Tennessee

Facebook Breaks Ground on $800M Data Center Outside Nashville

by Katie Sloan August 14, 2020

GALLATIN, TENN. — Facebook (NASDAQ: FB) has broken ground on an $800 million data center located roughly 18 miles north of Nashville in Gallatin. The company acquired the 809-acre development site earlier this year for $20 million under the name Woolhawk LLC, according to reports by local news site Gallatin News. The 982,000-square-foot campus will be built to LEED Gold certification standards, using 80 percent less water than the average data center. The development will also be supported by 100 percent renewable energy. Facebook has signed contracts for 220 megawatts of solar energy in Tennessee in support of the project. The company anticipates more than 1,100 construction workers will be onsite at the peak of construction, and the completed development will support approximately 100 new jobs in the form of technicians, engineers, facility managers, logistics professionals and security personnel. “We’re excited about Facebook in Gallatin because of the advantages we think it is going bring to our community,” says Paige Brown, the city’s mayor. “We’re confident in the brightest of futures for both Facebook and the city of Gallatin.” Facebook unveiled plans to build another $800 million data center 65 miles west of Chicago in Dekalb, Illinois, earlier this year. …

August 14, 2020

Company News Multifamily Southeast Tennessee

Envolve Communities, Ross Management Merge Multifamily Operations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. AND DENVER — Envolve Communities LLC and Ross Management have merged their multifamily operations. Memphis-based Envolve Communities owns more than 33,000 multifamily units in 17 states. Denver-based Ross Management owns 53 properties in Colorado and Oklahoma. Envolve Communities says the day-today-operations at Ross Management will see little change, and executive vice president Brooke Akins will stay on and serve in the same role. Ross Management will rebrand as Ross — A Division of Envolve Communities. Terms of the merger were not disclosed.

August 5, 2020

Acquisitions Development Multifamily Southeast Tennessee

Welker Properties-Led Partnership Acquires Multifamily Community in Memphis for $25M, Begins $13.5M in Renovations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.

August 5, 2020

Company News Industrial Self-Storage Southeast Tennessee

NexPoint Advisors to Acquire Self-Storage Owner Jernigan Capital for $900M

by Alex Tostado August 4, 2020

MEMPHIS, TENN. — An affiliate of NexPoint Advisors LP will acquire Memphis-based Jernigan Capital Inc. for $17.30 per share, or approximately $900 million, in an all-cash deal. The transaction is expected to close in the fourth quarter of this year. Under terms of the agreement, Jernigan Capital will discontinue its regular quarterly dividends and does not expect to host a conference call and webcast to discuss its financial results for the quarter ended June 30. Jernigan Capital owns more than 5 million square feet of self-storage assets in more than 20 states. NexPoint is based in Dallas and is an investment adviser to a suite of funds and investment offerings.

August 4, 2020

Company News Multifamily Seniors Housing Southeast Tennessee

Ventas, Brookdale Restructure Seniors Housing Master Lease Amid Pandemic-Related Challenges

by Alex Tostado July 31, 2020

CHICAGO AND BRENTWOOD, TENN. — Ventas, a Chicago-based REIT, has restructured its master lease with Brookdale in response to the challenges presented by the COVID-19 pandemic. Ventas owns 120 Brookdale-managed communities totaling 10,174 units. As part of the restructuring, Brookdale sold five communities that it both owned and operated to Ventas. Brentwood-based Brookdale will continue to operate those properties. Terms of the agreement include a reduction in rents totaling $500 million over the remaining lease term, which ends Dec. 31, 2025. Brookdale surrendered its $47 million security deposit and agrees to pay $115 million in cash to Ventas. In addition, Brookdale issued a $45 million unsecured, interest-only, pre-payable note to Ventas, with an initial interest rate of 9 percent per annum and maturing at the same time as the lease expiration. Lastly, Brookdale issued 16.3 million shares of its stock to Ventas at a value of $3 per share. The transaction represents approximately 8 percent of all Brookdale shares. Centerview Partners served as financial advisor to Ventas. Wachtell, Lipton, Rosen & Katz and Barack Ferrazzano Kirschbaum & Nagelberg LLP are serving as legal counsel to Ventas.

