MANCHESTER, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Whispering Pines, a 107,000-square-foot shopping center in Manchester, a city in Tennessee midway between Nashville and Chattanooga via I-24. Located at 2161 Hillsboro Blvd., the property was fully leased at the time of sale. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the buyer, an entity doing business as BAG3 Holding LLC, in the transaction. Lane Breedlove and Margaret Jones of Cushman & Wakefield represented the seller, an entity doing business as Core Whispering Pines LLC. The sales price was not disclosed.
KNOXVILLE, TENN.— Subtext has started development of VERVE Knoxville, a 498-bed student housing property located at 1919 Lake Ave. adjacent to the University of Tennessee campus in Knoxville. The community will span 329,294 square feet, including nine floors of residential space and a five-level parking garage. The development will offer 136 fully furnished units in one-, two-, three- and four-bedroom configurations. More than 12,500 square feet of shared amenity spaces will include a wellness suite with sauna and meditation rooms; state-of-the-art fitness center and yoga studio; study pods and open study lounges; a pool terrace; and rooftop deck and lounge. The project is scheduled for completion in summer 2026. The development team includes general contractor Brinkmann Constructors and architect Dynamik Design. The community is Subtext’s second development in the Knoxville market following TENN, which opened in 2018. St. Louis-based Subtext, founded in 2014, is a student housing and multifamily developer. — Kristin Harlow and Katie Sloan
NASHVILLE, TENN. — Knighthead Funding has originated a $22 million loan for the refinancing of The Luna, a newly built apartment community located at 1009 8th Ave. S in Nashville’s Edgehill neighborhood, roughly two miles south of downtown. The two-year, fixed-rate loan will feature interest-only payments and be used to take out a maturing construction loan. The borrower is a joint venture led by developer CA South. Built in 2023, The Luna features 108 apartments with monthly rental rates ranging from $1,650 to $4,300, according to Apartments.com. Floor plans include studio, one-, two- and three-bedroom layouts ranging in size from 520 to 1,350 square feet. Amenities include a pool, fitness center, clubhouse, pet play area, pet washing station and a business center.
KNOXVILLE, TENN. — Juneau Construction has topped out Hub Knoxville, a student housing development near University of Tennessee that will comprise two 10-story towers and a seven-story building. The co-developers, Core Spaces and Schenk Realty Group, broke ground on the project in February 2023 and secured $233 million in construction financing last summer. Upon completion, the 1,600-bed community will feature 30,000 square feet of retail space, 23,000 square feet of indoor amenities and a 19,000-square-foot rooftop terrace that features a pool, basketball court and hot tub. The design-build team includes Dwell Design Studio, Antunovich Associates and DCI Engineers. Core Spaces and Schenk Realty Group plan to deliver Hub Knoxville in time for fall semester in 2025.
CHATTANOOGA, TENN. — Marcus & Millichap has secured the $5.3 million sale of South Terrace Plaza, a 46,700-square-foot retail center located at 5076-5084 S. Terrace in Chattanooga. The property is shadow-anchored by AMC Theatres and is located near the I-75 transition into I-24. South Terrace Plaza was 94 percent leased at the time of sale to 12 tenants that have an average 23-year tenure at the property. According to Marcus & Millichap, six new leases were executed at the center in the past year. Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Jody McKibben of Marcus & Millichap served as the broker of record in Tennessee in the deal. The buyer was not disclosed. “The strength of the Chattanooga market and the significant upside potential of the center created a highly competitive bid process for this property,” says Taylor.
LEBANON, TENN. — Marcus & Millichap has brokered the sale of Leeville Pike Storage, a 182-unit self-storage facility located at 6000 Leeville Pike in Lebanon, about 20 miles east of Nashville via I-40. The gated property was built in 2015 and features LED lighting and security cameras. Andrew Beeckman of Marcus & Millichap’s Nashville office represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was also not disclosed. Beeckman says the previous owner was motivated to sell in order to retire.
NASHVILLE, TENN. — A partnership between Hines and Cresset Partners has begun construction on the redevelopment of 429 Houston, a 30,000-square-foot industrial and mixed-use property in Nashville’s Wedgewood-Houston neighborhood. The partnership will transform the property, which Hines purchased in December 2019, into a retail destination with shops and restaurants. The redevelopment will include adding a large, wraparound outdoor patio, expanding the property’s square footage, installing new parking and building systems, executing site infrastructure and improving the property’s landscaping and hardscaping. Additionally, the partners have signed two new tenants — Bodega Taqueria y Tequila and Aba — that will open by mid-2025. Existing tenant Jackalope Brewing Co. will stay in its current 16,200-square-foot space at 429 Houston and remain open throughout the redevelopment.
NASHVILLE, TENN. — Brennan Investment Group, in a joint venture with RGA ReCap Inc., has acquired two distribution facilities totaling 221,000 square feet at 5006 Harding Place in Nashville. The two buildings were fully leased to seven tenants at the time of sale. The seller and sales price were not disclosed. Associated Bank provided a $20 million acquisition loan to Brennan for the deal, which marks the investor’s fifth investment in the Nashville market since 2019, according to the company. Andrew Roberts of Associated Bank managed the loan closing on an internal basis.
CLARKSVILLE, TENN. — Matthews Real Estate Investment Services has negotiated the $31 million sale of Victory Place Townhomes, a 194-unit multifamily community located at 401 Victory Road in Clarksville, about 54 miles northwest of Nashville. New York-based private equity firm BridgeGaps purchased the asset in a 1031 exchange with the seller, Singletary Construction, which developed the property in 2021. Austin Tomaiko and Austin Graham of Matthews represented the seller in the transaction, which Matthews says was the biggest sale in Clarksville by both unit count and sales price in the past 12 months. Victory Place Townhomes features a pool, fitness center, leasing office and dog parks, as well as one-, two- and three-bedroom floor plans.
ANTIOCH, TENN. — NAI Nashville Stanton Group has brokered the $7 million sale of a 44,150-square-foot office building located at 5255 Hickory Hollow Parkway in Antioch, about 13 miles southeast of Nashville. An entity doing business as NCT LLC purchased the property from Rocketown of Middle Tennessee, a faith-based organization that operated the building as a live concert venue and skate park, according to the seller’s website. Ben Claybaker and Brandon Hoop of NAI Nashville Stanton Group represented the seller in the transaction. Sheri Ma of MM Realty and Management represented the buyer.