Tennessee

Xenia Hotels & Resorts Agrees to Acquire W Nashville Hotel for $328.7M

by Taylor Williams March 2, 2022

NASHVILLE — Xenia Hotels & Resorts (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to acquire the 346-room W Nashville hotel for $328.7 million. The sales price equates to roughly $950,000 per room. The seller and developer of the 14-story hotel, which opened in October 2021 in the city’s Gulch neighborhood and is part of the Marriott family of brands, was not disclosed. The deal is scheduled to close by the end of the first quarter. The W Nashville features six food and beverage options, including two concepts by Chef Andrew Carmellini, as well as rooftop and pool bars. The property also offers 18,000 square feet of indoor meeting and event space and 26,000 square feet of outdoor amenity space, including a 10,000-square-foot pool deck and terraces contiguous with meeting, food and beverage and event spaces. The hotel’s offering of guestrooms includes 60 suites, representing about 17 percent of the total room count. “We are thrilled to have reached an agreement to acquire an outstanding, newly constructed luxury lifestyle hotel located in the desirable Gulch neighborhood in the heart of Nashville,” says Marcel Verbaas, Xenia’s chairman and CEO. “The W Nashville is extremely well-designed and perfectly situated to attract year-round …

March 2, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Monarch Alternative, GBT Realty Acquire Development Site in Midtown Nashville for $110M

by Julia Sanders March 1, 2022

NASHVILLE, TENN. — Monarch Alternative Capital LP has acquired an eight-acre development site in Nashville’s Midtown district for $110 million in partnership with locally based GBT Realty Corp. The site is currently zoned for 1.8 million square feet of mixed-use real estate. Currently home to Beaman Toyota and directly west of Interstates 40 and 65, the site provides immediate access to the Gulch, Music Row, Vanderbilt University and downtown Nashville. The site’s zoning allows for the possible development of residential, retail, hospitality and office use. Construction plans are still in the works and haven’t been released yet.

March 1, 2022

Acquisitions Arizona Company News Healthcare Southeast Tennessee Top Stories Western

Healthcare Realty Trust, Healthcare Trust of America Agree to Merge, Forming $11.6B Medical Office Building REIT

by John Nelson March 1, 2022

NASHVILLE, TENN. AND SCOTTSDALE, ARIZ. — Healthcare Realty Trust Inc. (NYSE: HR) and Healthcare Trust of America Inc. (NYSE: HTA), two of the larger owners of medical office buildings in the country, have agreed to merge. Upon closing, the combined company will operate under the Healthcare Realty name and use the same stock exchange ticker symbol of “HR,” as well as keep its headquarters in Nashville with offices in Charleston and HTA’s current headquarters of Scottsdale. The combined company is expected to have a pro forma equity market capitalization of approximately $11.6 billion upon the close of the transaction, which is expected to occur in the third quarter pending approval from the shareholders of both companies. The boards of directors of both Healthcare Realty and HTA unanimously approved the merger. With 727 properties totaling 44 million square feet, the new company will be the largest “pure-play” real estate investment trust specializing in medical office buildings (MOB), with nearly double the square footage of the next-largest MOB portfolio. The company will own the largest portfolio of on-campus or adjacent to hospital campus properties comprising 28.2 million square feet. Additionally, 94 percent of the portfolio will be concentrated in the top 100 …

March 1, 2022

Acquisitions Multifamily South Carolina Southeast Tennessee

GVA Management, Leste Real Estate Purchase Sun Belt Multifamily Portfolio for $380M

by Julia Sanders February 24, 2022

MIAMI, AND AUSTIN, TEXAS — Austin, Texas-based GVA Management and Miami-based Leste Real Estate U.S. have purchased a portfolio of five Class B multifamily properties in Texas, Tennessee and South Carolina. The sales price for the portfolio was $380 million. The seller was not disclosed. The multifamily acquisition includes 1,670 individual units in total. The firms plan to make about $17 million in capital improvements across the portfolio. GVA Management will manage the portfolio and oversee the value-add improvements.

February 24, 2022

Development Multifamily Southeast Tennessee

Preiss Breaks Ground on 105-Unit Multifamily Complex in Nashville

by Julia Sanders February 21, 2022

NASHVILLE, TENN. — The Preiss Co. has broken ground on Signature Music Row, a 105-unit multifamily project in Nashville. Raleigh-based Preiss partnered with Speedwagon Capital Partners on the development, and JLL arranged an undisclosed amount of construction financing through Memphis-based First Horizon. The construction timeline for the project was not disclosed. Signature Music Row will include studio, one-, two- and three-bedroom floorplans. The property will have 3,000 square feet of amenity space including a clubhouse, leasing office and fitness area. The property will also feature a sky lounge overlooking Music Row. Unit features will include Corian countertops with tile backsplash, two-tone cabinetry, stainless steel appliances, wood plank flooring throughout the unit and LED ceiling fans in each bedroom and living room. Located in Nashville’s Music Row submarket, the new development is situated near Vanderbilt University and The Vanderbilt University Medical Center. The property is also close to Bridgestone Arena and the Country Music Hall of Fame.

