SERVIERVILLE, TENN. — Buc-ee’s is nearing completion of a 74,000-square-foot travel center in Servierville, roughly 30 miles southeast of Knoxville, marking the second location in the state for the brand and the largest travel center in the world. Scheduled to open at the end of June, the center will feature 120 fueling stations in addition to a store and car wash. Buc-ee’s, which currently operates 46 locations, is additionally underway on a 75,000-square-foot center in Texas and announced the first Virginia location in March of this year.
University of Tennessee, RISE to Develop Three On-Campus Residence Halls Totaling 2,500 Beds
KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee (UT) and RISE: A Real Estate Co. has announced plans to develop three residence halls on the university’s campus in Knoxville. The three seven-story communities are expected to add 2,500 beds to the university’s housing inventory. Development plans include two communities on Andy Holt Avenue and Caledonia Avenue that will target first- and second-year students. The projects will offer 750 and 1,100 beds, respectively, in fully furnished, one- and two-bedroom units with en-suite bathrooms. Both buildings will include office space for staff and lounge space for students. The development cost for the two communities, which are expected to open in fall 2025, totals approximately $180 million. The third residential community will be located adjacent to the university’s Lindsey Nelson Stadium and will offers 750 beds in two- and four-bedroom apartment-style units. The project, which will cost roughly $129 million to develop, is scheduled for completion in fall 2026. The site will also feature an indoor practice facility that will complement other renovations and enhancements currently underway at the stadium. Pending state approvals, the projects will be delivered through a ground-lease structure in which UT will retain ownership of the …
Portman, Creed Investment Deliver 16-Story Moore Office Building in Nashville’s Music Row District
NASHVILLE, TENN. — Atlanta-based Portman and locally based Creed Investment Co. have delivered The Moore Building, a 16-story, Class A office building in Nashville’s Music Row district. Legal advertising firm Whitehardt and Boston-based Albany Road Real Estate Partners are the building’s first announced tenants, both of which are expected to move into the building this summer. J.T. Martin of CBRE handles office leasing on behalf of Portman and Creed Investment. The Moore Building, which comprises 236,000 square feet of office space and 8,500 square feet of ground-floor retail space, is named after Scotty Moore, Elvis Presley’s longtime guitarist. The building is located on the site of the former Music City Recorders studio where Elvis and Moore recorded music. The Moore features a sky lobby on the eighth floor that leads to a 4,000-square-foot amenity deck that offers views of Midtown Nashville and Vanderbilt University. The project team includes general contractor Hoar Construction and Nashville-based architect Greshman Smith. U.S. Bank provided construction financing for the project.
GTIS Purchases Warehouses in Tennessee, North Carolina for $100M
MT. JULIET, TENN. AND STATESVILLE, N.C. — GTIS Partners has purchased two warehouses located in Tennessee and North Carolina for more than $100 million. Together, the properties comprise 943,030 square feet. The seller(s) was not disclosed. Located in the Nashville suburb of Mt. Juliet, the first warehouse, Midway 840, totals 643,410 square feet and was leased to a global third-party logistics company at the time of sale. The second warehouse is located at 607 Meacham Road in Statesville, which is roughly 40 miles north of Charlotte, and totals 309,620 square feet. Dura Supreme, a Minnesota-based cabinet manufacturer, occupies 607 Meacham Road. The site features an additional 105,000 square feet for potential development.
CBRE Brokers Sale of 603-Bed Student Housing Community Near University of Tennessee
KNOXVILLE, TENN. — CBRE has brokered the sale of TENN, a 603-bed student housing community located adjacent to the University of Tennessee campus in Knoxville. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Brett Carr of CBRE represented the seller, Campus Apartments, in the disposition of the property to Schenk Realty. The sales price was not disclosed. The community was developed in 2018 and is located within Knoxville’s Fort Sanders neighborhood at 1830 Cumberland Ave. TENN offers 140 fully furnished units in three-, four- and five-bedroom configurations. Shared amenities include a two-story clubhouse, swimming pool, courtyard grill stations and a fire pit, 24-hour fitness center, computer lab, TV lounge, Zen room, gaming lounge, group study rooms, a coffee station, free tanning, an indoor golf putting green, Amazon hub and ground-floor retail space.
Gantry Secures $40M Acquisition Financing for Four Self-Storage Properties in Tennessee, Florida
IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.
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Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities
GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …
Griffin Partners Underway on 2 MSF Industrial Project in Metro Nashville
LEBANON, TENN. — Texas-based Griffin Partners is underway on the development of a 2 million-square-foot industrial project in Lebanon, roughly 30 miles east of Nashville. Dubbed Earhart Industrial Park, the property will comprise two large speculative warehouses. The first warehouse will total 863,573 square feet and feature 367 car parking spaces and 196 trailer parking spaces. Totaling nearly 1.2 million square feet, the second building will include 448 car parking spaces and 284 trailer spaces. Both warehouses will have depths of 640 feet and clear heights of 40 feet. Melissa Alexander, W.B. Scoggin, Casey Flannery and Warren Snowdon of Foundry Commercial’s Industrial Services team will handle leasing at the development, which is scheduled for delivery in the third quarter of 2024.
Northmarq Brokers $40M Sale of Addison at Rossview Apartments in Clarksville, Tennessee
CLARKSVILLE, TENN. — Northmarq has brokered the $40 million sale of Addison at Rossview, a 205-unit apartment community located at 200 Holland Drive in Clarksville, about 45 miles northwest of Nashville. David Stollenwerk, Bryan Schellinger, Ben Crawford and Brenden Bercaw of Northmarq represented the seller, a locally based developer, and procured the buyer, Timberland Partners, in the transaction. Daniel Trebil and Jesse Lemos of Northmarq arranged a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of Timberland. Built in 2016, Addison at Rossview features one-, two- and three-bedroom apartments, as well as a saltwater swimming pool, playground, dog park, coffee bar, community clubhouse, business center, four-acre park and walking trail and garages.
Ziff Real Estate Partners Sells 18,156 SF Retail Strip Center in Chattanooga, Tennessee
CHATTANOOGA, TENN. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located at the intersection of East Brainerd and Jenkins roads in Chattanooga. The buyer and sales price were not disclosed. The property’s tenant roster includes East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. The center includes a gas station and Food City grocery store that Ziff is not including in the sale.