REBusinessOnline

CBL Properties to Suspend Stock Dividends, Review on Quarterly Basis Through 2020

CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) will suspend its stock dividends for 2019 and possibly through year-end 2020 in the face of retail bankruptcies, store closures and corporate restructurings of tenants within its portfolio. The Chattanooga-based shopping center and mall owner's board of directors will review the suspension quarterly but doesn’t expect the dividends to resume in 2020. CBL announced the decision following a review of current taxable income projections for 2019 …

NKF Brokers Sale of 106,495 SF Shoppes at Millington Farms in Metro Memphis

MILLINGTON, TENN. — Newmark Knight Frank (NKF) has brokered the sale of the 106,495-square-foot Shoppes at Millington Farms, a 106,495–square-foot shopping center located at 8540 U.S. Highway 51 N. in Millington. Real estate firm Ryan Cos. sold the center, located 18 miles northeast of Memphis, to Living for Life Apartments LLC. Drew Fleming, Mark Joines and Henry Kushner of NKF represented the seller in the transaction. Built in 2017, the shopping center was fully leased to …

Grandbridge Provides $42.9M Refinancing Loan for Apartment Complex Near Nashville

MURFREESBORO, TENN. — Grandbridge Real Estate Capital LLC has provided a $42.9 million construction refinancing loan for The Banks at West Fork Apartments, a 328-unit apartment complex 30 miles southwest of Nashville, in Murfreesboro. The non-recourse loan was structured with a 15-year fixed interest rate and a 30-year amortization beginning after a period of interest-only payments. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge, along with Carl Bedwell of Pinnacle Financial …

Mitsubishi Confirms New U.S. Headquarters Office in Franklin, Tennessee

FRANKLIN, TENN. — Mitsubishi Motors North America, Inc. (MMNA) has confirmed the location for the company’s permanent headquarters in the Cool Springs district of Franklin, a suburb south of Nashville. The automotive company has signed a long-term lease for approximately 40,000 square feet at the McEwen Northside mixed-use project that Boyle Investment Co. is developing. Scheduled for completion in early spring 2020, the greenfield-developed project is located at 4015 Aspen Grove Drive. …

Berkadia Arranges $46.5M Sale of Waterford Landings Apartment Complex in Clarksville, Tennessee

CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Arizona-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming …

Bluestone Properties Purchases 1400 Chestnut Apartments in Downtown Chattanooga

CHATTANOOGA, TENN. — Bluestone Properties has purchased 1400 Chestnut Apartments, a 200-unit multifamily property in downtown Chattanooga. According to the Chattanooga Times Free Press, Birmingham, Ala.-based Kore LLC delivered the community in 2017. Close to Interstates 24 and 75, the four-story residential community contains one- and two-bedroom apartments, a pool and lounge area, resident center with a complimentary wine and coffee bar, grilling and fire pit areas, fitness center, yoga …

SunTrust, BB&T Agree to Sell 30 Bank Branches in Three States to First Horizon

MEMPHIS, TENN. — SunTrust Bank and BB&T have agreed to sell 30 SunTrust branches in Georgia, Virginia and North Carolina to First Horizon National Corp. As part of the agreement, Memphis-based First Horizon will assume approximately $2.4 billion in deposits and will purchase approximately $410 million in loans. SunTrust and BB&T are selling the banking locations to satisfy regulatory requirements in connection with the previously announced “merger of equals” between SunTrust and …

Holladay Properties Breaks Ground on 330,000 SF Phase III of Industrial Park Near Nashville International Airport

NASHVILLE, TENN. — Holladay Properties has broken ground on Phase III of Airport Logistics Park, a 95-acre master-planned industrial park near Nashville International Airport on Old Murfreesboro Pike. Phase III will span 330,000 square feet. Holladay expects Phase I and II to deliver in spring 2020 while Phase III is expected to deliver in fourth-quarter 2020. Ronnie Wenzler of Cushman & Wakefield oversees leasing efforts for the logistics park. Phases I and II comprise 402,500 square …

GBT Realty Acquires Final Piece of Land for 23-Story Office Tower in Downtown Nashville

NASHVILLE, TENN. — GBT Realty has acquired the remaining 0.2-acre plot for its planned One22One Broadway, a 23-story, 365,000-square-foot office building in downtown Nashville. GBT Realty bought the land for $3 million, bringing the total development site to 0.8 acres. The Brentwood, Tenn.-based company revealed plans for One22One Broadway in April. The first two floors of the building will include 15,000 square feet of restaurant and retail space. The 11th floor will offer an amenity deck …

Passco Acquires Newly Built Multifamily Property in Knoxville for $40.4M

KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the …

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