CORDOVA, TENN. — The Shopping Center Group (TSCG) has brokered the sale of Market at Cordova Shopping Center, a 98,466-square-foot retail center located at 1800 N. Germantown Parkway in Cordova, roughly 20 miles east of Memphis. N&L Holdings acquired the property for an undisclosed price. John Reed and Hurston Reed of TSCG represented the undisclosed sellers in the transaction, and Jon Isbell of TSCG represented N&L Holdings. Anchor tenant The Life Church will vacate the center, opening up space that the new owner plans to populate with an Asian supermarket, food hall and a community gathering spot dubbed Grand Super Market, which will occupy the 55,000-square-foot anchor space.
CLARKSVILLE, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Solis, a 216-unit apartment community located in Clarksville, roughly 40 miles from Nashville. A private buyer based in California purchased the property from Gwaltney Communities for an undisclosed price. David Stollenwerk, Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer in the transaction. Marcus & Millichap’s broker of record in Tennessee for the deal was Jody McKibben. Built in 2020, Solis features garden-style apartments averaging 1,089 square feet in size, as well as a saltwater swimming pool, 24-hour fitness center and a theater room.
KNOXVILLE, TENN. — A joint venture between Core Spaces and Schenk Realty has announced plans for an 800-bed student housing development located near the University of Tennessee campus in Knoxville. Located at 1801 Cumberland Ave., the community will rise seven stories and offer 215 units in studio through five-bedroom configurations. Shared amenities will include a rooftop swimming pool, hot tub and sun deck, as well as ground floor retail. Construction on the project is set to begin in spring 2025. In addition to this unnamed project, Core Spaces and Schenk are also currently developing Hub Knoxville, a nearby student housing development that will comprise 1,600 beds.
The Memphis office market continues to defy national post-pandemic office trends, fueled by persistent occupier demand and limited amounts of vacancy within primary submarkets. Although, the market closed out the 2023 year with 34,430 square feet of occupancy losses caused by two large tenant vacancies, the first quarter of 2024 reversed the trend as net absorption swung positive, recording 140,788 square feet of occupancy gains. The Memphis unemployment rate remained low at 3.5 percent in May, just above the Tennessee unemployment rate of 3.0 percent and below the national average of 4.0 percent, according to data from the U.S. Bureau of Labor Statistics. Ford Motor Company’s Blue Oval City began its hiring in 2023, with most of its hiring to occur in the second half of this year, which could begin to further compress the unemployment rate, as approximately 5,600 direct jobs are estimated to be created in West Tennessee. The company leased 42,910 square feet of office space on the edge of the Memphis office market. The auto giant plans to use the new space as a training facility. Additionally, the Elon Musk-led xAI company announced Memphis as being the new home for its “Gigafactory of Compute,” claiming to …
NASHVILLE, TENN. — Lion Real Estate Group (LREG) has acquired Bradford Woods, a 312-unit apartment community located at 5242 Edmondson Pike in Nashville. The seller and sales price were not disclosed. Walker & Dunlop’s Nashville office brokered the transaction, which included LREG assuming an existing Fannie Mae loan. LREG plans to rebrand the property as The Grove Brentwood and completely overhaul the leasing office/clubhouse, gym, pool area and all other onsite amenities. Additionally, the company plans to modernize unit interiors with stainless steel appliances, quartz countertops and upgraded lighting. The Grove Brentwood is LREG’s fourth acquisition in its current investment vehicle and 26th property overall in its portfolio that spans across five states.
NOLENSVILLE, TENN. — CBRE has secured $38.6 million in construction financing for the development of Village Green, a 90,525-square-foot shopping center currently underway in Nolensville, roughly 20 miles outside Nashville. Upon completion, the development will comprise nine buildings situated on a 17-acre site at the intersection of Nolensville and Rocky Fork roads. Publix will anchor the center. Other tenants at the property will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan through ServisFirst Bank on behalf of the borrower, Watkins Real Estate Group. Construction is scheduled for completion in summer 2025.
MIAMI — Dwight Mortgage Trust, the affiliate REIT of Miami-based Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in urban areas surrounding Atlanta, Memphis, Mobile, Ala., and Shreveport, La. The properties include Bell Minor Home in Gainesville, Ga.; Cambridge Post Acute Care Center in Snellville, Ga.; Nurse Care of Buckhead in Atlanta; Riverside Health Care Center in Covington, Ga.; Rockdale Healthcare Center in Conyers, Ga.; Westminster Commons in Atlanta; Millington Healthcare Center in Millington, Tenn.; Parkway Health and Rehabilitation Center in Memphis; Kensington Health and Rehabilitation in Mobile; and Highland Place Rehabilitation and Nursing in Shreveport. Collectively, these facilities total 1,371 beds. Adam Offman and Sheldon Frankel originated the loan. Details on the buyer and seller were not disclosed.
NASHVILLE, TENN. — JLL has arranged a $135 million loan for the refinancing of Cummins Station, an adaptive reuse mixed-use development in Nashville’s Gulch district spanning 408,000 square feet. JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DZL Management. Located at 209 10th Ave. S, Cummins Station features creative office spaces and 46,000 square feet of retail space. According to the property website, current office tenants include DZL, Gibson Brands, Serendipity Labs, Bohler, Unlock Health, Eventbrite, Revive and Wayspring. Retailers include Gibson Garage, Morning Glory Deli, Pullman Standard and Wild Wasabi. The brick property dates back to 1906.
NASHVILLE, TENN. — Woodfield Development has obtained a $53.7 million loan for the refinancing of Margaux Midtown, a 292-unit apartment community located in Nashville’s Midtown neighborhood. Adam Bieber and Alec Jenkins of BWE’s Washington, D.C., office arranged the senior loan through the company’s bridge program on behalf of Woodfield Development. Delivered in 2023, Margaux Midtown features a fitness center, clubroom with mini duck bowling, private yoga room, dedicated work pods, complimentary coffee, sky lounge and rooftop terrace, speakeasy with a performance stage, resort-style swimming pool and a podcast room.
Cushman & Wakefield | Commercial Brokers Sale of 100,943 SF Poplar Towers Office Building in Memphis
MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Poplar Towers, a 100,943-square-foot office building located at 6263 Poplar Ave. in Memphis. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial represented the sellers, an entity doing business as Poplar Towers Office Center LLC and private investor Brett Kaye, in the transaction. Brian Califf of NAI Saig represented the buyer, Gregory Realty GP. The sales price was not disclosed. The Class B office building is situated in the East Memphis submarket. According to LoopNet Inc., Poplar Towers spans 11 stories, features 258 surface parking spots and was built in 1973.