Tennessee

LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.

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MEMPHIS, TENN. — A public-private partnership between The Annex Group and the University of Memphis has announced plans to develop a 540-bed residence hall on the university’s campus in Tennessee. The community will offer a mix of studio, two- and four-bedroom units alongside 300 parking spaces. The property will target occupation by student athletes. Shared amenities will include study space, social gathering areas, outdoor living space and grab-and-go dining options. The community will be part of the university’s Park Avenue Campus development, which will include Tiger Park, an academic and athletic facilities complex that will be developed in phases over the next 10 years. “Living in the vicinity of where [our student-athletes] practice, compete and train will significantly enhance their experience, and a development like this sets our university apart when it comes to recruitment,” says Brooks Monaghan, the university’s head women’s soccer coach. The residence hall is expected for completion in fall 2026. The development team for the project includes architectural firm LRK.

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CHATTANOOGA, TENN. — Equitas Management Group has completed renovations for One Park Place, a 57,000-square-foot office building located at 6148 Lee Highway in Chattanooga. The property is fully leased to tenants including Equitas Management and EMJ, a general contractor that oversaw the renovations as well as constructed the building originally in 1984. Other tenants include medical, legal and financial services tenants, among others. Designed by HK Architects, the renovations include a new sleek black exterior, updated atrium, modernized offices and conference spaces and a grand balcony.

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Holiday-Inn-Express-Nashville-Downtown

NASHVILLE, TENN. — Noble Investment Group has acquired the Holiday Inn Express | Nashville Downtown hotel. The seller, number of rooms and sales price were not disclosed, but the Nashville Business Journal reports that the Atlanta-based investment firm paid approximately $82 million for the property. The publication also reports that the price is nearly a third less than what the previous owner paid for the property. Located at 920 Broadway in the city’s entertainment district, the hotel is located within walking distance of more than 100 live music venues, the Music City Center, Bridgestone Arena, more than 500 bars and restaurants and over 100 shopping outlets. The hotel’s physical amenities include an outdoor pool and a business center. “Nashville remains among the most dynamic growth markets in the country, with a highly diversified demand base across multiple segments,” says Dustin Fisher, vice president at Noble Investment Group. Nashville has been a consistent growth center in the Southeast for over 30 years, growing by more than 2 percent every year from 1991 to 2020, according to Macrotrends. The metro-area population more than doubled in that time, from 643,000 in 1994 to more than 1.3 million in 2024. — Taylor Williams

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CHATTANOOGA, TENN. — Urban Story Ventures has acquired a 169,000-square-foot manufacturing facility located at 3800 Amnicola Highway in Chattanooga. New York City-based Arcade Beauty sold the property, which includes two buildings comprising 130,000 and 39,000 square feet, respectively. The larger building features climate-controlled areas and fire suppression, and the second building offers office and industrial flex space. Additionally, the site includes 9.8 acres of undeveloped land zoned for manufacturing. Urban Story will serve as the landlord and property manager for the site as Arcade Beauty transitions to a new location in Chattanooga. The sales price was not disclosed.

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ALCOA, TENN. — SRS Real Estate Partners has brokered the $7.2 million sale of Alcoa Commons, a newly built retail center in Alcoa, a city roughly 14.5 miles south of Knoxville, Tenn. Situated at 1010-1020 Alcoa Market St., the 13,890-square-foot property was fully leased at the time of sale to tenants including Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased Alcoa Commons in a 1031 exchange.

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MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of a Class B office building located at 2670 Union Ave. in the Midtown submarket of Memphis. According to LoopNet Inc., the 12-story property spans 119,213 square feet and tenants include Pearson Vue, Shelby County Community Service Agency and Lipscomb & Pitts Insurance LLC, which has exterior signage on the building. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the sellers, an entity doing business as Union Office Center LLC and private investor Brett Kaye, in the transaction. The buyer, an entity doing business as 2670 Union Avenue Extended Building Owner LLC, purchased the building for an undisclosed price.

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MURFREESBORO, TENN. — Capstone Real Estate Investment has sold Landmark Apartments, a 264-unit community located near the Middle Tennessee State University campus in Murfreesboro. The property was acquired as a student housing project by the company in 2020 and underwent significant renovations, including the transformation of the community into traditional multifamily. Landmark Apartments offers one-, two- and three-bedroom units. The buyer in the transaction was not disclosed.

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NASHVILLE, TENN. — PNH Properties has acquired 211 Commerce, an office tower located on the corner of Commerce Street and 3rd Avenue in downtown Nashville, for $75 million. Built in 2000, the property comprises 233,314 square feet of office space across 11 stories and features ground-floor restaurant and retail space. J. Roscoe High and Morgan Hillenmeyer of CBRE represented the buyer in the transaction. The seller, a joint venture between Velocis and Lincoln Property Co. doing business as Velocis Lincoln Commerce SPE LLC, recently implemented $16 million of capital improvements to the property. Renovations included the addition of a new conference center, fitness center and windows and updates to the lobby, tenant lounge, elevators, an outdoor plaza and building façade. 

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KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.

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