CHATTANOOGA, TENN. — Ziff Properties Inc. has acquired Signal Mountain Shopping Center in Chattanooga for $4.8 million. The 61,284-square-foot center is anchored by a BI-LO grocery. Sharon Bands and Susan Bands of Marcus & Millichap represented the seller. Ziff Properties was self-represented by Christian Chamblee.
SEVIERVILLE, TENN. — RealtyLink LLC has broken ground on River Landing, a $25 million shopping center in Sevierville. The 175,000-square-foot project will be located on a 16-acre site along Winfield Dunn Parkway at the site of the Old Reel Theatre. Phase I is slated for completion this September, and Phase II is expected to be complete in February 2016. The property is pre-leased to eight undisclosed retailers. The project team includes general contractor Vannoy Construction, architect Cor3 Design and sub-contractor Blalock Cos.
NASHVILLE, TENN. — Castilleja, a lifestyle and home décor retailer, plans to open a new 2,300-square-foot store in Edgehill Village, a shopping district right off Music Row in Nashville. The store is located at 1200 Villa Place, Suite 403. The company was founded by Liz Rose, a Grammy Award-winning songwriter. The store offers a variety of home furnishings, art, clothing and gifts.
HENDERSONVILLE, TENN. — Carolina Holdings Inc. has partnered with Atlanta-based Branch Properties LLC to develop Merchant Pointe at Indian Lake, a new 140,000-square-foot retail center located in Hendersonville, part of the Nashville metro area. The asset is located on 18 acres at Indian Lake Boulevard and North Anderson Lane. The property will have four anchor tenants, including The Fresh Market, Off Broadway, an unnamed fashion department store and an unnamed fourth anchor. According to Carolina Holdings, the four anchors are new to the market. The project team includes architect H. Michael Hindman Architects, civil engineer Ragan-Smith Associates and general contractor Harper Corp. BB&T is providing construction financing.
When it comes to grading commercial office space, there is no doubt that location is still king — and other factors such as price, architecture, functionality and amenities all take a back seat to the property’s location. Since we assign buildings letter grades (A and B), let’s take a look at what these letter combinations mean and the relationship of quality to location. In these scenarios, the first letter describes the building’s class (A or B) and the second letter represents the desirability of its location (A or B). The A/A designation refers to Class A buildings in Class A locations. It’s no surprise that this is the first category of office space absorbed when a market heats up and leasing volume intensifies. During this stage of the cycle, rental rates to inch upward, and more importantly, lease renewal terms tighten as landlords sense a shift toward the middle. For Memphis, Tenn., the total vacancy for Class A space in the East Memphis submarket decreased from 2.9 percent during third quarter 2014 to 2 percent in fourth quarter 2014. Almost 24,000 square feet of Class A office space in the East submarket was leased during fourth quarter 2014, and this …
NASHVILLE, TENN. — HFF has arranged permanent financing for the 800-room Omni Nashville Hotel, a LEED Silver-certified, upscale hotel located across from Music City Center in downtown Nashville. Completed in 2013 and located at 250 Fifth Ave., the hotel features the 5,500-square-foot Mokara Spa, a rooftop swimming pool, whirlpool with a lounge deck and cabanas, business center, 80,000 square feet of meeting space, 49,000 square feet of pre-function space and dining options such as Bob’s Steak & Chop House, Kitchen Notes and Barlines. Whitaker Johnson, Jim Curtin and Sarah Baccich of HFF arranged the fixed-rate loan through Prudential Mortgage Capital on behalf of the borrower, TRT Holdings.
KNOXVILLE, TENN. — Campus Advantage is currently developing its newest project, The Knox, which will serve students attending the University of Tennessee beginning in fall 2016. Pinecrest Partners is providing equity financing for the 101-unit, 382-bed community. Located at 1505 Clinch Ave., the location puts residents less than 100 feet from the University of Tennessee campus. The Knox will feature three-, four- and five-bedroom apartments. The community consists of two buildings, a five-level building and a six‐level building, and features two levels of gated garage parking and nine floors of residential space. Amenities will include a cyber cafe, computer bar, lounge room with fireplace and large-screen televisions and a fitness center, as well as an outdoor green roof with grills, water features, hammocks and a theater area. Each fully furnished apartment features a 42-inch television in its living room, wood-style flooring in the common areas, an in-unit washer and dryer, high-end finishes, stainless steel appliances and cable and high-speed Internet. Campus Advantage worked closely with the Historic Preservation Office at the city of Knoxville, as well as the Historic Fort Sanders Neighborhood Association, to design The Knox. Ronnie Macejewski, senior vice president of development of Campus Advantage, is leading the …
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.
GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.
Memphis has acquired many nicknames since its establishment in 1819: Blues City, Birthplace of Rock ‘N Roll, and Bluff City just to name a few. However, one name that has managed to work its way to the top of the list in recent years is America’s Distribution Center. Metropolitan Memphis, located in the southeast corner of Tennessee, northwest Mississippi and eastern Arkansas, contains approximately 4,598 square miles and is inhabited by approximately 1.3 million people. As one of the few MSAs to include three states, the Memphis region plays an integral role as the cornerstone of the Mid-South area. With a central location and rich transportation infrastructure, Memphis transformed into the regional and national distribution and logistics hub. Memphis’ transportation infrastructure is comprised of the four Rs: runway, rail, river, and road. Memphis International Airport was named the largest air-cargo airport in the United States for 18 consecutive years. It is now tied for first in the world with Hong Kong International Airport. Memphis is one of only three cities in the US that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corp., Norfolk Southern and Canadian National Railroad (CN). The …
