Tennessee

MARLBOROUGH, MASS. — BJ’s Wholesale Club, an operator of member retail warehouse locations, plans to open five new clubs in the Southeast and Indiana this fiscal year, which ends Feb. 1, 2025. The new clubs will be located in Maryville, Tenn., a suburb of Knoxville; Myrtle Beach, S.C.; Palm Coast and West Palm Beach in South Florida; and Carmel, Ind., a suburb of Indianapolis. Earlier this month, the Marlborough-based company announced its plans to open a new store near Jefferson Mall in Louisville, Ky. BJ’s Wholesale expects each new club to create roughly 150 new jobs. The company first opened its warehouse club model in New England in 1984. Today, BJ’s Wholesale operates 244 clubs and 175 BJ’s Gas stations in 20 states.

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CHATTANOOGA, TENN. — A partnership between Novare Group and Batson-Cook Development Co. (BCDC) has begun leasing Populus Waterside, a 344-unit apartment community located along Gunbarrel Road in Chattanooga. First residents are beginning to move into the property, which offers studio, one-, two- and three-bedroom floor plans. Monthly rental rates range from $1,400 to nearly $2,500, according to the property website. Amenities include a game room, coworking micro-offices, fitness center with a yoga room, resort-style pool, sun deck, tanning ledge, a dog park, pet spa and an outdoor fire pit. The design-build team includes architect Dynamik Design, civil engineer MAP Engineers and general contractor Construction Enterprises Inc.

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By Katie Lester of Colliers Nashville’s economy experienced some of the healthiest growth in the nation in 2023, with a job growth rate of 3.7 percent, putting it among the top five of the largest 50 metros. Forecasted by Oxford Economics, overall jobs are projected to grow 1.2 percent in 2024 and by 0.8 percent per year in 2025 through 2028, outpacing the U.S. average of 0.5 percent. Nashville also received high marks from the Urban Land Institute, ranking the “No. 1 Market to Watch” in its 2024 Emerging Trends in Real Estate report. This is the third consecutive year that Nashville has earned the top spot in this ranking, a true nod to the confidence and strength of Nashville’s commercial real estate market. The report credits Nashville and other “Supernova” cities as having above-average levels of economic diversity and high-wage jobs that attract investors’ appeal and confidence in sustaining high growth in the coming years.  These fundamentals have been a boon to the retail market and have helped attract new-to-market retail brands to Middle Tennessee. Most notably, after a multi-city, multi-state search over the course of two years, In-N-Out Burger picked Middle Tennessee to locate its Eastern Operations Hub, …

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KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee and RISE: A Real Estate Co. has broken ground on two residence halls expected to open on the university’s Knoxville campus in fall 2025. The two communities will add approximately 1,950 beds to the university’s housing inventory, which currently totals 8,500 beds. The first development, a seven-story building offering 788 beds, will be located at the intersection of Andy Holt Avenue and 20th Street. The second, two-building residence hall will offer 1,166 beds between Caledonia and Terrace avenues. Construction of the two communities represent Phase I of a larger project, which will include the development of a third 1,028-bed residence hall. The project is being delivered through a ground lease structure, with the university retaining ownership of the land. An entity doing business as Provident Group–UTK Properties will own the facilities for the term of the project-based bond financing. At the end of the debt, the ownership of the buildings will revert to the university. RISE — alongside undisclosed partner firms — is developing, financing and constructing the facilities and will maintain them in partnership with the university through a long-term shared services partnership. The development team includes Niles …

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MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.

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CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $3.6 million sale of Brainerd Market Center, a 44,800-square-foot retail center located at 480 Greenway Drive in Chattanooga. The property was 80 percent leased at the time of sale to a mix of national, regional and local tenants, with the average tenant tenure being 14 years. Situated two miles from Chattanooga Metropolitan Airport, Brainerd Market Center is shadow-anchored by a Walmart Supercenter and is adjacent to East Gate Town Center. Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, an undisclosed Tennessee-based developer, in the transaction. Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing the transaction.

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By Jack Armstrong and Joanna Paszek of CBRE The Nashville industrial market remained strong through 2023 despite macroeconomic pressures, fueled by persistent occupier demand and limited availabilities. Occupiers were active in the market with mostly sub-100,000-square-foot requirements, making it vital for owners and developers to consider size segment trends and supply the market based on varying occupier needs. The logistical advantage of Nashville’s geographic location continues to attract occupiers and investors to the market. Three major interstates intersect through the city, and companies can reach 72 percent of the U.S. population within two-day ground delivery. A consistent average of 100 new residents daily and waves of new-to-market companies helped promote a swift post-pandemic economic recovery and illustrate the market’s resilience. An increased presence of electric vehicle (EV) companies is paving the way for significant infrastructure upgrades, bringing high-paying jobs and growing supply-chain demand to support their product distribution. Economic incentives like Tennessee’s FastTrack Program grants for job training and infrastructure development, job tax credits and sales tax exemptions have attracted roughly 2,500 jobs and $2.8 billion of capital investment by EV-related operations to Middle Tennessee since 2020.  Together, Nashville’s pro-business environment and status as a place people want to live …

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CHATTANOOGA, TENN. — Urban Story Ventures plans to invest $28 million for the development of a new industrial facility located within the Centre South Riverport Industrial Park in Chattanooga. The property will be situated on a 19-acre site along Amnicola Highway and the Tennessee River. The new industrial/flex facility will include at least 185,000 square feet of light to heavy industrial or logistics space, with the potential for 40,000 square feet of mezzanine space. Urban Story Ventures plans for the facility to feature several loading docks, ample parking and gated entry. The design-build team includes general contractor Grace Construction and architect Method Architecture. The construction timeline was not disclosed, though the locally based developer plans to break ground on Thursday, March 21.

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BRENTWOOD, TENN. — Cincinnati-based Last Mile Investments has acquired The Shops at Mallory, a 26,114-square-foot, unanchored retail center located at 1731 Mallory Lane in Brentwood, about 10 miles south of Nashville. Jim Foley of Foley Real Estate represented the undisclosed seller in the transaction. Jordan Powell of Avison Young represented Last Mile Investments, which now has assets in 16 separate MSAs. The sales price was not disclosed. The Shops at Mallory was leased to service and convenience retailers including Massage Envy, Sola Salon Studios and Genesis Diamonds at the time of sale.

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NASHVILLE, TENN. — Portman has signed fitness chain [solidcore] to a retail lease at Starling, a 363-unit residential tower underway in Nashville’s Germantown neighborhood. The fitness concept, which focuses on high-intensity, low-impact training in 50-minute group classes, will join a tenant roster that will include Toastique, Social Cantina and Retrograde Coffee. Preleasing efforts at Starling are currently underway, with the first units delivering in May. Portman plans to debut [solidcore] this fall, marking the concept’s second location in Nashville.

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