Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Development Mixed-Use Southeast Tennessee

Atlas Completes First Phase of 310-Unit Standard Assembly Apartments in Nashville

by John Nelson January 23, 2023

NASHVILLE, TENN. — Atlas Real Estate Partners has completed construction on the first phase of Standard Assembly, a mixed-use multifamily development in the Nashville neighborhood of Wedgewood-Houston. In addition to the property’s 310 units in studio, one- and two-bedroom layouts, the community features 13,000 square feet of retail space, a two-story clubhouse and onsite coworking space. Retail tenants at the development will include Mota Moda, a motorcycle-themed food-and-beverage concept. The development team included locally based EOA Architects, Hardaway Construction, Manuel Zeitlin Architects and Peck Design Associates. Atlas acquired the 3.3-acre site for the project in July 2019. The second phase is scheduled for completion in spring of this year.

January 23, 2023

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Housing Equity Fund Provides $18.8M Loan for Affordable Housing Project in Nashville

by John Nelson January 12, 2023

NASHVILLE, TENN. — The Amazon Housing Equity Fund has provided an $18.8 million construction loan for Harpeth Valley Apartments, a 251-unit, garden-style affordable housing development located at 8101 McCrory Lane in Nashville. The fund is Amazon’s more than $2 billion commitment to create and preserve affordable housing in the markets where it has corporate campuses: Seattle, Northern Virginia and Nashville. C.W. Early of JLL arranged the long-term, fixed-rate loan on behalf of the borrower, Elmington Capital. Set for completion in late 2024, Harpeth Valley will feature units that are affordable to households earning 60 percent of the area median income (AMI) through 2072. The property will consist of one-, two- and three-bedroom apartments, as well as a clubhouse, exercise room, pool, onsite management, bike storage and common area Wi-Fi.

January 12, 2023

Development Leasing Activity Restaurant Retail Southeast Tennessee

In-N-Out Burger to Expand to Tennessee, Plans to Open First Restaurant by 2026

by John Nelson January 11, 2023

FRANKLIN, TENN. — In-N-Out Burger, a popular fast-food chain based in California, has announced plans to expand to Tennessee, beginning with a regional office in the Nashville suburb of Franklin. The company plans to open its first Tennessee restaurant in the Nashville area by 2026, which represents the furthest east location for In-N-Out. “We are very excited to provide Tennesseans with our quality burgers, fries and shakes,” says Lynsi Snyder, In-N-Out owner and president. “This expansion is significant for our company. For many years, we’ve heard requests from our customers in Tennessee to consider opening locations near them, further east than we’ve ever been. We very much look forward to serving them in years to come and becoming part of the wonderful communities in The Volunteer State.” In-N-Out was founded in 1948 by Harry and Esther Snyder as a small hamburger stand in Baldwin Park, Calif. The building is considered California’s first drive-thru hamburger stand. Today, In-N-Out operates 385 locations in Arizona, California, Colorado, Nevada, Oregon, Texas and Utah. The company, which has headquarters in Baldwin Park and Irvine, Calif., employs about 35,000 associates and does not franchise any of its locations.

January 11, 2023

Acquisitions Mixed-Use Office Retail Southeast Tennessee

Arrow Retail Sells 454,843 SF Eastgate Shopping Center in Memphis

by John Nelson January 4, 2023

MEMPHIS, TENN. — Arrow Retail, a Dallas-based investment firm, has sold Eastgate Shopping Center, a 454,843-square-foot mixed-use property located at 835 S. White Station Road in Memphis. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction. An affiliate of Gulf Coast Commercial Group purchased the property for an undisclosed price. Situated between downtown Memphis and Germantown, Eastgate comprises 388,489 square feet of retail space and 66,354 square feet of office space. Tenants include The Fresh Market, T.J. Maxx, buybuy Baby, Dollar Tree, Ross Dress for Less, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Eastgate’s office component was about 50 percent leased at the time of sale to a diverse mix of tenants.