July 31, 2020

Acquisitions Loans Multifamily Southeast Tennessee

Grandbridge Provides $26M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado July 30, 2020

CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has provided a $26 million Freddie Mac acquisition loan for Standifer Place, a 240-unit multifamily community in east Chattanooga. The non-recourse loan features a floating interest rate and a three-year interest-only payment period followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, business center, clubhouse, storage space, picnic area, fitness center and a basketball court. Standifer Place is located at 3400 Jenkins Road, 15 miles east of downtown Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge originated the loan on behalf of the undisclosed borrower.

July 30, 2020

Development Office Southeast Tennessee Top Stories

Brasfield & Gorrie Completes $90M Office Building in Nashville

by Alex Tostado July 30, 2020

NASHVILLE, TENN. — Brasfield & Gorrie has completed the $90 million Peabody Plaza at Rolling Mill Hill, a nine-story, 280,000-square-foot office building in Nashville’s Rolling Mill Hill neighborhood. The Birmingham, Alabama-based general contractor built the project on behalf of the owner, Eakin Partners. The building sits on the site of a former surface parking lot at 10 Lea Ave., one mile south of downtown Nashville. Peabody Plaza features a 6,000-square-foot amenity deck overlooking downtown Nashville and the Cumberland River, as well as a nearly one-acre park between the building and Cumberland River. It was built with a five-story, below-grade parking deck offering 1,000 parking spaces. Tenants at the site include Concord Music, Guaranty Home Mortgage Corp. and Fourth Capital corporate offices as well as a ground-floor bank branch. Peabody Plaza also features space for a coffee shop and a full-service restaurant. There was 156,000 square feet of office space available for lease at the time of the opening. Nashville-based Hastings Architecture designed the building. Hastings also designed the interior space for Guaranty Home Mortgage and Fourth Capital. Lines Inc. was the architect for Concord. Peabody Plaza is the sixth office building that locally based Eakin Partners and Brasfield & Gorrie …

July 30, 2020

Development Multifamily Southeast Tennessee

Dinerstein to Develop 360-Unit Multifamily Community in Nashville’s Gulch District

by Alex Tostado July 29, 2020

NASHVILLE, TENN. — The Dinerstein Cos. has begun construction on Aspire Gulch, a 10-story, 360-unit multifamily community in Nashville’s Gulch district. Communal amenities will include a rooftop pool, soundproof room for musicians and a 507-space parking deck. The property will offer one through three-bedroom floor plans. Aspire Gulch is situated at 805 Division St., one mile from downtown Nashville. The Houston-based developer expects to open the community in summer 2022. Hoar Construction is the general contractor, and Nile Bolton Associates is the architect.

July 29, 2020

Development Multifamily Southeast Tennessee

Penler Breaks Ground on 240-Unit Apartment Complex in Metro Nashville

by Alex Tostado July 29, 2020

GALLATIN, TENN. — Penler has broken ground on a yet-to-be-named, 240-unit garden-style apartment complex in Gallatin. The property will offer one-, two- and three-bedroom floor plans averaging 1,003 square feet. Communal amenities will include a 24-hour fitness center, pool, grilling area, playground and a club lounge with package lockers. Unit interiors will feature open floor plans, stainless steel kitchen appliances, granite countertops, nine-foot ceilings and ceiling fans. Penler expects to open the property in fall 2021. The Gallatin community will be situated at 270 Douglas Bend Road, 24 miles northeast of downtown Nashville. Dynamik Design is the architect, Crosby Design Group is the interior designer and Hardaway Construction is the general contractor.

July 29, 2020

Development Industrial Southeast Tennessee

Panattoni to Build 855,000 SF Amazon Fulfillment Center Near Nashville

by Alex Tostado July 28, 2020

MT. JULIET, TENN. — Amazon will build a $200 million, 855,000-square-foot fulfillment center in Mt. Juliet, about 20 miles east of Nashville. The Seattle-based e-commerce giant expects the center to open in late 2021 and house 1,000 full-time employees. Panattoni Development Co. Inc. is developing the facility. While this will be Amazon’s seventh fulfillment center in Tennessee, it will only be the second to use Amazon Robotics technology, according to the company. At the center, employees and robots will pick, pack and ship smaller customer items, such as books, electronics and consumer goods. Additionally, Amazon is in the process of building a corporate office in Southwest Value Partners’ Nashville Yards. Amazon will occupy 1 million square feet of office space and hire 5,000 employees. Nashville Yards will feature more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space and 1,100 hotel rooms.

July 28, 2020

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