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Pie Town
LoansMixed-UseMultifamilySoutheastTennessee

Knighthead Funding Provides $33M Construction Loan for Mixed-Use Residential Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — Knighthead Funding LLC has provided a $33 million construction loan for the development of Pie Town, a mixed-use residential property in Nashville. The financing is the fourth loan that Knighthead has provided to the sponsor, Nashville-based CA South Development. Peter Illuzzi of Knighthead originated the loan. Located at 629 7th Ave. S near downtown Nashville, Pie Town will be a five-floor project. The property will include 78 condominium units located over ground-floor office space and storage. Building amenities will include an outdoor pool, rooftop deck and yoga rooms on each floor.

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River North
DevelopmentMixed-UseMultifamilyRetailSoutheastTennesseeTop Stories

Joint Venture Breaks Ground on $263M River North Mixed-Use Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …

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The Factory
AcquisitionsDevelopmentRetailSoutheastTennessee

Holladay Purchases Factory at Franklin in Metro Nashville for $56M, Plans to Expand Office Space

by Julia Sanders

FRANKLIN, TENN. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex. Today, The Factory is a mixed-use destination with shops, restaurants, offices and entertainment venues located at 230 Franklin Road, about 21.5 miles from downtown Nashville. The Factory currently has restaurant tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams and Mojo’s Tacos. Other tenants include Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week. After the redevelopment project is complete, The Factory will have about 310,000 square feet of mixed-use space. Holladay and its partners …

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DevelopmentIndustrialKentuckySoutheastTennesseeTop Stories

Ford Plans $11.4B in Electrical Vehicle Manufacturing Developments in Tennessee, Kentucky

by Jeff Shaw

STANTON, TENN., AND GLENDALE, KY. — Ford (NYSE: F) has unveiled plans to build Blue Oval City, a massive manufacturing campus for its electric vehicles in the tiny town of Stanton, approximately 50 miles northeast of Memphis and with a population of fewer than 500 people. In addition, the car builder is planning the BlueOvalSK Battery Park manufacturing campus in Glendale, approximately 50 miles south of Louisville, to produce the lithium-ion batteries that power those electric vehicles. Ford estimates development costs for Blue Oval City at $5.6 billion and BlueOvalSK Battery Park, which will comprise two separate manufacturing facilities, at $5.8 billion. Both plants are scheduled to begin production in 2025. The auto maker predicts the Stanton location will create 6,000 jobs, while the Glendale location will create 5,000 jobs. Blue Oval City will span 3,600 acres — nearly six square miles — and focus on producing F-Series electric pickup trucks. The company noted that it will work with Redwood Materials on domestic battery recycling and that the facility will be carbon neutral, producing zero landfill waste once fully operational. In addition to the new plant, Ford said it will make a new investment to increase production of the F-150 …

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CaliforniaGeorgiaIllinoisIndustrialLoansSoutheastTennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

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IndustrialMarket ReportsMississippiSoutheastSoutheast Market ReportsTennessee

High Demand for Memphis Industrial Leading to Another Record-Shattering Year

by John Nelson

Fueled by the acceleration of e-commerce amid the COVID-19 pandemic, the Memphis industrial market’s record-setting momentum continued into the first half of the year. Demand fundamentals are the strongest they’ve ever been, with lease transaction volume at mid-year exceeding 12.2 million square feet for the second year in a row and total market direct net absorption reaching an unprecedented 5.3 million square feet. To put these numbers in perspective, lease transaction volume and direct absorption through June of pre-pandemic years averaged 5.8 million square feet and 1.6 million square feet, respectively. The market’s direct vacancy rate has hovered around 6.5 percent since the end of 2019, an impressive feat given the exceptional amount of speculative product that has been added to inventory over the past year and a half. New to the market The region’s central location, complemented by its world-class transportation infrastructure and low rental rates, make Memphis an attractive option for industrial users. Notable deals that have occurred since the beginning of 2020 include Milwaukee Tool’s 1.1 million-square-foot lease at I-269 Industrial Park, as well as two new Amazon leases totaling nearly 2 million square feet, growing the e-commerce giant’s Memphis-area footprint to more than 6.7 million square …

