MEMPHIS — Calidus has acquired One Memphis Place, a 219,194-square-foot office building located at 200 Jefferson Ave. in downtown Memphis. The seller, GPT Properties Trust, sold the property for an undisclosed amount. Built in 1984, One Memphis Place is a 15-story office building featuring attached garage parking, 24/7 security, onsite property management and its own green space across from the building. The property is located close to major thoroughfares such as Interstates 240, 40 and 55. Calidus plans to invest in common area improvements in the future. Ron Kastner, Don Drinkard and Pratt Rogers of CBRE are the exclusive marketing agents for the property. Liz Edmundson of CBRE will be handling the property management assignment. Currently, the property offers approximately 30,000 square feet of space available for lease.
MEMPHIS, TENN. — Capstone Apartment Partners has arranged the $39 million sale of Cedar Run Apartments, a 416-unit property in Memphis. The community sold for $93,750 per unit. Jonathan Hawks, Luke Searcy, Adam Klenk and Tyler Mayo of Capstone represented the seller, New York-based Emet Capital, in the transaction. Fortune Investment Group was the buyer. Built in 1975, Cedar Run includes one-, two- and three-bedroom apartment homes. Community amenities include a swimming pool, clubhouse, business center, playground, sports court, soccer field, Amazon lockers and picnic areas. The community was approximately 98.5 percent occupied at the time of sale. Located at 5958 E Point Drive, Cedar Run is situated in East Parkway Village directly off Bill Morris Parkway. The property is about 17.5 miles from downtown Memphis. Over the last four years, Emet has completed interior renovations on 279 of the units. Fortune plans to continue the renovation program on the remaining units. The renovated units feature wood-style flooring, new wood cabinetry, upgraded hardware and light fixtures, updated plumbing fixtures and fresh paint throughout.
MEMPHIS, TENN. — Marie Pizano of MVP3 Entertainment Group and Darnell Stitts of ATWEC Technologies have broken ground on MVP3 Studios, an over 40-acre mixed-use entertainment project located in Memphis. The project is expected to cost $50 million and is predicted to create 600 jobs, according to WREG Channel 3 News. The co-developers purchased the 80,000-square-foot Malco Majestic Cinema theater and the surrounding 18 acres to redevelop the property for MVP3 Studios. The site will eventually house production sound stages, radio studios, music recording studios, a TV network and movie theaters. The development of MVP3 Studios will take four phases to complete. Phase I began in July, which is when the main theater, dining and reception areas were opened. The first phase is expected to be complete by the fall or winter of 2021. Phase II will include movie theaters that will show blockbuster films, restaurants, retail shops, an art gallery and a museum. In Phase III, the development team will build movie sound stages, a music recording studio, production offices and conference spaces. Lastly, Phase IV will kick off the completion of ATWEC Technology & Indoor Sports Center, as well as a hotel and an indoor theme park. This …
MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.
MEMPHIS, TENN. — Natixis, a France-based financial services firm, has provided $51.5 million in floating-rate financing for FedEx Logistics headquarters in downtown Memphis. The financing was provided to the subsidiaries of SomeraRoad Inc. The financing will refinance the FedEx Logistics headquarters building, a 193,836-square-foot, Class A office building located at 145 Lt. George W Lee Ave. in downtown Memphis. SomeraRoad will also use the financing to fund the renovation of the parking lot across the street near the FedEx Forum. The office building serves as the new global headquarters for FedEx Logistics, the supply chain and trade arm of FedEx Corp. The building was formerly a Gibson Guitar factory. FedEx Logistics moved its global headquarters to the Memphis office building in April 2020.
NASHVILLE, TENN. — Nicol Investment Co. has sold the Summit at Nashville West, a 190-unit apartment community in west Nashville. New York-based Zurich Alternative Asset Management purchased the property for $57 million. Built in 2014, Summit at Nashville West offers one-, two- and three-bedroom units across three stories. Community amenities include a pool, fitness center, clubhouse, pet play area and a business center. The units feature in-unit washers and dryers, dishwashers, walk-in closets and hardwood floors. Located at 7201 Charlotte Pike, the multifamily community is situated about nine miles from downtown Nashville. Nicol Investment purchased the community in February 2016, and since then, has made improvements to the units and the clubhouse. Walker & Dunlop represented Nicol Investment in the transaction. Chris Edgar and Sean Bannon represented Zurich Alternative Asset Management internally.
Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis
MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.
ANTIOCH, TENN. — Lee & Associates has brokered the sale of a 121,596-square-foot office property in Antioch. The sales price was $27.9 million, but the buyer and seller were not disclosed. William Sisk and Brett Wallach of Lee & Associates represented the buyer in the transaction. Located at 5720 Crossings Blvd. on nearly 12 acres, the property, which is currently being used as a call center, is located 14.6 miles south of Nashville and about 14.4 miles from Nashville International Airport.
NASHVILLE, TENN. — Arriba Capital has provided an $18.5 million construction loan for a new Hyatt Place hotel in Nashville. In addition to the construction loan, Arriba arranged a complex ground lease on the property. Hyatt Place hotel will have 130 rooms with an average size of 350 square feet. One of the hotel amenities includes a fitness center. The borrower, Rev Par Cos., is a privately held hospitality management and development group based in the Southeast. Scottsdale, Ariz.-based Arriba Capital has financed multiple projects for the borrower.
MT. JULIET, TENN. — CBRE has arranged the $64 million sale of Creekside at Providence, a 209-unit apartment community located at 1001 Providence Parkway in Mt. Juliet, about 18 miles east of Nashville. Newport Beach, Calif.-based Olen Properties Corp. purchased the property for $64 million, or $306,220 per unit. Built by Dobbins Group in 2015, Creekside at Providence features a swimming pool, pet play area with washing station, car care center, business center, gym, playground, movie theater, game room, picnic area and walking/biking trails. The community is situated adjacent to Providence Marketplace, a shopping mall housing tenants such as Best Buy, Belk, Books-A-Million, Dick’s Sporting Goods, HomeGoods, Kroger, Old Navy, PetSmart, Regal Cinemas, Taco Bell, Target and The UPS Store. Russ Oldham and Brett Kingman of CBRE’s Nashville office represented the undisclosed seller in the transaction. Olen Properties was self-represented.