Tennessee

Rosewood Realty Brokers $33.1M Sale of Multifamily Portfolio in Memphis

by John Nelson April 21, 2023

MEMPHIS, TENN. — Rosewood Realty Group has brokered the $33.1 million sale of a three-property multifamily portfolio in Memphis totaling 802 units. Aaron Jungrels of Rosewood represented both the seller, The Chetrit Group, and the buyer, Capstone Realty and Management. The portfolio includes The Lakes at Ridgeway, a 374-unit community at 5995 Waterstone Oak Way; the 208-unit Stonegate Apartments at 4500 Stonegate Drive; and the 220-unit Reserve at Mount Moriah at 2778 Pickering Drive. Amenities at the communities include swimming pools, picnic areas with grills, dog parks, clubhouses and green spaces. Each property was built in the 1970s and comprises two stories.

April 21, 2023

Acquisitions Retail Southeast Tennessee

Edwards Realty, Core Acquisitions Buy 514,000 SF Shopping Center in Metro Memphis

by John Nelson April 17, 2023

COLLIERVILLE, TENN. — Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot shopping center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property on behalf of the new owners.

April 17, 2023

Development Mixed-Use Southeast Tennessee

Turnbridge Equities Begins Construction on Ashwood 12 South Mixed-Use Development in Nashville

by John Nelson April 13, 2023

NASHVILLE, TENN. — Turnbridge Equities has begun construction on Ashwood 12 South, a mixed-use development located at 2212 12th Ave. S in Nashville. The 116,500-square-foot project will be located on a nearly two-acre site in the city’s 12 South neighborhood. Set for completion in late 2024, Ashwood 12 South will feature 44,500 square feet of retail and restaurant space, including Two Hands, a community-focused café and bar, and Sushi-san, a sushi concept from Lettuce Entertain You Restaurants. The development will also include 72,000 square feet of small offices, outdoor common areas and 190 parking spaces. Jeremy Zidell of Rue Realty and Elam Freeman of Ojas Partners are handling the retail leasing assignment at Ashwood 12 South, and Frank Thomasson and Byran Fort of CBRE are handling office leasing.

April 13, 2023

Development Hospitality Restaurant Southeast Tennessee

McHugh Construction Delivers Inn and Spa at Southall Near Nashville

by John Nelson April 11, 2023

FRANKLIN, TENN. — McHugh Construction has delivered the Inn and Spa at Southall, a 325-acre luxury farm resort in the south Nashville suburb of Franklin. The approximately 95,000-square-foot property features 62 guest rooms, an executive boardroom, 15,000-square-foot spa, an all-day restaurant and bar and a 3,700-square-foot signature restaurant called January that serves fare grown onsite. Many guestrooms include wood-burning fireplaces, exposed wood beams and large windows. McHugh used cross-laminated timber and heavy timber for all four buildings in the project. Paul Mishkin, a Chicago investor, is the founder of Southall.

April 11, 2023

Development Seniors Housing Southeast Tennessee

Home Communities Delivers 180-Unit Seniors Housing Property in Memphis

by John Nelson March 30, 2023

MEMPHIS, TENN. — Home Communities Co. has delivered Brightmore of East Memphis, a 180-unit seniors housing development in Memphis. The property comprises 122 independent living apartments and 34 assisted living units in the main building, 24 memory care units in an adjoining single-story building, multiple outdoor spaces and dining options. The design-build team includes architect and landscape architect Baker Barrios and general contractor Montgomery Martin Contractors. Liberty Senior Living is the operator of Brightmore of East Memphis.

March 30, 2023

Development Leasing Activity Office Southeast Tennessee

The Malin to Open 16,000 SF Coworking Space in Nashville

by John Nelson March 27, 2023

NASHVILLE, TENN. — The Malin, a work-focused members club, will open a 16,000-square-foot coworking location in Nashville’s Wedgewood-Houston neighborhood this fall. Located within Nashville Warehouse Co., the city’s first mass timber building, the space will comprise 48 dedicated desks, seven private offices, six meeting rooms and a library. AJ Capital Partners is leading the development of the project. Other committed tenants at Nashville Warehouse Co.’s 5.2-acre campus include Soho House Nashville, Apple Music, Live Nation, Red Bull and Pastis, a French restaurant also set to open this year.

