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DevelopmentMixed-UseRestaurantRetailSoutheastTennessee

Southwest Value Partners, AEG to Open EVO Entertainment Venue at Nashville Yards

by John Nelson

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.

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DevelopmentHealthcareSoutheastTennessee

OGA, Heritage Medical Deliver $30.6M Medical Office Building Near Nashville

by John Nelson

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.

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DevelopmentLoansMultifamilySoutheastTennessee

JLL Arranges $133.6M Construction Loan for 19th & Church Apartments in Midtown Nashville

by John Nelson

NASHVILLE, TENN. — JLL has arranged $133.6 million in construction financing for the development of 19th & Church, a 383-unit apartment development located at 1815 Church St. in Nashville’s Midtown neighborhood. Chris Knight led the JLL team that arranged the financing through Square Mile Capital Management LLC on behalf of the borrower, a joint venture between Ascend Real Estate Group and Wanxiang America Real Estate Group that is doing business as 19th Church Street LLC. Upon completion, the 16-story property will feature studio, one- and two-bedroom apartments with an average size of 814 square feet and high-end finishes. Community amenities will include a coffee bar, fitness center and yoga studio, indoor entertainment room, gourmet chef’s kitchen, music and podcast studio, an outdoor bar with TVs and bar seating, a courtyard with a pool, grilling stations and firepits and private work rooms. Additionally, 19th & Church will offer 6,000 square feet of retail space. No construction timeline was disclosed.

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AcquisitionsIndustrialSoutheastTennessee

Westmount Realty Capital Acquires 480,911 SF Industrial Park in Memphis

by John Nelson

MEMPHIS, TENN. — Westmount Realty Capital has purchased Shelby Oaks Corporate Park, a portfolio of office/showroom and distribution facilities in Memphis totaling 480,911 square feet. Shelby Oaks is Westmount’s first purchase in Memphis and second acquisition in Tennessee. The seller and sales price were not disclosed. The corporate park is located one mile away from the I-240/I-40 interchange and near downtown Memphis and Memphis International Airport. Situated within a 640-acre wooded area that includes three lakes and a jogging trail, Shelby Oaks was built in several phases between 1979 and 2005 and was 95 percent leased at the time of sale to 78 tenants. The portfolio includes a total of 16 buildings: four distribution buildings with drive-in and dock doors and 12 office/showrooms. Buildings range from 12,000 to 90,000 square feet and are home to a variety of industries like telecommunications, medical, service and manufacturing companies.

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Leasing ActivityOfficeSoutheastTennessee

Law Firm Signs 100,000 SF Office Lease at One22One Tower in Nashville

by John Nelson

NASHVILLE, TENN. — Bradley Arant Boult Cummings LLP has signed a long-term lease to move its Nashville office to One22One, a new high-rise office building located at 1221 Broadway in the city’s Gulch district. The locally based law firm plans to occupy 100,000 square feet of office space across the top four floors by late 2023. The tenant retained Savills for its search for new office space. The developer and landlord, Brentwood, Tenn.-based GBT Realty, delivered the $140 million, 24-story tower last month. Featured amenities at One22One include outdoor space for business and social gatherings, a fitness center and retail space. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank.

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DevelopmentMultifamilySoutheastTennessee

DLP Capital, Compass Ventures to Develop $49M Multifamily Project in Sevierville, Tennessee

by John Nelson

SEVIERVILLE, TENN. — DLP Capital and Compass Ventures have partnered to develop Villas at Sevierville, a $49 million multifamily community in East Tennessee. The 224-unit apartment property will be situated on 18 acres at the intersection of Veteran Boulevard and Center View Road in close proximity to the Dollywood theme park and at the foothills of Great Smoky Mountains National Park. Villas at Sevierville will feature a 5,800-square-foot clubhouse surrounded by eight three- to four-story residential buildings, each with 28 two- to three-bedroom apartments averaging 1,300 square feet in size. DLP Capital and Compass Ventures expect to deliver the first units in early 2024.

