Tennessee

CREI Acquires 648-Bed Student Housing Community Near Middle Tennessee State University

by Alex Tostado October 13, 2020

MURFREESBORO, TENN. — Capstone Real Estate Investments (CREI) has acquired Student Quarters – Rutherford, a 648-bed student housing community located near Middle Tennessee State University in Murfreesboro. The property — newly rebranded Landmark Apartments — is set to undergo renovations, including a revision of the current unit mix and improvements to security and management services. Landmark Apartments currently offers two-, three- and four-bedroom units alongside shared amenities including a computer lab, fitness center, clubhouse, business center, social room, dog park, swimming pool, hot tub, grilling stations and a sand volleyball court.

October 13, 2020

Company News Retail Southeast Tennessee

Dollar General to Launch New Retail Concept Targeting Wealthier Shoppers, Nashville to House First Stores

by Alex Tostado October 9, 2020

GOODLETTSVILLE, TENN. — Dollar General will launch popshelf, a new shopping concept that will offer seasonal and home décor, health and beauty must-haves, home cleaning supplies, party goods and entertaining needs. The Goodlettsville-based retailer says 95 percent of the items will be priced at $5 or less. Each popshelf location will average 9,000 square feet and will house up to 15 employees. The first two locations will open near Nashville this fall with the company expecting to open another 30 locations by the end of fiscal year 2021, which will be Jan. 29, 2021. According to Dollar General, initial targeted customers are primarily female and are located in diverse suburban communities with a total household annual income ranging from $50,000 to $125,000.

October 9, 2020

Company News Restaurant Retail Southeast Tennessee Top Stories

Ruby Tuesday Files for Chapter 11 Bankruptcy Protection, Closes 185 Restaurants

by Katie Sloan October 9, 2020

MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” said CEO Shawn Lederman in a statement Wednesday, playing off the lyrics to the popular Ruby Tuesday song recorded by The Rolling Stones, which was released prior to the company’s founding in 1972. In response to the pandemic, Ruby Tuesday implemented a number of new practices including an expansion of third-party delivery and off-premise services, the introduction of a virtual kitchen initiative and the launch of ‘Ruby’s Pantry,’ an option which allows customers to purchase uncooked food, groceries and other essentials for delivery through the company’s website. With in-store dining historically representing over 90 percent of the company’s total sales, these initiatives are expected to play a part in Ruby’s Tuesday’s …

October 9, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Acquires Industrial Portfolio in Tennessee Totaling 1.6 MSF

by Alex Tostado October 6, 2020

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investments have acquired a three-property industrial portfolio in Dresden, Church Hill and Kingsport, Tenn., spanning nearly 1.6 million square feet. Church Hill-based Frog Properties LLC sold the portfolio for an undisclosed price. The property located at 2073 Evergreen St. in Dresden features 30 truck doors, 20- to 35-foot clear heights and rail access with a 1,500-foot rail platform. Champion Homes anchors the 611,556-square-foot facility. The property in Church Hill spans 857,056 square feet. The asset is situated at 121 Kingsport Press Road and features a 300-foot rail spur with access to Norfolk Southern Rail. The Kingsport facility is located on six acres at 2497 Sherwood Road. The 130,751-square-foot property features 20-foot clear heights and 8- to 12-inch thick concrete flooring. Quebecor World, a Canadian-based publishing company, used to occupy the properties in Church Hill and Dresden. Michael Reid of Newmark Knight Frank represented both the buyer and seller, Frog Properties, in the transaction. The sales price was not disclosed.

October 6, 2020

Company News Retail Southeast Tennessee Top Stories

Regal Cinemas to Temporarily Suspend All U.S. Theater Operations Beginning Oct. 8

by Taylor Williams October 5, 2020

KNOXVILLE, TENN. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld (LON: CINE) owns Knoxville, Tenn.-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United States,” says Mooky Greidinger, CEO of Cineworld. “From putting in place robust health and safety measures at our theaters to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives, we are grateful for and proud of the hard work our employees put in to adapt our theaters to the new protocols,” he adds. While theaters in several major markets, most notably New York City, remain closed, many large cities have permitted theaters to reopen at limited capacities in recent weeks. Venues located in Manhattan’s famous Broadway District that showcase plays also …

