Monday, September 8, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Tennessee

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 …

Continue Reading
FacebookTwitterLinkedinEmail
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.

Continue Reading
FacebookTwitterLinkedinEmail
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.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingMarket ReportsMultifamilySoutheastSoutheast Market ReportsTennessee

Robust Memphis Apartment Demand Continues to Push Rents Across Classes

by John Nelson

The Memphis multifamily market has recently captured attention from prospective buyers with some impressive statistics. With 2020 rent growth at 6.6 percent and year-to-date 2021 at 10.5 percent year-over-year, the metropolitan showed resiliency through a turbulent period as peer Sun Belt cities experienced stagnancy and even decreases in rents. This trend has put the metropolitan area on acquisition radars and garnered sales to new-to-market buyers looking to plant a flag in the market. But it raises questions concerning the longevity and sustainability of the rent growth. By taking a further look at the market’s fundamentals, economic drivers and rent trends across market segments, we can shed some light on this over-arching question. Logistics and healthcare Memphis’ stable 2020 and 2021 multifamily performance is grounded by an economy rooted in logistics and medical services. Within the Memphis metropolitan area, 42 percent of the workforce is in the transportation/logistics or education and health service industries, compared to a national aggregate of 20 percent. The growing reliance of these industries insulated the Memphis economy from the worst of repercussions stemming from the pandemic-induced recession. While quarterly wages decreased an average of 6.5 percent in peer markets in the second quarter of last year, …

Continue Reading
FacebookTwitterLinkedinEmail
Artists Lofts
LoansMultifamilySoutheastTennessee

Parkview Financial Provides $42.5M Loan for Multifamily Development in Nashville’s Germantown District

by Julia Sanders

NASHVILLE, TENN. — Parkview Financial has provided a $42.5 million construction loan for the development of Artist Lofts, a multifamily property located at 1217-31 2nd Ave. N in the Germantown submarket of Nashville, about one mile outside of downtown. The non-recourse loan has a 24 month-term with two three-month extensions. Situated on a 0.9-acre parcel, the Artist Lofts project will offer 210 multifamily units, 3,800 square feet of ground-floor retail space and a parking garage with 250 spaces. The property will include one five-story building with a unit mix of 51 studios averaging 612 square feet; 110 one-bedroom units averaging 710 square feet; and 49 two-bedroom units averaging 996 square feet. Community amenities will include a clubhouse and lounge, fitness center, pool and sundeck, dog park and leasing center. The borrower, an entity doing business as Monroe Germantown Holdings LLC, acquired the infill site at the end of 2020 and has completed the entitlement and permitting process. Construction is now underway and is slated for completion by fall 2023.

Continue Reading
FacebookTwitterLinkedinEmail
501 Commerce
Leasing ActivityOfficeSoutheastTennessee

Brookfield Signs Law Firm K&L Gates to Full-Floor Lease at 501 Commerce in Downtown Nashville

by Julia Sanders

NASHVILLE, TENN. — Brookfield has signed K&L Gates LLP, a global law firm, to a long-term lease at 501 Commerce in downtown Nashville. Stewart Lyman of Cushman & Wakefield represented Brookfield Properties, the landlord, in the transaction. J.T. Martin, David Fitzgerald and Tim Howe of CBRE represented the tenant in the lease negotiations. K&L Gates will occupy the entire 15th floor of 501 Commerce, which is a 24-story, 372,000-square-foot office tower. The building’s amenities include an outdoor terrace, lounge, meeting and conference center and a fitness center with showers, lockers and studio space. The building is targeting a LEED Silver certification. The office tower is part of the 6.2-acre Fifth + Broadway mixed-use project, which includes 200,000 square feet of retail and entertainment, the National Museum of African American Music and a 381-unit residential tower known as The Place.