January 4, 2023

Acquisitions Multifamily Southeast Tennessee

Matthews Brokers $7.8M Sale of Nashville Edge Apartments in La Vergne, Tennessee

by John Nelson January 3, 2023

LA VERGNE, TENN — Matthews Real Estate Investment Services has arranged the sale of a 50-unit apartment community located at 126 Kingsridge Drive in La Vergne, a southeast suburb of Nashville. Nashville Edge Apartments was acquired by a private, Southern California-based multifamily investor for $7.8 million. Austin Graham and Austin Tomaiko of Matthews represented the undisclosed seller in the 1031 exchange. The community, which was 95 percent occupied at the time of sale, features units in one- and two-bedroom layouts.

January 3, 2023

Acquisitions Retail Southeast Tennessee

JLL Brokers $19.5M Sale of Shopping Center in Chattanooga Suburb

by John Nelson December 23, 2022

CLEVELAND, TENN. — JLL Capital Markets has brokered the sale of Cleveland Towne Center, a 148,203-square-foot shopping center located in the northeast Chattanooga suburb of Cleveland. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Wicker Park Capital Management LLC, in the $19.5 million transaction. Bodin Properties acquired the center, which was fully leased at the time of sale. Ross Dress for Less, Ashley Furniture, Old Navy, Books-A-Million and Electronic Express anchor the property, which is also shadow-anchored by Kohl’s and Target.

December 23, 2022

Acquisitions Retail Southeast Tennessee

Legacy Realty Group Brokers $200M Portfolio Sale of 146 Southeast Stores Leased to Dollar General

by John Nelson December 20, 2022

NEW HYDE PARK AND NEW YORK CITY, N.Y. — Legacy Realty Group Advisors LLC, a commercial real estate brokerage with offices in New York, has brokered the sale of 146 stores in the Southeast leased to Dollar General. The seller, a privately held real estate developer, sold the portfolio to the buyer, a net-lease REIT, for approximately $200 million. Both parties requested anonymity. Jacob Baruch and Daniel Baruch of Legacy Realty Group represented both the buyer and seller in the off-market transaction.

December 20, 2022

Development Industrial Southeast Tennessee

Stonemont Financial to Develop 1.4 MSF Industrial Park in Murfreesboro, Tennessee

by John Nelson December 13, 2022

MURFREESBORO, TENN. — Stonemont Financial Group, a private real estate investment firm, plans to develop Stonemont Commerce Park 840, a two-building, 157-acre industrial park in Murfreesboro. The developer plans to break ground in the first quarter of 2023 and wrap up construction in late first-quarter 2024. The industrial park will sit on Sulphur Springs Road with direct access to I-840 and proximity to I-24 and Nashville International Airport. The development will include a 1.2 million-square-foot facility with 40-foot clear heights, 280 auto parking stalls and 276 trailer stalls. It will also house a 273,000-square-foot facility to accommodate smaller tenants, with 36-foot clear heights, 200 auto parking stalls and 76 trailer stalls. The design-build team includes general contractor Frampton Construction, brokerage firm Lee & Associates and civil engineer Site Engineering Consultants Inc.

December 13, 2022

Acquisitions Healthcare Office Southeast Tennessee

IPA Brokers $7.4M Sale of Chattanooga Medical Office Building

by John Nelson December 12, 2022

CHATTANOOGA, TENN. — Marcus & Millichap’s Institutional Property Advisor’s (IPA) has arranged the sale of CHI Memorial, a 17,837-square-foot medical office building in Chattanooga. An undisclosed buyer purchased the property for $7.4 million. The building is fully occupied by three tenants: Skin Cancer & Cosmetic Dermatology, CHI Memorial and Center MedSpa, all on triple-net leases. Joe Massa, Anthony Lunceford and Michael Grenaway of IPA represented the undisclosed seller in the transaction.

December 12, 2022

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