October 5, 2020

Development Hospitality Southeast Tennessee Top Stories

Southwest Value Partners Opens 591-Room Grand Hyatt Hotel Within Nashville Yards

by Alex Tostado October 2, 2020

NASHVILLE, TENN. — Southwest Value Partners has opened Grand Hyatt Nashville, a 25-story, 591-room hotel located within the 18-acre Nashville Yards development in downtown Nashville. The hotel features a signature restaurant from James Beard Award-winning chef Sean Brock; a rooftop lounge; a fifth-floor “wellness level” that includes a fitness center, pool overlooking downtown and spa; and 77,000 square feet of event and pre-function space, including a 20,000 square-foot grand ballroom. Southwest Value Partners built the hotel in partnership with Clark Construction Group and Bell & Associates Construction, with HKS Architects as designer. The project is the first building to open within Nashville Yards, a mixed-use development set to include more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space, 1,100 hotel rooms and a 1.3-acre urban park upon completion. In addition to the Grand Hyatt Nashville, the Clark/Bell team is working with Southwest Value Partners to develop Parcel 4 of Nashville Yards, a planned 24-story office tower and associated parking garage that will serve as Amazon’s new Operations Center of Excellence. Southwest Value Partners is a privately-held real state investment company based in San Diego. — Katie Sloan

October 2, 2020

Acquisitions Multifamily Southeast Tennessee

RADCO Sells Multifamily Community in Chattanooga for $32M

by Alex Tostado September 30, 2020

CHATTANOOGA, TENN. — The RADCO Cos. has sold Radius Mountain Creek, a 296-unit multifamily community in Chattanooga, for $32 million. The Atlanta-based investment firm recently renovated the property to include a pool, sundeck, firepit, dog park, tennis courts, fitness center and a playground. The asset is situated at 936 Mountain Creek Road, five miles north of downtown Chattanooga. A real estate fund managed by Covenant Capital Group LLC acquired the community. CBRE brokered the transaction.

September 30, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Arranges $15M Sale of Apartment Complex in South Nashville

by Alex Tostado September 29, 2020

NASHVILLE, TENN. — Capstone Apartment Partners has arranged the $15 million sale of The Lofts at Rose Monte, a 229-unit apartment complex in south Nashville. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and laundry facilities. The property was delivered in 2017 and was 96 percent occupied at the time of the sale. The Lofts at Rose Monte is located at 3705 Lausanne Drive, 12 miles south of downtown Nashville near Brentwood and Franklin, Tenn. Austin Heithcock, Adam Klenk, Tyler Mayo and Jonathan Hawks of Capstone procured the buyer, Washington D.C.-based RSE Capital Partners. The seller was not disclosed.

September 29, 2020

Acquisitions Industrial Self-Storage Southeast Tennessee

JLL Arranges Sale of 1,200-Unit Self-Storage Portfolio Near Nashville

by Alex Tostado September 23, 2020

MURFREESBORO, TENN. — JLL has arranged the sale of a 1,200-unit self-storage portfolio in Murfreesboro. The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Court and the 538-unit CubeSmart facility at 1932 Cason Lane. Glen Self Storage was delivered in 2005 and expanded in 2017. The property has 177 climate-controlled units and 485 drive-up, non-climate-controlled units. The CubeSmart facility was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate-controlled units and 237 drive-up, non-climate-controlled units. The properties are located one mile from each other and 35 miles southeast of downtown Nashville. Steve Mellon, Brian Somoza and Bo Fulk of JLL represented the seller, Utah-based Wasatch Storage Partners, in the transaction. Reliant Real Estate Management purchased the facilities for an undisclosed price.

September 23, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Arranges $12.8M Sale of Multifamily Community Near Nashville

by Alex Tostado September 21, 2020

MURFREESBORO, TENN. — Capstone has arranged the $12.8 million sale of Haven Woods Apartments, a 153-unit community in Murfreesboro. The property offers one- and two-bedroom floor plans averaging 782 square feet. Communal amenities include a pool, clubhouse and green space. The buyer, Beverly Hills, Calif.-based Archway Equities, plans to implement a value-add program throughout the property. Further details of the renovations were not disclosed. Haven Wood is located at 1620 Battleground Drive, 34 miles southeast of downtown Nashville. Tyler Mayo, Austin Heithcock, Adam Klenk and Jonathan Hawks of Capstone procured the buyer. The locally based seller, Waldron & Sons, developed the property in 1985.

September 21, 2020

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