harpeth Heights in Nashville on behalf of the developer, Crescent Communities. The multifamily property is located in Nashville’s Bellevue neighborhood at 615 Old Hickory Blvd.Positioned on a 22-acre site on Nashville’s southwest side, Novel Harpeth Heights will feature studios, one-, two- and three-bedroom apartment homes ranging in size from 549 to 1,529 square feet. The development will incorporate …

Private Developer Nearing Completion of Mixed-Use Condo Project in Downtown Nashville

NASHVILLE, TENN. — Jim Jacobs, a private developer based in Nashville, is nearing completion of Muse, a short-term rental condominium building in downtown Nashville. Jacobs created Muse Nashville LLC to purchase the site of the building in 2019, according to the Nashville Post. The company also secured a $15.5 million to finance the project.In addition to 55 condos, of which three quarters are presold, Muse will offer a lobby designed by ES|DG, cardio fitness center, a luggage drop, …

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles.Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights …

Amazon to Open 634,812 SF Fulfillment Center in Alcoa, Tennessee

ALCOA, TENN. — Amazon plans to open a 634,812-square-foot fulfillment center in Alcoa, which is located 14 miles south of Knoxville. The development, which is anticipated to launch in 2022, will create nearly 800 new, full-time jobs. Dallas-based Hillwood Development Co. Inc. is developing the project on behalf of Amazon.The Alcoa facility will be Amazon’s third fulfillment center in Tennessee to use Amazon Robotics technology and the company’s eighth fulfillment center in the …

Mill Creek Residential to Develop 15-Story Apartment Tower in Nashville

NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space.Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation …

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million.Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville.The properties were acquired in …

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development.The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have …

Logistics Firm Unis Signs 474,000 SF Industrial Lease in Memphis

MEMPHIS, TENN. — Unis LLC, a third-party logistics provider (3PL), has signed a 474,000-square-foot lease for fulfillment space in the Southeast industrial submarket of Memphis. The California-based firm will occupy space at 4400-4500 Quality Drive within Southpark, a Class A development situated near the BNSF Railway Company Intermodal Facility. Patrick Walton of CBRE represented the landlord, Dawson Logistics Assets LLC, an affiliate of Mapletree Investments, in the lease transaction. …

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