February 21, 2022

Development Mixed-Use Multifamily Southeast Tennessee

Endeavor, Long Wharf Break Ground on Phase II of Mixed-Use Development in Nashville

by Julia Sanders February 17, 2022

NASHVILLE, TENN. — Austin, Texas-based Endeavor Real Estate Group, in a joint venture with Boston-based Long Wharf Capital, has broken ground on Phase II of Gulch Union, a mixed-use development in Nashville’s Gulch district. Construction for the whole project is slated for completion by June 2024. The first phase of Gulch Union included a 330,000-square-foot office building called 1222 Demonbreun. The second phase will feature a 28-story residential tower with 306 multifamily units and 8,000 square feet of retail space. Community amenities in the second phase will include a rooftop pool, fitness and yoga studios, co-working area, lounge with a pool table, shuffleboard and bar, outdoor dining, pickleball court, bocce ball, corn hole, outdoor BBQ grills, firepits and a dog park. HKS Inc. is the designer for the three-phase project, and Turner Construction Co. is the general contractor. IBC Bank provided an undisclosed amount of construction financing for the project.

February 17, 2022

Loans Multifamily Southeast Tennessee

ZMX, Forbes Plunkett Secure Construction Financing for $67.7M Multifamily Project in Metro Nashville

by Julia Sanders February 15, 2022

MADISON, TENN. — Nashville-based ZMX Inc. and Forbes Plunkett Real Estate & Development has secured construction financing for The Northern, a 297-unit, garden-style multifamily development in Madison. Atlanta-based Patterson Real Estate Advisory Group arranged the development financing with Origin Investments and Fifth Third Bank for the $67.7 million project. Construction is slated for completion by early 2024. The Northern will offer studio, one-, two- and three-bedroom floorplans ranging from 592 square feet to 1,285 square feet. Community amenities will include a pool, fitness center, clubhouse with outdoor grilling areas, several green spaces and pocket parks, dog park and a dog spa. The project is located close to downtown Nashville.

February 15, 2022

Development Mixed-Use Southeast Tennessee Top Stories

SomeraRoad Begins Construction of First Ground-Up Tower at Paseo South Gulch Mixed-Use Project in Nashville

by Kristin Harlow February 9, 2022

NASHVILLE, TENN. — SomeraRoad has started construction of the first ground-up tower within its Paseo South Gulch mixed-use project in Nashville. Known as Prima, the building will include 278 apartment units, 18,000 square feet of Class A office space and 8,000 square feet of retail space. ESa designed the project, which is slated for completion by the third quarter of 2023. Clark Construction is the general contractor. Safehold Inc. and S3 Capital provided financing. The tower will complement the recently completed adaptive reuse of two historic buildings within the project featuring office and retail space. SomeraRoad has planned future ground-up projects within Paseo South Gulch, with construction of a second tower scheduled to begin by early 2023. “Paseo South Gulch will be a premier live-work-play destination in Nashville, and the start of Prima is a significant step toward our transformational vision becoming a reality,” says Andrew Donchez, principal and head of development at SomeraRoad. “We’ve worked tirelessly to craft every detail of Paseo South Gulch, to tie new towers into the adaptive reuse of historic structures and future phases, to ultimately create a district that feels authentic and vibrant.” The name Paseo speaks to the district’s interconnected walkways and terraces …

February 9, 2022

Acquisitions Retail Southeast Tennessee

Matthews Negotiates $11.8M Sale of Shopping Center in Metro Nashville

by Julia Sanders February 1, 2022

FRANKLIN, TENN. — Matthews Real Estate Investment Services has negotiated the $11.8 million sale of Carothers Crossing, a shopping center located in Franklin. Hutt Cooke and Clay Smith of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. The buyer was also not disclosed. Carothers Crossing is fully occupied by tenants such as Starbucks, FirstBank and Pacific Dental. The property includes an outparcel occupied by Life Time Fitness. The property also includes seven triple net leases. Located at 5040 Carothers Parkway, the property is situated off Interstate 65 and is 21.8 miles from Nashville.

February 1, 2022

Acquisitions Development Mixed-Use Office Retail Southeast Tennessee

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

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