Continue Reading
FacebookTwitterLinkedinEmail
Agape
AcquisitionsKentuckyMultifamilySeniors HousingSoutheastTennessee

Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Julia Sanders

SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …

Continue Reading
FacebookTwitterLinkedinEmail
Market ReportsRetailSoutheastSoutheast Market ReportsTennessee

From Urban Core to the Suburbs, the Memphis Retail Market is Poised for Growth

by John Nelson

Memphis is a city with a soul and is internationally famous for music, food and entertainment. The city draws over 12 million tourists annually, but less publicized is that Memphis is home to six Fortune 1,000 companies (FedEx, International Paper, AutoZone, Terminix, First Horizon and Sylvamo). Additionally, the city’s employment base includes a robust healthcare community with St. Jude Children’s Research Hospital, the University of Tennessee Medical School and Regional One Health. Plus, Memphis is known as “America’s Aerotropolis” with the second busiest cargo airport in the world, Memphis International Airport. The Memphis metro statistical area (MSA) has jobs, low cost of living and a relatively young population with an average age of 34. There is a perception that the population is flocking to Nashville, but the latest Census Bureau statics show that between 2013 and 2017, slightly more Nashvillians moved to Memphis than the reverse. Memphis’ unique trade area encompasses parts of Arkansas and Mississippi, leveraging Interstates 40, 55 and 22 with the new Interstate 269 Corridor, a 60-mile half loop around southern Memphis and north Mississippi. The I-269 Corridor links to a web of seven converging highways, serving 152 metro areas and two-thirds of the nation’s population that …

Continue Reading
FacebookTwitterLinkedinEmail
Bridge Crossing
AcquisitionsOfficeSoutheastTennessee

Bridge Investment Sells Bridge Crossing Office Building in Metro Nashville for $46M

by Julia Sanders

BRENTWOOD, TENN. — Bridge Investment Group has sold Bridge Crossing, a three-story, 199,194-square-foot office building in Brentwood, about 10.3 miles south of Nashville. Pacific Oak Capital Advisors purchased the property for $46 million. Jay O’Meara, Morgan Hillenmeyer, Roscoe High and Ryan Reethof of CBRE represented Bridge Investment in the transaction. Originally built in 1989, Bridge Investment purchased the property in January 2018 and rebranded the building for multi-tenant use by adding new signage. Bridge Crossing recently underwent a $3 million renovation, including a $1.8 million parking lot expansion that added 147 additional parking spaces. The third floor was also updated, and enhancements were made to common areas, lobbies and elevators. Bridge Crossing is fully occupied with leases signed through May 2026. The building is anchored by Fleetcor Technologies Inc., an Atlanta-based business payment processing firm. The property also has tenants including information technology and services company Cognizant and Comdata, a payment processing company. Comdata, which has had its headquarters at Bridge Crossing since 1996, has recently expanded its lease to 50,690 square feet on the third floor. Located at 5301 Maryland Way, Bridge Crossing is situated within Maryland Farms, a 400-acre, mixed-use park with over 20,000 jobs. Brentwood overall has …

Continue Reading
FacebookTwitterLinkedinEmail
Parc at Murfreesboro
AcquisitionsMultifamilySoutheastTennessee

American Landmark, BentallGreenOak Acquire Multifamily Property in Metro Nashville for $78.9M

by Julia Sanders

MURFREESBORO, TENN. — American Landmark and its joint venture partner, BentallGreenOak, have acquired Parc at Murfreesboro, a 359-unit multifamily property located in Murfreesboro, about 34.4 miles south of Nashville. Equity Resources sold the property for $78.9 million. Located at 3237 Memorial Drive, Parc at Murfreesboro offers one-, two- and three-bedroom floor plans with an average square footage of 995 per unit. Built in 2021, each apartment has its own washer and dryer, wood-style flooring, smart home thermostats, door locks, lighting fixtures, granite countertops and stainless steel appliances. Community amenities include a swimming pool with cabanas and a fire pit, fitness center, a yoga lawn and Zen area, electric vehicle charging stations, pet park, dog wash station and detached garages. The property was 99 percent occupied at the time of sale with rents starting at $1,169 per month, according to Apartments.com. American Landmark, a Tampa-based multifamily owner-operator, is managing the property. The firm plans to implement additional improvements including adding landscape beautification, a designer clubhouse, pool deck furniture and smart locks throughout the common areas. BentallGreenOak is a global real estate investment management advisor firm that’s U.S. headquarters are in New York City. BentallGreenOak is a part of SLC Management, which …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts