Tennessee

Cushman & Wakefield | Commercial Advisors Arranges Sale of 12-Story Memphis Office Building

by John Nelson January 3, 2024

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of a Class B office building located at 2670 Union Ave. in the Midtown submarket of Memphis. According to LoopNet Inc., the 12-story property spans 119,213 square feet and tenants include Pearson Vue, Shelby County Community Service Agency and Lipscomb & Pitts Insurance LLC, which has exterior signage on the building. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the sellers, an entity doing business as Union Office Center LLC and private investor Brett Kaye, in the transaction. The buyer, an entity doing business as 2670 Union Avenue Extended Building Owner LLC, purchased the building for an undisclosed price.

January 3, 2024

Acquisitions Multifamily Southeast Student Housing Tennessee

Capstone Real Estate Sells Former Student Housing Community in Murfreesboro, Tennessee

by John Nelson December 5, 2023

MURFREESBORO, TENN. — Capstone Real Estate Investment has sold Landmark Apartments, a 264-unit community located near the Middle Tennessee State University campus in Murfreesboro. The property was acquired as a student housing project by the company in 2020 and underwent significant renovations, including the transformation of the community into traditional multifamily. Landmark Apartments offers one-, two- and three-bedroom units. The buyer in the transaction was not disclosed.

December 5, 2023

Acquisitions Office Southeast Tennessee

PNH Properties Acquires 211 Commerce Office Tower in Downtown Nashville for $75M

by John Nelson December 1, 2023

NASHVILLE, TENN. — PNH Properties has acquired 211 Commerce, an office tower located on the corner of Commerce Street and 3rd Avenue in downtown Nashville, for $75 million. Built in 2000, the property comprises 233,314 square feet of office space across 11 stories and features ground-floor restaurant and retail space. J. Roscoe High and Morgan Hillenmeyer of CBRE represented the buyer in the transaction. The seller, a joint venture between Velocis and Lincoln Property Co. doing business as Velocis Lincoln Commerce SPE LLC, recently implemented $16 million of capital improvements to the property. Renovations included the addition of a new conference center, fitness center and windows and updates to the lobby, tenant lounge, elevators, an outdoor plaza and building façade.

December 1, 2023

Acquisitions Multifamily Southeast Tennessee

Passco, Greystone Purchase One Riverwalk Apartments in Knoxville for $120.7M

by John Nelson November 29, 2023

KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.

November 29, 2023

Acquisitions Data Centers Southeast Tennessee

Aphorio Acquires Data Center in Collierville, Tennessee for $13M

by John Nelson November 10, 2023

COLLIERVILLE, TENN. — Aphorio Carter Fund Management Co., the critical infrastructure and data center division of Tampa-based Carter Funds, has acquired an enterprise data center located in the Memphis suburb of Collierville for $13 million. Situated within the 118-acre FedEx World Technology Center Campus, the property comprises 86,000 square feet on 4.6 acres. Built in 2001, the center is fully leased to an unnamed logistics company that occupies the property on a net lease. The seller was not disclosed.

November 10, 2023

Loans Multifamily Southeast Tennessee

JLL Arranges $101.2M Refinancing for Kenect Nashville Apartments

by John Nelson November 7, 2023

NASHVILLE, TENN. — JLL has arranged the $101.2 million refinancing for Kenect Nashville, a 420-unit, Class A apartment community located at 800 19th Ave. in Nashville’s Midtown district. Jesse Wright, Kenny Cutler, Brian Dawson, Joshua Odessky and J.J. Hovenden of JLL arranged the loan through MF1 on behalf of the borrower, Akara Partners. Built in 2019, Kenect Nashville features a mix of studio, one-, two- and three-bedroom units ranging in size from 360 to 612 square feet, according to Apartments.com. Amenities include coworking spaces via membership for all residents, as well as a pool, business center, fitness center, concierge, pet play area and a clubhouse.

