REBusinessOnline

Eyzenberg & Co. Arranges $7.5M Loan for Acquisition, Renovation of Apartment Community in Memphis

MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of …

Acquisitions, Loans, Multifamily, Southeast, Tennessee

Mallory & Evans to Open Co-Living Space in Knoxville

KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents.Flagship Kerns' units will include granite …

Development, Multifamily, Southeast, Tennessee

Starbucks Renews 680,160 SF Industrial Lease Near Nashville

LEBANON, TENN. — Starbucks Corp. has renewed its 680,160-square-foot industrial lease within Park 840 East 1009 in Lebanon. Starbucks will continue to fully lease the facility, which features 36-foot clear heights, dock- and drive-in doors, trailer parking and automobile parking. The building is situated at 1050 International Drive, 27 miles east of downtown Nashville.The site serves as a Southeastern distribution hub for the Seattle-based company. Lonnie Russell of Cushman & …

Industrial, Leasing Activity, Southeast, Tennessee

Alliance Residential Buys Land in Nashville to Develop Broadstone SoBro Apartments

NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022.Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working …

Acquisitions, Development, Multifamily, Southeast, Tennessee

CBL Properties Files for Chapter 11 Bankruptcy Protection

CHATTANOOGA, TENN. — Against headwinds brought on by the COVID-19 pandemic, CBL Properties Inc. (NYSE: CBL) filed for Chapter 11 bankruptcy protection on Sunday, Nov. 1. Chattanooga-based CBL owns and manages a portfolio of 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers and eight properties managed for third parties.The company entered into an Restructuring Support Agreement in August with a group of bondholders …

Company News, Retail, Southeast, Tennessee

Cushman & Wakefield Arranges $47M Sale of Multifamily Community in Knoxville

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver …

Acquisitions, Multifamily, Southeast, Tennessee

Knoebel Construction Delivers Indian-American Grocery Store in Nashville

NASHVILLE, TENN. — Knoebel Construction has delivered a new Patel Brothers grocery store in Nashville. This marks the 10th location in eight states that Knoebel has delivered on behalf of the Indian-American grocer. The store spans 25,000 square feet and is situated at 420 Harding Place, seven miles southeast of downtown Nashville. Brentwood, Tenn.-based H. Michael Hindman Architects P.C. designed the grocery store.

Development, Retail, Southeast, Tennessee

Stan Johnson Co. Arranges $18.5M Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

GERMANTOWN, TENN. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan …

Acquisitions, Retail, Southeast, Tennessee

Plymouth Industrial, Madison to Acquire Industrial Portfolio in Metro Memphis for $86M as Part of New Joint Venture

MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed.This is the first …

Acquisitions, Industrial, Southeast, Tennessee

CBRE Provides $12.3M Refinancing for Seniors Housing Community in Metro Nashville

MURFREESBORO, TENN. — CBRE has provided a $12.3 million Freddie Mac loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The seven-year, fixed-rate loan features 24 months of interest-only payments and includes cash-out proceeds. The property features 68 assisted living units and 26 memory care units across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing originated the refinancing on behalf …

Loans, Multifamily, Seniors Housing, Southeast, Tennessee
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