Tennessee

RealOp Investments Acquires 817,274 SF Industrial Property in Memphis

by Alex Tostado July 28, 2020

MEMPHIS, TENN. — RealOp Investments has acquired Southwind Distribution Center, an 817,274-square-foot industrial property in Memphis. The property is situated at 8400 Winchester Road across the street from the FedEx World Headquarters and 13 miles east of Memphis International Airport. The property was vacant at the time of sale, with Nike Inc. being the previous tenant. The Greenville, S.C.-based buyer is planning to upgrade the interior of the building, paint the exterior, upgrade the ESFR sprinklers system and modernize the lighting. Johnny Lamberson and Terry Radford of CBRE represented the undisclosed seller in the transaction. Patrick Walton of CBRE will lease the property on behalf of the new owner. The sales price was not disclosed.

July 28, 2020

Leasing Activity Retail Southeast Tennessee

Washington Prime Signs Chipotle, Chicken Salad Chick to Leases at Mall at Johnson City in Tennessee

by Alex Tostado July 6, 2020

JOHNSON CITY, TENN. — Washington Prime Group (WPG) has signed Chipotle Mexican Grill and Chicken Salad Chick to the tenant roster of The Mall at Johnson City, a mall in Johnson City that is currently being redeveloped. The two eateries are expected to open in spring 2021. Other new and committed tenants include HomeGoods, which will replace the former Sears department store; Palmetto Moon, a Southern apparel retailer that opened in June; and Rose & Remington and Curve & Cloth, which are set to open next spring. WPG is renovating the interior common areas and exterior entrances, which will include aesthetic upgrades such as new seating, lighting, flooring and finishes. Existing tenants at the mall include Belk, Build-A-Bear Workshop, Champs Sports, Chick-fil-A, Dick’s Sporting Goods, Forever 21, GameStop, Hot Topic, JC Penney, Ulta Beauty and Victoria’s Secret. WPG reopened the mall in early May following a temporary shut down due to the COVID-19 outbreak.

July 6, 2020

Acquisitions Industrial Southeast Tennessee

Newmark Knight Frank Arranges Sale of 773,800 SF Industrial Park in Fayetteville, Tennessee

by Alex Tostado July 1, 2020

FAYETTEVILLE, TENN. — Newmark Knight Frank (NKF) has arranged the sale of two industrial buildings totaling 773,800 square feet in Fayetteville. The first building, located at 1810 Wilson Parkway, is a 695,000-square-foot property that was fully leased at the time of sale. The tenant was not disclosed but according to LoopNet Inc., the tenant is Goodman Manufacturing Co., which also sold the building in a sale-leaseback transaction. The property spans 57.5 acres and features block and insulated metal construction, 26-foot and 34-foot clear heights, 44,374 square feet of air-conditioned office space and a drive-in truck loading dock with an overhead crane. The second building comprises 78,800 square feet and is located at 1700 Wilson Parkway. The building was vacant at the time of sale. It features a 64,800-square-foot warehouse with 20-foot clear heights, five dock doors and one drive-thru dock, as well as a 10,400-square-foot office on the ground level. BSD Properties purchased 1700 Wilson Parkway, and 1810 Wilson Parkway LLC purchased 1810 Wilson Parkway. Michael Reid and Bart Hardison of NKF represented both the buyer and seller in the transactions. The sales price was not disclosed. The seller and sales price of 1700 Wilson Parkway were not disclosed.

July 1, 2020

Development Multifamily Southeast Tennessee

Doster Construction Delivers 296-Unit Multifamily Community Near Memphis

by Alex Tostado June 26, 2020

FOREST HILL, TENN. — Doster Construction Co. has delivered Springs at Forest Hill, a 296-unit multifamily community in Forest Hill. Designed by Phillips Partnership, the property offers studio through three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, car care center, grilling area and package services. Springs at Forest Hill is located at 3750 Moraine St., 22 miles east of downtown Memphis. Birmingham, Ala.-based Doster began construction in summer 2018 on behalf of the developer, Continental Partners.

