Tennessee

Brasfield & Gorrie Breaks Ground on $50M Office Tower in Nashville, Leases Space

by John Nelson October 28, 2014

NASHVILLE, TENN. — Brasfield & Gorrie has signed a lease to occupy office space at 1201 Demonbreun, a $50 million, 15-story office tower in Nashville’s Gulch neighborhood. Brasfield & Gorrie is the general contractor of the 680,000-square-foot project, which includes 305,000 square feet of office space and a 375,000-square-foot parking deck with 950 spaces. The project team includes developer Eakin Partners and architect Hastings Architecture Associates. Brasfield & Gorrie expects to deliver 1201 Demonbreun in late 2016 and move in to its office space in spring 2017. Other committed tenants include talent agency William Morris Endeavor, law firm Neal & Harwell and Sony Music Nashville.

October 28, 2014

Mixed-Use Southeast Tennessee

Ovation Mixed-Use Development Breaks Ground in Franklin’s Cool Springs Area

by John Nelson October 24, 2014

FRANKLIN, TENN. — Developers SouthStar LLC, Highwoods Properties and Bristol Development Group have broken ground on Ovation, a mixed-use development in Franklin’s Cool Springs market. The property will be located on a 145-acre site at the corner of McEwen Drive and Carothers Parkway. SouthStar will develop 500,000 square feet of retail space, 950 residential units and two hotels totaling roughly 450 rooms. Highwoods plans to develop up to 1.4 million square feet of office space, and Bristol Development plans to develop living spaces, including apartments and upscale million dollar estates. To date, more than $20 million has been invested in Ovation’s infrastructure. Construction on Ovation’s retail portion is slated to begin in the spring.

October 24, 2014

Loans Southeast Tennessee

Houlihan-Parnes Realtors Arranges Two Multifamily Loans in Tennessee Totaling $23.5M

by John Nelson October 20, 2014

NASHVILLE AND CLARKSVILLE, TENN. — Houlihan-Parnes Realtors LLC has placed two Freddie Mac loans totaling $23.5 million on two garden-style apartment complexes in Tennessee. The communities include a 312-unit property at 5242 Edmondson Pike in Nashville and a 248-unit property at 2190 Memorial Drive in Clarksville. Fred Stahl and Sheldon Stahl of Houlihan-Parnes arranged a $14 million loan for the Nashville asset with a fixed 3.96 percent interest rate and a $9.5 million loan for the Clarksville asset with a fixed 4.14 percent interest rate. Fred and Sheldon arranged the loans through Walker & Dunlop’s Atlanta office. Both multifamily communities are more than 95 percent occupied.

October 20, 2014

Multifamily Southeast Tennessee

Cushman & Wakefield | Commercial Advisors Brokers $13.5M Sale of The Horizon in Memphis

by John Nelson October 14, 2014

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the $13.5 million sale of The Horizon, a high-rise condominium development located at 717 Riverside Drive in Memphis. The property sits on a 5.9-acre lot overlooking the Mississippi River. The 16-story, 155-unit property features a covered/controlled-access garage and indoor and outdoor swimming pools. The site also includes developable land for 141 additional high-rise units and 54 terrace homes. Mike Kemether of Cushman & Wakefield’s multifamily advisory group and Shane Soefker and Jacob Biddle of Cushman & Wakefield | Commercial Advisors’ capital markets team represented the seller in the transaction. The buyer was Dawn Properties LLC of Hattiesburg, Miss.

October 14, 2014

Retail Southeast Tennessee

Four Springs Capital Buys Industrial, Retail Properties for $34M

by John Nelson October 13, 2014

LAKE COMO, N.J. — Four Springs Capital Trust, a privately traded REIT, has purchased five properties in the Southeast and Midwest for a combined $34 million. The assets include a 71,917-square-foot Academy Sports + Outdoors in Mt. Juliet, Tenn.; a 71,514-square-foot Academy Sports + Outdoors in Jonesboro, Ark.; two 9,026-square-foot Dollar Generals located in Yulee and Middleburg, Fla.; and a 226,756-square-foot industrial asset leased to Gander Mountain Co. Inc. in Lebanon, Ind. The properties are all subject to long-term triple net leases.

October 13, 2014

Industrial Southeast Tennessee

Binswanger Brokers Sale of 865,000 SF Industrial Building in Tennessee

by John Nelson October 3, 2014

LAVERGNE, TENN. — Binswanger has brokered the sale of a single-story, 865,000-square-foot industrial facility located on a 53-acre site at 1714 Heil Quaker Blvd. in Lavergne. The property is located near I-24 and 12.5 miles away from Nashville International Airport. Ashley Capital purchased the asset from Whirlpool Corp. and plans to retrofit it. Ashley Capital has tapped Binswanger to sell the asset once the retrofit is complete. Michael Reid of Binswanger’s Atlanta office represented Ashley Capital in the transaction.

October 3, 2014

Market Reports Southeast Southeast Market Reports Tennessee

Transportation, Logistics Lift Memphis Industrial Market

by admin May 5, 2014

Rail, river, runway and road offer a robust quadra-modal transportation solution in Memphis, which creates an environment for on-going real estate development, investment and job growth in the region. Five Class 1 railroads operate major facilities in the Memphis metro. In recent years those railroads have collectively invested more than $1 billion in infrastructure to serve a growing customer base. Likewise, Memphis International Airport, the largest cargo airport in the U.S. and second-largest in the world, has been the center of much investment and activity. FedEx is currently adding an 88,000-square-foot, $20 million “cold-chain” facility at the airport to handle highly specialized bio-medical shipments, and UPS has recently leased an additional 26 acres on the airport property for a reported $80 million expansion of its existing Memphis airport sort facilities. Manufacturing Growth According to the Federal Reserve Bank of St. Louis, manufacturing job growth continues to outpace the U.S. with a 1 percent increase compared to 2012, while the nation only saw 0.1 percent growth in jobs overall. Manufacturers have been increasingly vigorous in the last several years, taking advantage of the go-to-market transportation infrastructure and a low-cost business environment with investments in new or expanded facilities by Nucor Steel, …

May 5, 2014

Market Reports Southeast Market Reports Tennessee

With High Rents And Low Vacancy, Music City's Retail Market Hits A High Not

by admin March 31, 2014

Nashville’s commercial real estate market accelerated in 2013 as both lease and sales activity reached pre-recessionary levels. A number of new development projects were announced to account for the tightening vacancy as Nashville’s economy progressed with lower unemployment than the U.S. average. It was a big year all around in 2013 as Nashville was nationally praised for its fast-growing suburbs, new businesses and careers and the much hyped up-and-coming culinary scene. Furthermore, Nashville made a solid case for its newest accolade as one of the ‘Top Markets to Watch’, by the Urban Land Institute. The city’s economy proved to be resilient and competitive with low unemployment and new businesses entering the market. November 2013 recorded 5.8 percent unemployment in Davidson County, 1.2 percent less than the national average. Low Vacancy Nashville retail is currently experiencing its lowest vacancy in years. At the end of 2013, the overall vacancy rate dropped to 7.8 percent, down from last year’s year-end vacancy rate of 8.3 percent. At the peak of the recession in 2010, Nashville recorded a retail vacancy rate of 10 percent. The recent improvement trend over the past two years is a result of the city’s low unemployment numbers and business-friendly …

March 31, 2014

Market Reports Southeast Market Reports Tennessee

Clicks & Cars: E-commerce, Auto Industry Lead Way For Nashville Industrial

by admin March 24, 2014

E-commerce and the automotive industry drove a resurgent Nashville industrial market in 2013, and we predict another strong, steady year for absorption and investor demand this year. Perhaps the biggest question mark, though, revolves around backfilling second-generation space as its former occupiers move into new build-to-suits. This factor is indicative of robust build-to-suit activity, and while it may increase vacancy early in the year and stall speculative development, the market’s overall health and forward momentum is unquestionable. Nashville’s 200 million-square-foot industrial market closed 2013 with vacancy at 7.9 percent, down from 8.7 percent at the end of 2012, on positive absorption of 3.4 million square feet. The 55 million-square-foot Southeast submarket proved to be the region’s most active, with 1.7 million square feet of net absorption for the year and a vacancy rate of 10.1 percent, followed closely by the East, with 1.6 million square feet of net absorption and a 13.9 percent vacancy rate. Clearly, build-to-suit activity was and is king in Nashville, as it is in many markets. Four build-to-suit projects are currently underway, including distribution centers for Dex Imaging, Allied Modular, Hogebuilt and Panattoni Development Co.’s 240,000-square-foot building for medical products firm Hollister. Panattoni also delivered a …

March 24, 2014

Market Reports Southeast Market Reports Tennessee

Industrial Speculative Construction Returns to Memphis Market

by admin April 1, 2013

Momentum. In a word, that’s how 2012 ended in the Memphis industrial market. Nearly 3 million square feet of net absorption in the fourth quarter of 2012 helped the market end the year with 2.3 million square feet in positive absorption — setting the tone for what we expect to be a solid 2013. The uptick in fourth quarter net absorption caused vacancy rates to fall to 12.5 percent, down from a high of more than 13 percent. But those vacancy rates can be a bit misleading when you look specifically at Class A space, where vacancy rates are at 10.4 percent. In 2009, industrial development in Memphis totaled only 743,000 square feet in combined under construction and delivered space. Things began improving in 2010 and 2011, with approximately 2 million square feet under construction and/or delivered in both years. In 2012, that number increased by 50 percent to more than 3.1 million square feet. What’s particularly noteworthy about construction activity in 2012 is that it includes speculative development, something the market hasn’t seen in quite a while. IDI has already delivered one spec building totaling 286,000 square feet and has another 870,000-square-foot spec building under construction, both in DeSoto …

April 1, 2013

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