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The Retreat in Arden Village
AcquisitionsMultifamilySoutheastTennessee

Hamilton Zanze Buys Multifamily Community in Metro Nashville for $46.5M

by Julia Sanders

COLUMBIA, TENN. — Hamilton Zanze has bought The Retreat at Arden Village, a 228-unit apartment community in Columbia, for $46.5 million. Tyler Mayo of Capstone Apartment Partners represented the seller, an entity doing business as Arden Village Apartments LLC. Adam Klenk, Austin Heithcock, Luke Searcy, Jonathan Hawks and Jordan Arand of Capstone also brokered the sale. Built in 2007 with additions in 2018, The Retreat at Arden Village was 97 percent occupied at the time of sale. The property includes one- and two-bedroom floorplans with an average unit size of 1,080 square feet. Community amenities include an indoor fitness center, business center, clubhouse, pool, dog park, billiards room and an outdoor entertainment kitchen with grills. Unit amenities include granite countertops, hardwood floors and in-unit washers and dryers. Located at 2477 Palomar Circle, the community is situated 40 miles south of Nashville and about 37.3 miles from Vanderbilt University. Comprising 19 three-story apartment buildings, the community is situated on 10 acres off U.S. Highway 31 in north Columbia. The property’s management has been transitioned to Hamilton Zanze affiliate Mission Rock Residential, a Denver-based company.

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IndustrialMarket ReportsMississippiOfficeSoutheastSoutheast Market ReportsTennessee

Memphis is Well-Established for Industrial Owners and Users to Win

by John Nelson

Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country. As home to FedEx Global Headquarters and a UPS hub, Memphis International Airport surpassed Hong Kong International Airport this year as the busiest cargo airport in the world. The direct vacancy rate of the metro industrial market went from 6.5 percent in 2020 to 4.8 percent by mid-2021. Currently, there is 13.7 million square feet of inventory under construction with over 75 percent of it being speculative. The demand and recent growth continue to improve in 2021. Net absorption is above 5.3 million square feet with tenants like Yeti, Walgreens, Hamilton Beach and Amazon moving into new facilities mid-year. Rents have also continued to rise faster than the national average in many years. The average rent growth over the past 12 months is 6.9 percent, or $4 per square foot. Large preleased facilities are …

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River North
DevelopmentMultifamilySoutheastTennessee

RangeWater Breaks Ground on 353-Unit Apartment Community in Nashville

by Julia Sanders

NASHVILLE, TENN. — RangeWater Real Estate has broken ground on a 353-unit apartment community in Nashville’s River North Development District, a former industrial neighborhood undergoing revitalization. The project is RangeWater’s 100th development. Located at 201 Cowan St., the apartment project will include studio, one- and two-bedroom apartments located close to downtown Nashville and Germantown. When completed, the apartments will have two floors of amenities and a sky lounge with views of downtown Nashville. Community amenities will include a listening lounge with recording equipment for musicians and a pool deck atop a green rooftop space. The apartments will feature nine-foot ceilings and modern finishes with stainless steel appliances, quartz countertops and washer and dryer units in each residence. Groundbreaking will take place this month with first apartment homes delivering spring 2023. RangeWater is an Atlanta-based multifamily real estate company. The apartment project will be RangeWater’s second development in Nashville, with the first being The Gossett on Church in the city’s Gulch neighborhood.

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Portland Village
AcquisitionsRetailSoutheastTennessee

Palomar Group Brokers $7.8M Sale of Portland Village Shopping Center Near Nashville

by Julia Sanders

PORTLAND, TENN. — The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, grocery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, S.C., bought the property for $7.8 million. The seller was Cincinnati-based Phillips Edison & Co. The Palomar Group represented the buyer and the seller in the transaction. Located at 112 W Knight St., Portland Village is about 11.3 miles from Franklin, Ky. The center was 94 percent leased at the time of sale to tenants including Cash Saver, Planet Fitness and Family Dollar. Built in 1975, Portland Village has had the current tenants for an average of 11.7 years. Cash Saver has been the anchor tenant since 1997.

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