FRANKLIN, TENN. — Foundry Commercial has arranged a 125,008-square-foot office lease at McEwen Northside, a 45-acre mixed-use campus in Nashville’s Cool Springs submarket. Located in the city of Franklin, the development features 1 million square feet of office space, 113,000 square feet of restaurants and specialty retail, a 150-room hotel, 770 luxury apartment units and green spaces. The tenant, procurement and supply chain management organization OMNIA Partners, will occupy all five floors of office space at the project’s Block A building starting in early 2023. The building also houses 19,000 square feet of retail and restaurant space on the ground level. OMNIA is relocating from its current headquarters, which is also in Franklin. Vince Dunavant of Foundry Commercial represented the tenant in the lease negotiations. The landlord is Boyle Investment Co., co-developer of McEwen Northside alongside Northwood Ravin.
Tennessee
Colliers Mortgage Provides $5.2M Acquisition Loan for Forest Park Apartments in Springfield, Tennessee
by John Nelson
SPRINGFIELD, TENN. — Colliers Mortgage has provided a $5.2 million acquisition loan for Forest Park Apartments, an 80-unit, market-rate multifamily community in Springfield, about 30 miles north of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the 10-year, Fannie Mae loan on behalf of the repeat borrower client, an entity doing business in this transaction as Forest Park TN LLC. Built in 1978, Forest Park comprises six two-story apartment buildings and features a playground and basketball court, according to Apartments.com.
MEMPHIS, TENN. — Drapac Capital Partners has sold its final Memphis asset, a four-story mixed-use building located at 44 S. Front St. A local investor acquired the property for $2.5 million and intends to operate the property for residential use. Austin Ehrat of Newmark represented Drapac in the transaction. The 22,922-square-foot building is located in downtown Memphis at the corner of Front Street and Monroe Avenue and features six apartments, ground-floor retail space and a full basement. The 1925-era property, which once housed the Mid-South Cotton Growers Association, was fully leased at the time of sale. Drapac Capital originally purchased the property in 2016 for $820,000.
Capstone Arranges Land Sale in Nashville, Buyer Plans to Develop Mixed-Income Residential Property
by John Nelson
NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.
PCCP, Distribution Realty Group to Build 815,530 SF Industrial Park in Metro Nashville
by John Nelson
SPRING HILL, TENN. — A joint venture between PCCP LLC and Distribution Realty Group plans to develop Beechcroft Industrial Park, an 815,530-square-foot industrial project located at 825-845 Beechcroft Road in Spring Hill, about 38 miles south of Nashville. The three-building speculative project will be situated on a 63-acre site adjacent to the largest General Motors manufacturing facility in North America. The joint venture expects to break ground in October and deliver Beechcroft Industrial Park in November 2023.
Brookfield Properties Signs Law Firm to 37,429 SF Office Lease at Fifth + Broadway in Nashville
by John Nelson
NASHVILLE, TENN. — Brookfield Properties has inked a 37,429-square-foot office lease at Fifth + Broadway, a mixed-use development in downtown Nashville. The tenant, law firm Polsinelli, is relocating from nearby Truist Plaza to the 501 Commerce office building. Stewart Lyman of Cushman & Wakefield and Rob Lowe of Stream Realty Partners represented Brookfield Properties in the lease negotiations. Harrison Johnson, Kevin McLennan, Ian Murphy and Brad Serot of CBRE represented Polsinelli. In addition to the 367,000-square-foot 501 Commerce building, Fifth + Broadway also includes a residential tower with over 380 units, approximately 200,000 square feet of retail and dining, including the Assembly Food Hall, and the National Museum of African America Music. Developed by OliverMcMillan before being acquired by Brookfield Properties, Fifth + Broadway opened in 2020.
Square Mile Capital Provides $162M Construction Loan for Society Nashville Apartment Tower
by John Nelson
NASHVILLE, TENN. — Square Mile Capital has provided a $162 million construction loan for Society Nashville, a 16-story apartment tower located at 915 Division St. in the city’s Gulch district. The borrower is a development partnership between PMG, New Valley and RMWC. The developers also received $35 million in equity through CrowdStreet. Designed by Baker Barrios Architects, Society Nashville will rise 16 stories and include 502 residential units (both traditional and co-living), approximately 8,400 square feet of retail space and 485 parking spaces. Planned amenities include a pool with a pool deck, fitness center and coworking spaces. The developers plan to deliver Society Nashville in 2024.
Velocis Completes $15M Renovation, Adds Tenants at Two Eleven Commerce Office Building in Downtown Nashville
by John Nelson
NASHVILLE, TENN. — Velocis, a private equity real estate investment management firm, has recently completed the $15 million renovation of Two Eleven Commerce, a 233,341-square-foot office building located at 211 Commerce St. in downtown Nashville. Velocis purchased the 11-story office tower in spring 2020 with Lincoln Property Co., the third joint venture between the two Dallas-based firms. Built in 2000, the office building’s renovations include a two-story lobby with a new glass entry portal, contemporary conference center, integrated tenant lounge with indoor/outdoor seating, onsite catering kitchen and a fitness center with full locker rooms and showers. Other improvements throughout the office tower include upgraded and modernized elevators and elevator bays, exterior paint, new windows and a new gateless entry parking system in the building garage. Additionally, two new tenants are joining Two Eleven Commerce. Recruiting firm IQTalent leased the top three floors (67,000 square feet) and will have building signage, and burger chain Black Tap Craft Burgers & Beer is opening a restaurant on the ground level in spring 2023. Sarah Pettigrew, Bill Adair and Ashley Marshall of JLL are the leasing agents at Two Eleven Commerce. About 90,000 square feet is currently available at the office building, including about …
NASHVILLE, TENN. — Southwest Value Partners and AEG have executed an agreement with EVO Entertainment Group to open a new entertainment venue within Nashville Yards, an 18-acre mixed-use development in downtown Nashville. The destination, which represents the first Tennessee EVO location, will span 48,000 square feet within a 420,000-square-foot office building at Nashville Yards. Gary Shanks and Miller Fitts of JLL represented Austin-based EVO in the lease transaction. Slated to open in 2024, plans for EVO Entertainment Nashville Yards include a 12-screen dine-in cinema, eight lanes of bowling, kitchen and bar and private event spaces, as well as gaming and attractions, gravity ropes and virtual reality experiences. Other uses at Nashville Yards include an upcoming live music venue operated by AEG with a capacity for 4,500 guests; Amazon’s regional office towers; a multi-tenant office tower that will house headquarters for Pinnacle Financial Partners and Bass, Berry & Sims; shops and restaurants; seven acres of open plazas, courtyards and green space; and two hotels: the 591-room Grand Hyatt Nashville and the newly renovated Union Station Nashville Yards hotel.
MT. JULIET, TENN. — Nashville-based Oman-Gibson Associates (OGA) and partner Heritage Medical Associates have completed construction of a $30.6 million medical office building located at 325 Old Pleasant Grove Road in Mt. Juliet, a suburb of Nashville. The 87,000-square-foot building is home to more than 25 Heritage Medical physicians representing multiple specialties, including primary care, allergy, dermatology, ear, nose and throat (ENT), endocrinology/diabetes, gastroenterology, laboratory and rheumatology/arthritis. The three-story facility features three procedure rooms, an imaging suite, infusion chairs, allergy shot stations, two-story entrance, all-glass waiting area, window-filled corridors and a dedicated parking area. Heritage Medical combined its existing Mt. Juliet office and Summit Medical Center offices into the new facility. In 2019, OGA and Heritage Medical partnered on a 63,500-square-foot medical office building in the Nashville suburb of Brentwood, Tenn.