Tennessee

JLL Arranges Sale of Stocking 51 Mixed-Use Campus in Nashville

by John Nelson May 10, 2022

NASHVILLE, TENN. — JLL has arranged the sale of Stocking 51, a five-building adaptive reuse campus in Nashville’s The Nations neighborhood. The buyer, an institutional investor advised by Stockbridge, purchased the property, which was originally built in 1927 as the Belle Meade Hosiery Mill. Richard Reid, Ryan Clutter and Huston Green of JLL, along with Trent Yates of Sagemont Real Estate, represented the seller, Vintage South Development, and procured the buyer. The sales price was not disclosed. Situated on a 6.2-acre site, the property is now roughly two-thirds creative office space and one-thirds retail space. The property was fully leased at the time of sale to coworking providers, tech and financial services firms, interior designers, restaurants and fitness users.

May 10, 2022

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

by John Nelson May 6, 2022

NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …

May 6, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Development Hospitality Mixed-Use Southeast Tennessee

Carlisle to Open Hyatt-Branded Hotel at One Beale Development in Downtown Memphis

by John Nelson May 3, 2022

MEMPHIS, TENN. — Carlisle Corp. plans to open the first Caption by Hyatt-flagged hotel this summer in downtown Memphis. Caption by Hyatt Beale Street Memphis will anchor Carlisle’s $200 million One Beale mixed-use development, which includes three Hyatt-branded hotels and the new Renasant Convention Center. Memphis Business Journal reports that the new hotel’s development costs hovered around $41 million. Situated along Memphis’ famous Beale Street and the Mississippi River, the upscale select-service hotel will be integrated into the historic main building of Wm. C Ellis & Sons Ironworks and Machine Shop, which is one of the longest-running businesses in the city. The historic building will house the hotel’s ground and second floors, and a new 136-room tower will rise above and give guests views of the river and Memphis skyline. Designed by HBG Design, the hotel will feature dual entrances and an all-day, multi-functional lounge space dubbed Talk Shop that will include a coffee shop, cocktail lounge, workstations and sundries market on the inside and a patio and beer garden with fire pits on the outside. Hyatt Hotels Corp. collaborated with Union Square Hospitality Group on the Talk Shop concept. Hyatt plans to expand the Caption by Hyatt brand to …

May 3, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers Sale of 58,950 SF East Ridge Crossing Shopping Center in Chattanooga

by Julia Sanders April 20, 2022

CHATTANOOGA, TENN. — SRS Real Estate Partners has brokered the sale of East Ridge Crossing, a 58,950-square-foot, Food Lion-anchored shopping center in Chattanooga. Hancock White Columns Inc. purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Tyler Matthews of Austin Sumner Properties represented Hancock White Columns. Built in 1988 and renovated in 2021, East Ridge Crossing was 91 percent leased at the time of sale to national retailers, including e-commerce-resistant service providers. The property is situated about seven miles southeast of downtown Chattanooga and just west of Interstate 75.

April 20, 2022

Acquisitions Industrial Southeast Tennessee

JLL Arranges $10.2M Sale of Fiserv-Leased Industrial Building in Nashville

by Julia Sanders April 14, 2022

NASHVILLE, TENN. — JLL has arranged the $10.2 million sale of a single-tenant, 51,528-square-foot industrial building in Nashville. Mitchell Townsend, Anthony Walters, Perry Wolcott, Matt Wirth and Robin Stolberg of JLL represented the seller, an affiliate of Next Realty LLC, in the transaction. Bridge Net Lease acquired the property for $10.2 million. The industrial building is triple net-leased to Fiserv, a provider of payments and financial technology solutions. Fiserv has been a tenant at the property since 2005 and uses the building to manufacture credit and payment cards. Next Realty recently executed a new long-term lease extension with Fiserv. The property offers a side-load configuration, clear heights ranging from 20 to 22 feet, three dock-high doors, one drive-in door, office space and a half-acre of land for expansion or outdoor storage. Located on 4.3 acres at 575 Brick Church Park Drive, the building is approximately five miles from downtown Nashville and 10.5 miles from Nashville International Airport.