November 7, 2023

Development Leasing Activity Mixed-Use Office Southeast Tennessee

CAA Signs 75,000 SF Office Lease at Nashville Yards

by John Nelson November 6, 2023

NASHVILLE, TENN. — Entertainment and sports agency Creative Artists Agency (CAA) has signed a 75,000-square-foot office lease at Nashville Yards, a 19-acre mixed-use project currently underway in downtown Nashville. Scheduled to begin in late 2025, CAA’s occupancy will span two floors. Designed by CannonDesign, the office will feature indoor-outdoor workspaces, game and listening lounges and private terraces on each floor. Amenities at the property, which is located at 955 Church St., will include plazas, courtyards, green spaces, meeting hubs, entertainment spaces, an outdoor deck, three levels of retail and dining space, parking and valet services. CAA will be relocating from its current Nashville office within the SunTrust building next to the Ryman Auditorium. Southwest Value Partners is the landlord and developer at Nashville Yards, which, upon completion, will feature a 591-room hotel and a 4,500-person concert venue in addition to retail, dining and office space.

November 6, 2023

Acquisitions Multifamily Southeast Tennessee

Colliers Arranges Acquisition Financing for Multifamily Portfolio Totaling 56 Units in Chattanooga

by John Nelson November 3, 2023

CHATTANOOGA, TENN. — Colliers Mortgage has arranged financing for the acquisition of a two-property multifamily portfolio totaling 56 units in Chattanooga. The properties include Richwood Townhomes and Seminole Pathe. Located at 918 Donaldson Road, Richwood Townhomes was built in 1968 and comprises 24 units throughout four two-story buildings. Seminole Pathe features 32 units within one three-story building, as well as a one-story single-family residence that functions as a duplex. Built in 1925, the property is situated at 302 Dunlap Ave. The financing included the assumption of an existing Fannie Mae mortgage loan, as well as an additional Fannie Mae supplemental loan. Zach Shope of Colliers Mortgage’s Atlanta office secured the financing on behalf of the borrower, an entity doing business as East Ridge Flats and Townhomes LLC.

November 3, 2023

Development Retail Southeast Tennessee Top Stories

Tanger Completes 290,000 SF Outlet Mall in Nashville

by Katie Sloan October 26, 2023

NASHVILLE, TENN. — Tanger Factory Outlet Centers (NYSE: SKT) has completed Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. The property is Tanger’s first new development since 2019. The open-air development consists of seven retail buildings and The Green, a central outdoor community space for programming and activations. The mall is currently 96.5 percent occupied by 60 retailers and restaurants, including Nike, Polo Ralph Lauren, Coach, Ulta Beauty, Michael Kors, Pottery Barn, Under Armour, Crocs, American Eagle, Journeys, Old Navy, Victoria’s Secret and Adidas. The property also features 15 murals by artists from across the U.S., and food and beverage offerings including Shake Shack, Crumbl Cookies, Tailgate Brewery, Red Bicycle Coffee, Prince’s Hot Chicken and Eggspectation. The development incorporated a number of sustainability efforts, including the addition of a honeybee hive with 30,000 bees; 12 electric vehicle charging stations; 2,800 rooftop solar panels; and the planting of over 500 trees and 10,000 shrubs and ground-covering plants. The development led to approximately 700 people employed during the center’s construction and another 1,100 part-time and permanent jobs created through its retail operations. The grand opening for Tanger Outlets Nashville will be tomorrow, Oct. 27. To celebrate, the company will offer prizes …

October 26, 2023

Acquisitions Industrial Southeast Tennessee

Brennan Investment Group Acquires 75,000 SF Distribution Facility in Nashville

by John Nelson October 24, 2023

NASHVILLE, TENN. — Chicago-based Brennan Investment Group has acquired a 75,000-square-foot distribution facility located at 565 Brick Church Park Drive in Nashville. The seller and sales price were not disclosed. Situated on a 5.3-acre site five miles north of downtown Nashville, the property was fully leased at the time of sale to locally based AllParts Medical, a division of Philips Healthcare that uses the facility to stock, test, repair and distribute more than 60,000 replacement parts used in high-end medical tools. Built in 1996 and renovated in 2019, the infill building features a 135-foot truck court, 24-foot maximum clear heights, LED lighting, climate control and 12,500 square feet of office space. The facility was formerly used as a studio for the TV show “Nashville.” The 565 Brick Church Park property represents Brennan’s fourth acquisition in the Nashville market since 2019.

October 24, 2023

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