Tennessee

Eyzenberg & Co. Arranges $7.5M Loan for Acquisition, Renovation of Apartment Community in Memphis

by Alex Tostado November 23, 2020

MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of Eyzenberg & Co. originated the loan on behalf of the borrower, BRR Group LLC. The lender and seller were not disclosed.

November 23, 2020

Development Multifamily Southeast Tennessee

Mallory & Evans to Open Co-Living Space in Knoxville

by Alex Tostado November 18, 2020

KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents. Flagship Kerns’ units will include granite countertops, walk-in closets, stainless steel appliances, in-unit washers and dryers, smart home units with smart locks, smart TVs and Ecobee thermostats. Communal amenities will include a pool, 24-hour fitness center, work/study pods and a conference area. Atlanta-based Mallory & Evans expects to open the community in January. Flagship Kerns will mark Phase I of three to open at the historic Kern’s Bakery. The other phases will comprise a 75,000 square-foot redevelopment of Kern’s Bakery to include a food hall, retail and office spaces, event venues and a brand-name hotel. Kern’s Bakery was originally built in 1929 and has been added to the National Register of Historic Places.

November 18, 2020

Industrial Leasing Activity Southeast Tennessee

Starbucks Renews 680,160 SF Industrial Lease Near Nashville

by Alex Tostado November 12, 2020

LEBANON, TENN. — Starbucks Corp. has renewed its 680,160-square-foot industrial lease within Park 840 East 1009 in Lebanon. Starbucks will continue to fully lease the facility, which features 36-foot clear heights, dock- and drive-in doors, trailer parking and automobile parking. The building is situated at 1050 International Drive, 27 miles east of downtown Nashville. The site serves as a Southeastern distribution hub for the Seattle-based company. Lonnie Russell of Cushman & Wakefield represented the landlord, Duke Realty, in the transaction. Laura Hart of CBRE represented the tenant.

November 12, 2020

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Buys Land in Nashville to Develop Broadstone SoBro Apartments

by John Nelson November 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022. Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working pods, saltwater pool with a pool deck, entertainment bar and a sky lounge champagne bar including private seating areas, a fireplace and an outdoor amenity deck. Interiors will feature shaker cabinetry, modern backsplashes, quartz countertops, pendant lighting, new appliances, built-in desks and mud benches. This is Alliance Residential’s third project in Nashville this year. The firm’s Broadstone Stockyards in the city’s Germantown neighborhood began welcoming residents in March. The firm’s other project is Broadstone Nations that is set to open in 2022.

November 4, 2020

Company News Retail Southeast Tennessee

CBL Properties Files for Chapter 11 Bankruptcy Protection

by John Nelson November 2, 2020

CHATTANOOGA, TENN. — Against headwinds brought on by the COVID-19 pandemic, CBL Properties Inc. (NYSE: CBL) filed for Chapter 11 bankruptcy protection on Sunday, Nov. 1. Chattanooga-based CBL owns and manages a portfolio of 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers and eight properties managed for third parties. The company entered into an Restructuring Support Agreement in August with a group of bondholders in hopes of restructuring its balance sheet. In its bankruptcy filing, CBL listed its estimated assets and liabilities in the range of $1 billion to $10 billion, according to reports by CNBC. “With an aggregate of approximately $1.5 billion in unsecured debt, preferred obligations eliminated and a significant increase to net cash flow, upon emergence, CBL will be in a better position to execute on our strategies and move forward as a stable and profitable business,” says the company’s CEO, Stephen Lebovitz. As of Sept. 30, CBL had approximately $258.3 million in unrestricted cash on hand and available-for-sale securities. This cash position, combined with the positive cash flow generated by ongoing operations, is expected to meet the company’s operational and restructuring needs. Weil, Gotshal & Manges …

November 2, 2020

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $47M Sale of Multifamily Community in Knoxville

by John Nelson November 2, 2020

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. H3 Real Estate Advisors acquired the property.

November 2, 2020

Development Retail Southeast Tennessee

Knoebel Construction Delivers Indian-American Grocery Store in Nashville

by John Nelson November 2, 2020

NASHVILLE, TENN. — Knoebel Construction has delivered a new Patel Brothers grocery store in Nashville. This marks the 10th location in eight states that Knoebel has delivered on behalf of the Indian-American grocer. The store spans 25,000 square feet and is situated at 420 Harding Place, seven miles southeast of downtown Nashville. Brentwood, Tenn.-based H. Michael Hindman Architects P.C. designed the grocery store.

November 2, 2020

Acquisitions Retail Southeast Tennessee

Stan Johnson Co. Arranges $18.5M Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

by Alex Tostado October 30, 2020

GERMANTOWN, TENN. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity group based in Memphis, in the transaction.

October 30, 2020

Acquisitions Industrial Southeast Tennessee

Plymouth Industrial, Madison to Acquire Industrial Portfolio in Metro Memphis for $86M as Part of New Joint Venture

by Alex Tostado October 27, 2020

MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed. This is the first acquisition for the $150 million Plymouth and Madison joint venture. Under the agreement, Plymouth will own a 20 percent interest and Madison will own an 80 percent interest. Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1 percent of the total equity contributed to the joint venture by the partners. Additionally, Plymouth has options to purchase properties out of the joint venture over time.

October 27, 2020

Loans Multifamily Seniors Housing Southeast Tennessee

CBRE Provides $12.3M Refinancing for Seniors Housing Community in Metro Nashville

by Alex Tostado October 16, 2020

MURFREESBORO, TENN. — CBRE has provided a $12.3 million Freddie Mac loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The seven-year, fixed-rate loan features 24 months of interest-only payments and includes cash-out proceeds. The property features 68 assisted living units and 26 memory care units across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing originated the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to renovate the property, driving occupancy from 73 percent to approximately 90 percent.

October 16, 2020

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