Tennessee

MYCON Underway on 204,500 SF Industrial Development in Nashville

by John Nelson October 23, 2023

NASHVILLE, TENN. — Dallas-based MYCON General Contractors is underway on the first phase of construction for Airpark Commerce Pointe, an industrial development situated on 73 acres near Nashville International Airport. The first phase will feature two multi-tenant industrial buildings — 801 and 900 Airpark Commerce Drive — totaling 204,500 square feet. The first building will comprise 94,500 square feet with 14 dock doors and two drive-in doors. The second building will feature 110,000 square feet with 16 dock doors and two drive-in doors. MYCON is constructing the property on behalf of the developer, Hamilton Creek Partners, and Development & Construction Insight will provide construction management services. Delivery is scheduled for late 2024. Melissa Alexander, W.B. Scoggin and Casey Flannery of Foundry Commercial will handle leasing at the development.

October 23, 2023

Acquisitions Multifamily North Carolina Southeast Tennessee

Crescent Communities Sells Two Multifamily Communities Totaling 642 Units in Nashville, Metro Raleigh

by John Nelson October 23, 2023

NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two multifamily communities in the Southeast totaling 642 units. TA Realty acquired both properties from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights in Nashville, features 322 apartments in a mix of studio, one-, two- and three-bedroom layouts . Amenities at the community include a clubhouse, spa and fitness center. Monthly rental rates at the community begin at $1,629, according to Apartments.com. Crescent developed Harpeth Heights, which marks the seventh multifamily community for the developer in the Nashville market, in partnership with Pearl Street Partners. The second property, NOVEL Cary, comprises 320 residences in studio, one-, two- and three-bedroom floorplans in Cary, roughly 12 miles outside of Raleigh. Amenities at the community include a saltwater pool with cabanas, hammock lawn, an elevated deck with a grilling area and a fitness center. Monthly rental rates at NOVEL Cary begin at $1,610, according to the community website.

October 23, 2023

Loans Retail Southeast Tennessee

JLL Arranges $125M Refinancing for Avenue Murfreesboro Retail Center in Metro Nashville

by John Nelson October 12, 2023

MURFREESBORO, TENN. — JLL has arranged a cash-out refinancing totaling $125 million for The Avenue Murfreesboro, an 864,467-square-foot open-air retail center located in the southern Nashville suburb of Murfreesboro. Chris Drew, Brian Dawson and Matt Casey of JLL arranged the five-year balance sheet loan on behalf of the borrower, Big V Property, which acquired the center in 2020. The direct lender was not disclosed. Built in 2007, Avenue Murfreesboro was 93.1 percent leased at the time of sale to tenants including Best Buy, Belk, Dick’s Sporting Goods, Havertys Furniture, Burlington, Barnes & Noble, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Ulta Beauty and Sephora.

October 12, 2023

Acquisitions Multifamily Southeast Tennessee

CBRE Brokers $78.5M Sale of Broadstone SoBro Apartments in Nashville

by John Nelson October 2, 2023

NASHVILLE, TENN. — CBRE has brokered the $78.5 million sale of Broadstone SoBro, a new 226-unit apartment community located at 800 4th Ave. S in Nashville’s SoBro neighborhood. AND Asset Management purchased the community, which was more than 90 percent occupied at the time of sale. The seller was not disclosed, but Alliance Residential Co. delivered the property last October. Brett Carr, David Smithwick and Shea Campbell of CBRE represented the seller in the transaction. Broadstone SoBro is an eight-story, podium-structure building with five levels of apartments atop three levels of structured parking. The property features a mix of studio, one-, and two-bedroom floor plans averaging 780 square feet. Amenities include a champagne bar-inspired sky lounge, saltwater pool, fireplace with lounge seating, private offices and coworking space, 24/7 fitness center and a package concierge system.

October 2, 2023

Acquisitions Industrial Southeast Tennessee

Robinson Weeks Sells 234,360 SF Southridge Crossing Industrial Building in Memphis

by Hayden Spiess September 29, 2023

MEMPHIS, TENN. — Atlanta-based Robinson Weeks Partners (RWP) has sold Southridge Crossing, a 234,36-square-foot industrial building located in Memphis. Pattillo Industrial Real Estate acquired the property for an undisclosed price. Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman brokered the sale. An undisclosed tenant has signed a full-building lease at the development, which was completed in May.

