Tennessee

Oracle Signs Full-Floor Office Lease in Nashville’s Gulch District

by Julia Sanders March 23, 2022

NASHVILLE, TENN. — Oracle, an Austin-based computer technology corporation, will lease space at Radius, a 265,564-square-foot office building in Nashville’s Gulch neighborhood. The tech company will use the office space as its new regional headquarters campus in Davidson County. Dallas-based Stream Realty Partners, which handles the building’s leasing and property management, and Sandeema Co. represented Oracle in the lease transaction. Radius, which previously was known as the Lifeway Plaza, is a nine-story building with six full-floor office spaces averaging 31,580 square feet that are available for lease. Oracle will occupy the fourth floor of the building. The building offers resort-style fitness facilities with lockers and showers, a tenant lounge, outdoor terrace, onsite security, café with grab-and-go items and ample parking. Located at 601 11th Ave. N., the office building is located 9.9 miles from Nashville International Airport and 2.5 miles from Belmont University.

March 23, 2022

Affordable Housing Loans Multifamily Southeast Tennessee

KeyBank Provides $74M Bridge Loan for Affordable Housing Portfolio in Tennessee

by Julia Sanders March 22, 2022

CLEVELAND — Cleveland-based KeyBank Community Development Lending and Investment has provided a $74 million bridge loan for the acquisition of four Section 8 subsidized affordable housing properties in Tennessee. Matthew Haas, Timothy Gerstmann and Jonathan Woodland of KeyBank originated the financing. SDG Housing Partners, a Manhattan Beach, Calif.-based affordable housing development company, received the loan. The four properties include Ramblewood in Clarksville (112 units); Margaret Robinson in Hermitage (100 units); Ridgebrook in Knoxville (144 units); and Hickory Forest in Nashville (90 units). The borrower will be seeking bonds and 4 percent LIHTC credits to be moderately renovated and units upgraded in the next 12 to 18 months with agency financing provided by KeyBank.

March 22, 2022

Acquisitions Florida Industrial North Carolina Southeast Tennessee

Atlanta Property Group Acquires Three Industrial Facilities Totaling 545,000 SF Across Southeast

by Julia Sanders March 14, 2022

ATLANTA — Atlanta Property Group has acquired three distribution facilities in the metro areas of Atlanta, Nashville and Charlotte totaling 545,000 square feet. The sellers and sales price were not disclosed. The three properties include Oates Crossing in Mooresville, N.C.; 5470 Oakbrook Parkway in Norcross, Ga.; and 109 Kirby Drive in Portland, Tenn. Oates Crossing is a 240,000-square-foot industrial park that is fully leased to a diverse tenant base. The site also includes a fully zoned, 8.3-acre parcel that can support an additional 60,000-square-foot industrial building, which Atlanta Property Group plans to build soon. The property is situated along Interstate 77, about 29.7 miles north of Charlotte. The next property, 5470 Oakbrook Parkway, is an 85,000-square-foot shallow-bay industrial building. The facility is situated close to Interstate 85 and is about 21 miles north of downtown Atlanta. The property was 88 percent leased at the time of sale. Built in 1990, 109 Kirby Drive is a 220,000-square-foot, single-tenant warehouse that features 17 dock doors. The fully leased property is situated about 39.7 miles from Nashville and has immediate access to Interstate 65.

March 14, 2022

Acquisitions California Development Michigan Multifamily Ohio Seniors Housing Tennessee Top Stories

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw March 7, 2022

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …

March 7, 2022

Acquisitions Hospitality Southeast Tennessee Top Stories

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

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