April 14, 2022

Acquisitions Multifamily Southeast Tennessee

CBRE Arranges $14.9M Sale of Eastland Apartment Community in Nashville

by Julia Sanders April 12, 2022

NASHVILLE, TENN. — CBRE has arranged the $14.9 million sale of The Eastland, a 49-unit apartment community in Nashville. A Virginia-based investor, Cherner Development Group, purchased the property. Brett Carr of CBRE represented the seller, Dallas-based investor Lion Real Estate Group, in the transaction. The Eastland is a five-story multifamily building that offers one- and two-bedroom floorplans. The average unit size is 571 square feet. Completed in 2017, The Eastland features ground floor retail space. Community amenities include a fitness center, lounge and onsite maintenance. The building was 96 percent occupied at the time of sale. Located at 1035 W. Eastland Ave., the community is situated 10.1 miles from Nashville International Airport and 2.8 miles from downtown Nashville.

April 12, 2022

Acquisitions Office Southeast Tennessee Top Stories

KBS Acquires 29-Story Office Tower in Downtown Nashville for $175M

by Taylor Williams April 12, 2022

NASHVILLE — California-based investment and development firm KBS has acquired UBS Tower, a 29-story office tower in downtown Nashville. The sales price was approximately $175 million, according to The Nashville Business Journal. Located at 315 Deaderick St., the 605,000-square-foot UBS Tower is the second-tallest office building in the city and occupies a full city block. The property was originally constructed in 1972 and has been renovated several times over the ensuing decades. The namesake tenant and investment banking firm renewed its 138,000-square-foot lease in 2021 and will serve as the building’s anchor tenant until 2034. The most recent capital improvement program delivered new and revamped amenity spaces, including the lobby, tenant lounge, coffee bar, fitness center and conference facilities. This project also upgraded the building’s mechanical systems. “With a population quickly approaching 2 million, Nashville is a vital business, tourism and transportation center,” says Marc DeLuca, CEO and Eastern regional president at KBS. “Nashville boasts a thriving economy that is predicted to see a 3.9 percent growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market.” According to CoStar Group, Nashville has approximately 80 percent more office-using jobs …

April 12, 2022

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville’s Robust Industrial Market is Growing Toward the South and East

by John Nelson April 11, 2022

After several years in the top 10, Nashville was named the No. 1 “market to watch” in overall commercial real estate prospects, according to Urban Land Institute and PwC’s 2022 Emerging Trends in Real Estate report. Nashville surpassed its supernova competitors (markets with a population between 1 million and 2 million people) such as Raleigh-Durham, Phoenix, Austin and Charlotte. The report credits Nashville’s robust and sustained job and population growth, above-average levels of economic diversity and investment/development opportunities. In short, Nashville’s economy fared relatively well during the pandemic-induced recession, and its industrial market never slowed down. Nashville has been a top location for relocating and expanding industrial-using companies, as its location is unmatched for distribution. Fifty percent of the nation’s population lives within 650 miles of Middle Tennessee, with 24 states falling within that radius. This translates to a one- or two-day truck delivery time to more than 75 percent of all U.S. markets. Additionally, it is one of only six U.S. cities with three major intersecting interstate highways. Nashville’s economy is extremely resilient due to its diversified economy. However, Nashville is not immune to national trends that have affected multiple industrial markets. The cost of construction continues to increase, …

April 11, 2022

Acquisitions Florida North Carolina Office Southeast Tennessee

CBRE Brokers $91M Sale of Eight-Building Medical Office Portfolio Across Southeast, Texas

by Julia Sanders April 8, 2022

DALLAS — Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas. A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction. The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.

April 8, 2022

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