Tennessee

Target Leases 900,000 SF Distribution Center in Memphis

by John Nelson January 5, 2015

MEMPHIS, TENN. — Target has leased 900,000 square feet of industrial space at 5461 Davidson Road in Memphis, a distribution center that features 30-foot clear heights. The retail giant will invest $50 million to reposition the property as a regional online fulfillment center. Patrick Walton and Kemp Conrad of Cushman & Wakefield-Commercial Advisors LLC represented the property’s owner, an asset management and investment firm, in the lease transaction. Patrick Burke of CBRE represented Target. The property, which is slated to be operational by mid-2015, is expected to generate more than 400 jobs. Target by Innotrac, a third-party logistics firm, will manage the facility.

January 5, 2015

Multifamily Southeast Tennessee

HFF Brokers $54.3M Sale of Multifamily Community in Nashville’s Gulch Neighborhood

by John Nelson December 23, 2014

NASHVILLE, TENN. — HFF has brokered the $54.3 million sale of Velocity in the Gulch, a 238-unit multifamily community in Nashville’s Gulch neighborhood. Nicol Investment Co. purchased the apartment property from a joint venture between a Chicago-based fund manager and a predecessor company run by David Levin. Velocity in the Gulch is located at the corner of 320 11th Ave. South and Pine Street. The property features a sky lounge with an outdoor fireplace, fitness center, courtyard with a fountain and fire pit, clubroom, coffee bar and bicycle racks. Jason Nettles and Megan Thompson of HFF led the investment sales team that represented the seller in the transaction.

December 23, 2014

Loans Southeast Tennessee

Love Funding Closes $14.1M Construction Loan for Knoxville Apartment Community

by John Nelson December 16, 2014

KNOXVILLE, TENN. — Love Funding has closed a $14.1 million HUD 221(d)(4) loan for the construction of River’s Edge Apartments, a proposed 134-unit multifamily property in Knoxville. The property will be located on a site next to the Tennessee River in Knoxville’s Island Home district. Tammy Tate of Love Funding’s Knoxville office originated the non-recourse loan on behalf of the developers, Atlanta-based Camden Partners and Knoxville-based Dominion Development Group. The loan has a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Knoxville-based Empire Construction is the general contractor for the project.

December 16, 2014

Hospitality Southeast Tennessee

Pebblebrook Hotel Trust Acquires Union Station Hotel in Downtown Nashville for $52.3M

by John Nelson December 15, 2014

NASHVILLE, TENN. — Pebblebrook Hotel Trust has purchased Union Station Hotel, Autograph Collection in downtown Nashville for $52.3 million. The 125-room hotel is located on Broadway in Nashville’s central business district adjacent to the Frist Center for Visual Arts and Vanderbilt University. Pebblebrook has tapped Sage Hospitality to operate the hotel. The hotel first opened in 1900 as L&N Railroad Station and was converted into a hotel in 1986. The hotel underwent an $11 million renovation in 2007 and a $1.9 million renovation to convert the property to an Autograph Collection by Marriott hotel in 2012. The hotel features 12,000 square feet of meeting space, a grand lobby with a 65-foot barrel-vaulted ceiling, Prime 108 restaurant, fitness center, business center and valet parking. Pebblebrook plans to invest $5 million to $7 million to upgrade the hotel’s guestrooms and public areas.

December 15, 2014

Seniors Housing Southeast Tennessee

NHI to Acquire Eight Seniors Housing Communities for $476M

by John Nelson December 3, 2014

MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.

December 3, 2014

Hospitality Southeast Tennessee

Banyan, InLight Capital Acquire Hampton Inn & Suites in Murfreesboro

by John Nelson November 21, 2014

MURFREESBORO, TENN. — Atlanta-based Banyan Investment Group and Houston-based InLight Capital LLC have partnered up to purchase Hampton Inn & Suites in Murfreesboro, about 25 miles southeast of Nashville. The hotel is located on North Thompson Lane and features 1,078 square feet of meeting space, a business center, fitness center and a seasonal outdoor swimming pool.

November 21, 2014

Retail Southeast Tennessee

Landmark Brokers $22.8M Sale of Shopping Center in Tennessee

by John Nelson November 19, 2014

HIXSON, TENN. — Landmark Commercial Real Estate Services Inc.’s investment sales group has brokered the $22.8 million sale of Oak Park Town Center, a 178,384-square-foot shopping center in Hixson. The property’s tenant roster includes Marshalls, Gander Mountain, Burke’s, Office Depot, Petco and Shoe Carnival. A Walmart Supercenter shadow anchors the property. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, and the seller, a private developer based locally.

November 19, 2014

Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on Apartment Community in Germantown Area

by John Nelson November 18, 2014

NASHVILLE, TENN. — Embrey Partners has begun construction on The Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. The project will be located adjacent to First Tennessee Park, the new home of the Nashville Sounds, as well as a future library and archive campus. The four-story property will feature one- and two-bedroom units ranging from 599 to 1,704 square feet with rental rates ranging from $1,378 to $3,300 per month. The property will feature a 7,500-square-foot clubhouse with a fitness center, yoga studio, gaming center, presentation kitchen, private dining area, resort-style pool, grilling station, outdoor fireplace and a concierge system. The design team includes general contractor Embrey Builders, property manager Embrey Management Services, architect BGO Architects and engineer Littlejohn Engineering. Embrey Partners plans to deliver The Carillon in spring 2016.

November 18, 2014

Office Southeast Tennessee

Brasfield & Gorrie Completes $59M HQs for Tractor Supply Co. in Metro Nashville

by John Nelson November 17, 2014

BRENTWOOD, TENN. — Brasfield & Gorrie has completed the new Tractor Supply Co. corporate headquarters in Brentwood, roughly 11 miles south of Nashville. The $59 million project includes two four-story buildings totaling 260,000 square feet, a two-story atrium connecting the two buildings and a four-level parking deck with 1,000 parking spaces. Approximately 900 Tractor Supply employees have begun working from the new headquarters, which has a total capacity for 1,200 employees. The design team, including Hastings Architecture Associates and Eakin Partners, is pursuing LEED Silver certification for the office campus.

November 17, 2014

Loans Southeast Tennessee

BB&T Provides $9.1M Refinancing for Windsor Square in Knoxville

by John Nelson November 7, 2014

KNOXVILLE, TENN. — BB&T has provided a $9.1 million loan to refinance Windsor Square Shopping Center, a 299,329-square-foot retail center in west Knoxville’s Cedar Bluff submarket. The shopping center is located at North Seven Oaks Drive and Kingston Pike near I-40. The property is fully leased to tenants such as Old Time Pottery (67,800 square feet), Burlington Coat Factory, Big Lots and Carmike Cinemas. Southern Management and Development LLC (SMD) leases and manages the property. BB&T provided the loan to Windsor Square’s owner, an unnamed private partnership.

November 7, 2014

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