REBusinessOnline

Cushman & Wakefield Negotiates Sale of 655-Unit Multifamily Portfolio in Tennessee

JACKSON, TENN. — Cushman & Wakefield has negotiated the sale of a five-property, 655-unit multifamily Portfolio in Jackson. McDowell Properties sold the portfolio to Monarch Investment & Management Group. The properties are: Post House North, a 145-unit complex located at 26 Revere Circle; Woods of Post House, a 122-unit community located at 39 Thistlewood Drive; Post House Jackson, a 150-unit property located at 26 Rachel Drive; The Oaks, a 100-unit asset located at 842 North …

GBT Realty Unveils Plans for Downtown Nashville Office Building

NASHVILLE, TENN. — GBT Realty has unveiled plans for 1221 Broadway, an office building in downtown Nashville. Brentwood, Tenn.-based GBT completed the demolition of the former Firestone at the site. The new Class A office building will range from 365,000 to 500,000 square feet depending on the needs of potential tenants. The building will rise between 23 and 27 stories. The asset will also include 7,000 square feet of ground-level retail space, a 10th floor amenity deck and café, and parking …

Downtown Nashville Retail Booms Across Three Major Mixed-Use Developments

With a staggering number of tower cranes at work every day, Nashville has delivered a record number of multifamily units, office space and hotel rooms in the past several years. Even with all this development and with tourists flocking to downtown seemingly every week of the year, one category has lagged: new retail downtown. To provide a snapshot of growth in downtown Nashville, the number of residential units downtown has grown from 3,700 in 2010 to 11,800 today. Hotel room rates since 2008 …

Corporate Relocations, Coworking Concepts Reshape Nashville’s Office Market

The Nashville office market continues to have positive momentum coming into 2019, following three years of record-setting leasing that brought several big name corporate tenants to the market — plus a recent surprise announcement that Amazon will soon be adding 5,000 employees to Nashville’s central business district (CBD) within the Nashville Yards development. The bulk of the activity is concentrated in CBD Class A office space, as tenants focus on real estate decisions that emphasize …

Joint Venture to Develop Two Hotel Towers in Downtown Nashville Adjacent to Music City Center

NASHVILLE, TENN. — Starwood Capital Group, Crescent Real Estate LLC and High Street Capital Partners will develop a two-tower, dual-branded hotel situated on 1.3 acres directly across from Music City Center, a $625 million convention center in downtown Nashville that opened in 2013. The project will consist of a 506-room, 30-story Embassy Suites by Hilton and a 215-room, 18-story 1Hotel Tower, Starwood’s signature brand. The two hotel towers will be connected via a four-story lobby, …

WeWork to Open Third Nashville Location in North Gulch’s Capitol View

NASHVILLE, TENN.  — WeWork will open its third Nashville location this fall. The newest site will be situated in the city’s North Gulch district, spanning 65,000 square feet and two stories at 500 11th Ave. N. within Capitol View. A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin developed Capitol View, a 32-acre mixed-use development offering 378 residential units, retail space, restaurants and a 2.5-acre park. WeWork expects the space to house up to …

Job Creation in Middle Tennessee Sparks Rise in Demand for Multifamily

In 2018, Nashville continued experiencing unprecedented population growth. Major job announcements, rising home prices and income growth have led to a shift in renters-by-choice. This has continued to transform our urban core and has had an immense impact on various industries within the city. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2018. The median price per unit in Nashville increased by more than 14 percent from …

Berkadia Negotiates $23.6M Sale of Multifamily Community in Nashville

NASHVILLE, TENN. — Berkadia has arranged the $23.6 million sale of Point Breeze, a 192-unit apartment complex in east Nashville. An affiliate of San Diego-based Brandy Investments purchased the asset, which was built in 1972 and spans more than 33 acres. Amenities include a saltwater swimming pool, dog park, fitness center and a picnic area with a barbecue. Patrick Jordan and Alex Blagojevich of Berkadia represented the seller, Nashville-based Freeman Webb Inc., in the

Christian Book Retailer LifeWay to Close All 170 Stores, Focus on Digital Platform

NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it …

Fortress, Sansone Group Acquire Industrial Facility in Metro Nashville for $23.6M

MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith …

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