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AcquisitionsIndustrialSoutheastTennessee

Lincoln Property Co. Acquires 200,000 SF Industrial Facility in Franklin, Tennessee

by John Nelson

FRANKLIN, TENN. — Dallas-based Lincoln Property Co. has sold a 200,000-square-foot industrial facility located on 15.6 acres at 117 SE Parkway in Franklin, a suburb of Nashville. The asset was fully leased at the time of the sale to the undisclosed seller, which has leased back 100 percent of the space. The sales price was not disclosed. Built in 1981, the distribution facility features 18- to 22-foot clear heights, 13 docks (including one drive-in) and 73 parking spots. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Renasant Bank.

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DevelopmentMultifamilySoutheastTennessee

Subtext Breaks Ground on 15-Story Multifamily Property in Midtown Nashville

by John Nelson

NASHVILLE, TENN. — Subtext, a residential development firm, has broken ground on LOCAL Midtown, a 15-story apartment building located at 1904 Hayes St. in Nashville’s Midtown district. The property will comprise 307 apartments in a mix of studios, one-, two- and three-bedroom layouts. Designed by Dynamik Design, LOCAL Midtown will feature 10,000 square feet of amenity space, including a coffee bar and micro-market on the first floor, music studio and recording booth on the fifth floor and several spaces on the sixth floor, such as a media lounge, speakeasy, collaboration spaces, gaming room, fitness center with coach-led classes, library and outdoor amenity deck with a swimming pool. The 15th floor will feature a sky lounge and deck with views of downtown Nashville. A five-level covered parking garage will also be available to residents. The general contractor, Brinkmann Constructors, expects to deliver LOCAL Midtown in 2024. Subtext and Brinkmann recently completed LOCAL Boise in Idaho. The new venture is the first Nashville project for both St. Louis-based firms.

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Leasing ActivityOfficeSoutheastTennessee

Serendipity Labs to Open Flexible Office Suites at L&C Tower in Nashville, Taps Stream Realty to Lease

by John Nelson

NASHVILLE, TENN. — Serendipity Labs, a flexible and coworking operator based in New York, plans to open and operate customizable office suites and supporting services at L&C Tower, an office building located at 159 4th Ave. N in downtown Nashville. The firm will bring two team speculative suites on the second floor spanning 4,800 and 5,800 square feet, which can house 24 and 29 employees, respectively. Additionally, Serendipity Labs will open a traditional office space spanning 10,500 square feet on the third floor that will offer a dedicated café space, several meeting rooms and work-lounge areas that can accommodate 100-plus employees. These spaces can support entrepreneurs looking for a single office or companies and teams looking for flexible and collaborative spaces. Tenants will also be able to access L&C Tower’s existing amenities, including concierge services, a fitness center, conference facilities and a private room with a Main Distribution Frame for secure Wi-Fi connectivity. Additionally, Serendipity Labs has selected Stream Realty Partners as its exclusive brokerage partner to help lease these spaces. Multiple spaces are available with month-to-month terms for up to 24 months.

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AcquisitionsHealthcareMixed-UseRetailSoutheastTennessee

PEBB Enterprises Sells Mixed-Use Shopping Center in Suburban Memphis for $35.5M

by John Nelson

GERMANTOWN, TENN. — PEBB Enterprises has sold Germantown Village Square, a 199,142-square-foot mixed-use property located at 7670 Poplar Ave. in the Memphis suburb of Germantown. Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in its $35.5 million sale of the property to Hendon Properties LLC. Germantown Village Square includes 138,995 square feet of ground-floor retail space and 60,147 square feet of second-floor office space occupied primarily by West Clinic, a subsidiary of Baptist Memorial Health Services. Built in 1975 and renovated in 2000, the center was 90 percent leased at the time of sale to tenants including T.J. Maxx, DSW, Ulta Beauty, Old Navy and Five Below.

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