Tennessee

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

by Julia Sanders February 25, 2021

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.

February 25, 2021

Development Multifamily Southeast Tennessee

Albion to Develop $140M Apartment Tower in Nashville

by Julia Sanders February 22, 2021

NASHVILLE, TENN. — Albion Residential will develop Albion in the Gulch, a $140 million apartment tower at 645 Division St. in Nashville. Hartford Investment Management Co. provided a $87.2 million loan for the project. Albion in the Gulch will include 415 studios to three-bedroom units, as well as two-story townhomes within the tower. The 20-story property will feature interactive events, as well as its own comedy club that will double as a karaoke venue. Community amenities will include a coffee shop, indoor dog run and spa, a poolside tiki bar, indoor/outdoor fitness facility, golf putting greens and simulation room and 10,000-square-foot sharable workspace. The property will be situated on a 1.3-acre site in Nashville’s Gulch district with 364 parking spaces. Clark Construction is the general contractor, and Hartshorne Plunkard Architecture is the architect. Barge Cauthen & Associates is in charge of planning and engineering, Hodgson Douglas is in charge of landscape architecture, Stanley D. Lindsey & Associates is the structural engineer and I.C. Thomasson Associates Inc. is the MEP engineer. Waller Lansden and Carter-Haston are providing management, legal, and leasing services. Chicago-based Cyclone Energy is handling LEED engineering as Albion is seeking LEED Silver certification for the project. Construction is …

February 22, 2021

Development Multifamily Southeast Tennessee

McShane Breaks Ground on 322-Unit Novel Harpeth Heights Apartment Community in Nashville

by John Nelson February 15, 2021

NASHVILLE, TENN. — McShane Construction Co. has broken ground on the 322-unit Novel Harpeth Heights in Nashville on behalf of the developer, Crescent Communities. The multifamily property is located in Nashville’s Bellevue neighborhood at 615 Old Hickory Blvd. Positioned on a 22-acre site on Nashville’s southwest side, Novel Harpeth Heights will feature studios, one-, two- and three-bedroom apartment homes ranging in size from 549 to 1,529 square feet. The development will incorporate nearly 28,000 square feet of shared amenity space for tenants, including a fitness and movement studio, game room patio with fire pit, dog spa, gear lounge, library, business center with micro offices, demonstration kitchen with bar and dining lounge and a dog park. McShane began demolition in early February and plans to begin site work in six to eight weeks. The contractor expects to deliver Novel Harpeth Heights in October 2022, and the first residences will be available for occupancy in late 2022. HEDK Architects is the architect of record. Crescent Communities is a Charlotte-based, real estate investor, developer and operator of mixed-use communities.

February 15, 2021

Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Private Developer Nearing Completion of Mixed-Use Condo Project in Downtown Nashville

by John Nelson February 10, 2021

NASHVILLE, TENN. — Jim Jacobs, a private developer based in Nashville, is nearing completion of Muse, a short-term rental condominium building in downtown Nashville. Jacobs created Muse Nashville LLC to purchase the site of the building in 2019, according to the Nashville Post. The company also secured a $15.5 million to finance the project. In addition to 55 condos, of which three quarters are presold, Muse will offer a lobby designed by ES|DG, cardio fitness center, a luggage drop, onsite management, security and more than 5,000 square feet of Class A retail and restaurant space. The property will also have a SkyLounge with indoor and outdoor panoramic views of Nashville’s skyline. The apartment building is the only new construction condominium in downtown Nashville that allows short-term rental options, according to Jacobs. Construction began in spring 2020 and will wrap up by October of this year. The Muse is located at 65 Lindsley Ave. Muse’s project team comprises locally based firms including Centric Architecture, Catalyst Design Group and Cherry & Associates, a commercial estate services company where Jacobs serves as a principal.

February 10, 2021

Acquisitions Georgia Industrial Mississippi Southeast Tennessee Top Stories

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …

February 8, 2021

Development Industrial Southeast Tennessee

Amazon to Open 634,812 SF Fulfillment Center in Alcoa, Tennessee

by John Nelson February 5, 2021

ALCOA, TENN. — Amazon plans to open a 634,812-square-foot fulfillment center in Alcoa, which is located 14 miles south of Knoxville. The development, which is anticipated to launch in 2022, will create nearly 800 new, full-time jobs. Dallas-based Hillwood Development Co. Inc. is developing the project on behalf of Amazon. The Alcoa facility will be Amazon’s third fulfillment center in Tennessee to use Amazon Robotics technology and the company’s eighth fulfillment center in the Volunteer State. Amazon employees at the center will pick, pack and ship smaller customer items, such as books, electronics and consumer goods. The starting wage will be $15.

February 5, 2021

Development Mixed-Use Multifamily Retail Southeast Tennessee

Mill Creek Residential to Develop 15-Story Apartment Tower in Nashville

by John Nelson February 3, 2021

NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space. Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with picnic tables, pet spa, clubhouse, game room, cyber café, conference room and a coffee bar. The apartment’s fitness center will include a yoga/Pilates studio, TRX System and individual training options. Residents will have access to controlled-access garage parking, dedicated bike storage and additional storage. Modera Gulch will be situated at 810 Division St. in Nashville’s Gulch neighborhood. The apartment community will be located less than one mile from Amazon’s new Operations Center of Excellence in Nashville Yards and near attractions including the Frist Art Museum, Country Music Hall of Fame and the city’s famed Lower Broadway district. The community is also less than two miles from Nissan Stadium, home of the Tennessee Titans. Mill Creek Residential is a national rental housing company …

February 3, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing Tennessee Top Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams February 1, 2021

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

February 1, 2021

Development Industrial Southeast Tennessee Walker & Dunlop

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

by John Nelson January 29, 2021

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have high-end office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. The transaction is Walker & Dunlop’s first deal with CA South, a women-owned industrial development firm based in Nashville.

January 29, 2021

Industrial Leasing Activity Southeast Tennessee

Logistics Firm Unis Signs 474,000 SF Industrial Lease in Memphis

by John Nelson January 26, 2021

MEMPHIS, TENN. — Unis LLC, a third-party logistics provider (3PL), has signed a 474,000-square-foot lease for fulfillment space in the Southeast industrial submarket of Memphis. The California-based firm will occupy space at 4400-4500 Quality Drive within Southpark, a Class A development situated near the BNSF Railway Company Intermodal Facility. Patrick Walton of CBRE represented the landlord, Dawson Logistics Assets LLC, an affiliate of Mapletree Investments, in the lease transaction. Jessican Chen of Kander Pacific Inc. represented the tenant. The new lease will bring Unis Memphis footprint to more than 600,000 square feet.

January 26, 2021

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