September 29, 2023

Acquisitions Multifamily Southeast Tennessee

Argyle Acquires 184-Unit Easton Place Multifamily Community in Murfreesboro, Tennessee

by Hayden Spiess September 28, 2023

MURFREESBORO, TENN. — Argyle Real Estate Partners has acquired Easton Place, a 184-unit multifamily community located in Murfreesboro, roughly 35 miles southeast of Nashville. Amenities at the property include a swimming pool, community firepit and clubhouse with a movie theater. The buyer plans to implement a capital improvement plan at the community, which Greystar will manage. This marks Argyle’s first acquisition in metro Nashville. The price and seller were not disclosed.

September 28, 2023

Acquisitions Industrial Loans Southeast Tennessee

JLL Arranges $40M Acquisition Financing for Alligood Industrial Park in Metro Nashville

by Hayden Spiess September 27, 2023

LEBANON, TENN. — JLL Capital Markets has arranged a $40 million loan for the acquisition of Alligood Industrial Park, a two-building industrial development located in Lebanon, roughly 30 miles east of Nashville. Totaling 410,370 square feet, the development features 32-foot clear heights, 135-foot truck courts, 76 dock doors and ESFR sprinklers. Aldon Cole, Brian Carlton and Brad Vansant of JLL secured the five-year, fixed-rate financing on behalf of the buyer, Pearlmark Real Estate.

September 27, 2023

Development Leasing Activity Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Portman Adds Retrograde Coffee, Social Cantina to Starling Apartment Tower Underway in Nashville

by John Nelson September 12, 2023

NASHVILLE, TENN. — Atlanta-based Portman has signed two new food-and-beverage tenants to occupy commercial space at Starling, a 363-unit apartment tower underway in Nashville’s Germantown neighborhood. The new tenants include Retrograde Coffee, a neighborhood coffeeshop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffeeshop will be the first café to front the Cumberland River Greenway, which Portman will expand to directly interface with the Starling tower, and the restaurant will be the first Southeast location for Social Cantina and will feature an outdoor patio. In addition to 17,000 square feet of commercial space, Starling will feature a game room, library, coworking space and a rooftop pool deck overlooking First Horizon Park. Portman plans to deliver the first units in January and fully complete the project in March. In addition to Starling, Portman’s current Nashville projects include the 1,475-unit Eleven North residential development that will break ground in 2025 and the recently delivered Moore Building in Music Row.

September 12, 2023

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Begins to Normalize After Years of Robust Growth

by John Nelson September 4, 2023

In January of 2023, the Memphis industrial market was coming off multiple years of record-breaking growth. However, mid-year we seem to be trending back to a somewhat normal growth pattern. The Memphis industrial market, which was fueled by the pandemic like many other markets, is finally beginning to normalize. Economic factors also influence the market as well. First and foremost is the uncertainty: uncertainty in interest rates, uncertainty in construction costs and uncertainty in when will we see some signs of stabilization. Many say we need to survive until 2025. Yet, the Memphis industrial market seems to have all the tools to handle this moment, and move forward. Memphis, located on the borders of Tennessee, Arkansas and Mississippi, is known as “America’s Distribution Center” — boasting unparalleled expertise in distribution and logistics. With a central location, Memphis’ transportation infrastructure comprises the four Rs: runway, rail, river and road. Memphis International Airport houses the largest cargo airport in the world with the FedEx worldwide hub. Memphis is one of only three cities in the country that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corporation, Norfolk Southern and Canadian National Railroad (CN). …

September 4, 2023

Loans Office Southeast Tennessee

Canyon Partners, J.P. Morgan Provide $174.6M Recapitalization Loan for One22One Office Tower in Nashville

by John Nelson August 30, 2023

NASHVILLE, TENN. — Canyon Partners Real Estate and J.P. Morgan have co-originated a $174.6 million construction loan for the recapitalization of One22One, a 24-story office tower in Nashville. The borrower, a joint venture between locally based GBT Realty and Koch Real Estate Investments, delivered the Class A property last summer. One22One comprises 373,232 square feet of office space, 16,938 square feet of retail space and 13 stories of parking totaling 930 spaces. Amenities include a conference center, outdoor terrace overlooking downtown Nashville, tenant lounge, port cochere and a fitness center. Tenants include law firm Bradley Arant Boult Cummings LLP, FirstBank, which will also relocate its headquarters to One22One, and Slalom, a global management consulting company.

August 30, 2023

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