March 27, 2023

Leasing Activity Restaurant Retail Southeast Tennessee

Sports & Social to Open 8,900 SF Venue at Mall at Green Hills in Nashville

by John Nelson March 24, 2023

NASHVILLE, TENN. — Sports & Social, a dining and entertainment concept, has signed an 8,900-square-foot lease at The Mall at Green Hills, a shopping mall located in Nashville. The venue will feature a menu curated by James Beard Award nominee Chef John Suley and a 33-foot LED media wall for viewing games and sporting events. The Taubman Realty Group, a joint venture between mall giant Simon and the Taubman family, is the owner of the mall. Sports & Social is a dining and entertainment concept headed by Live! Hospitality & Entertainment, a division of The Cordish Cos. No opening date was announced, but Live! Hospitality expects Sports & Social to open before the end of the year.

March 24, 2023

Development Hospitality Multifamily Southeast Tennessee

Placemakr Opens 89-Unit Hotel-Residential Property in Nashville’s Wedgewood-Houston Neighborhood

by John Nelson March 16, 2023

NASHVILLE, TENN. — Placemakr, a tech-centric hospitality and multifamily operator, has opened its third Nashville location. The 89-unit property is located at 321 Hart St. in the city’s Wedgewood-Houston neighborhood. Placemakr Wedgewood-Houston, formerly a Bento Living building, features apartment-style units for nightly hotel, short-term rental and long-term furnished housing stays. Units range from micro studios to two-bedroom apartments. According to the property website, a one-night stay this weekend ranges from $169 to $379. Guests have access to an outdoor rooftop terrace with views of downtown Nashville, a fitness center, meeting spaces, onsite bodega, coffee bar and an onsite Pacific-Rim-inspired restaurant. Placemakr’s other Nashville locations are in SoBro and Music Row.

March 16, 2023

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

New Developments Fuel the Bright Future of Nashville’s Multifamily Market

by John Nelson March 13, 2023

As someone who has lived here for the past decade, I regularly hear phrases like, “It’s an exciting time to live, work and play in Nashville.” I love hearing those comments and am honored that our team plays a role in the city’s growth. However, is that optimism cooling, or is Nashville uniquely primed for continued success in the multifamily space? Following a white-hot streak of rent growth and transaction velocity during the economy’s resounding pandemic recovery, Nashville joins the rest of the nation in a transitionary period influenced by interest rate hikes and inflation. But for many reasons, our city is better prepared than most. Approximately 130,000 residents have moved to Nashville in the past five years, resulting in some of the highest apartment construction rates in the country. In fact, according to Marcus & Millichap’s Research Services division, Nashville is expected to take over the top spot for inventory growth nationwide in 2023, with roughly three-fourths of the metro’s new construction located in Nashville proper. While those numbers are certainly impressive, Marcus & Millichap’s National Multifamily Index, which ranks major markets based on forward-looking economic indicators, places Nashville in only the No. 28 position for 2023. This is …

March 13, 2023

Market Reports Retail Southeast Southeast Market Reports Tennessee

Nashville’s Retail Growth Underscores the City’s Boomtown Status

by John Nelson March 6, 2023

Nashville’s economy experienced some of the healthiest growth in the nation in 2022, with an annual job growth rate of 5.8 percent, exceeding the U.S. growth rate of 4.1 percent, based on data from Oxford Economics. Nashville also received high marks from the Urban Land Institute and PricewaterhouseCoopers, ranking as the No. 1 Market to Watch in their 2023 Emerging Trends in Real Estate report. The report credited Nashville’s tremendous and sustained population growth, and its economic diversity. Referred to as a “Supernova,” Nashville grew by an average of 5 percent since 2019 — four times faster than the national rate — due to rapid net in-migration. These fundamentals have helped boost the retail market in Nashville over the last several years. Post-pandemic, market-wide retail vacancy decreased to 3.3 percent at the end of 2022, which is two percentage points less than the rate at year-end 2020, but in line with the 15-year record low mark set in 2018. While Nashville’s retail sector took a hit along with others across the nation, it continues to rebound and perform due to a rise in dense communities where developers and owners are being strategic and thoughtful in retail curation. As such, the …

March 6, 2023

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