June 26, 2020

Acquisitions Industrial Mississippi Self-Storage Southeast Tennessee

Gelt Acquires Eight Self-Storage Facilities in Metro Memphis for $41M

by Alex Tostado June 26, 2020

MEMPHIS, TENN. — Gelt Inc. has acquired eight self-storage properties comprising 3,867 units in metro Memphis for $41 million. The portfolio, which totals 490,187 square feet, was 91 percent leased at the time of sale. There are five facilities in Memphis; two in Olive Branch, Miss.; and one in Nesbit, Miss. The single-story properties were built between 1972 and 2006 and feature a mix of drive-up, indoor and climate-controlled units. Portfolio-wide, the unit sizes range from 5 square feet to 430 square feet and average 141 square feet. Citizen Storage will manage all eight properties. Luke Elliott and Michael Mele of Cushman & Wakefield represented the seller, Merit Hill Capital, in the transaction.

June 26, 2020

Leasing Activity Office Southeast Tennessee

FirstBank Signs 52,000 SF Office Lease to Anchor One22One Broadway in Downtown Nashville

by Alex Tostado June 24, 2020

NASHVILLE, TENN. — FirstBank has signed a 52,000-square-foot office lease to move its headquarters to One22One Broadway in downtown Nashville. FirstBank will occupy the 13th and 14th floors of the planned 24-story tower. FirstBank has the right to expand its footprint within the building to more than 100,000 square feet. The developer, GBT Realty, expects to deliver the 365,000-square-foot building in 2022. Frank Thomasson, Taylor Hillenmeyer, Janelle Gallagher and Byran Fort of CBRE represented the landlord in the lease transaction. FirstBank is currently headquartered at 211 Commerce St., less than a mile from One22One Broadway.

June 24, 2020

Acquisitions Development Multifamily Southeast Tennessee

Capstone Negotiates Sale of Multifamily Community Made of Shipping Containers Under Construction in Nashville

by Alex Tostado June 22, 2020

NASHVILLE, TENN. — Capstone Apartment Partners has negotiated the sale of 83 Freight, a planned 83-unit multifamily community being built using shipping containers in Nashville. When complete, the community will offer rooftop balconies, as well as studio, one- and two-bedroom floor plans ranging in size from 320 to 1,280 square feet. The property is situated within Nashville’s Wedgewood-Houston neighborhood, which was historically an industrial district. Now the area is being reimagined and will include the 27,500-seat soccer stadium for the MLS’ Nashville SC. The seller, FMBC Investments, expects to deliver 83 Freight this summer. Adam Klenk, Jonathan Hawks, Tyler Mayo and Austin Heithcock of Capstone represented the seller in the transaction. The undisclosed buyer acquired the property for more than $11 million.

June 22, 2020

Development Mixed-Use Southeast Tennessee

GBT Realty Breaks Ground on Parke West Mixed-Use Project in West Nashville

by John Nelson June 19, 2020

NASHVILLE, TENN. — GBT Realty has broken ground on Parke West, a mixed-use development near Nashville’s West End that will feature a dual-branded hotel, 210 residential units and 11,000 square feet of retail space. Chartwell Hospitality will develop and manage the hotel, which will feature 110 Hilton Garden Inn rooms and 69 Home2 Suites rooms. The hotel will also feature a fitness center, amenity deck and 4,000 square feet of meeting space. This is the 13th hotel that Brentwood, Tenn.-based GBT Realty has built in the Nashville market. The apartment community will feature two outdoor amenity spaces. Hoar Construction is serving as the general contractor for Parke West, and First Horizon Bank provided construction financing. GBT Realty expects to deliver the project in 2022.

June 19, 2020

Loans Seniors Housing Southeast Tennessee

Ziegler Arranges $45.2M Refinancing for Seniors Housing Community Near Memphis

by John Nelson June 17, 2020

GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.

June 17, 2020

Acquisitions Hospitality Southeast Tennessee

Joint Venture Acquires 250-Room Hutton Hotel in Midtown Nashville

by Alex Tostado June 10, 2020

NASHVILLE, TENN. — A joint venture between BentallGreenOak, Flank Management LP and Geolo Capital has acquired Hutton Hotel, a 250-room hotel in Midtown Nashville. The sales price was not disclosed, though the joint venture said it bought the asset in an all-cash deal. Hutton Hotel was delivered in 2009 and draws inspiration from its proximity to Music Row, with two writers’ and recording studios within the hotel. The hotel also offers three dining concepts: a coffee shop, all-day restaurant and a 5,000-square-foot entertainment venue that hosts live music events. Additional amenities include a Tesla Model S for guest transportation, fitness center, a spa and in-room record players. The seller was not disclosed, but Carey Watermark Investors (now known as Watermark Lodging Trust) purchased the asset in 2013 and listed it on the company’s year-end 2019 portfolio snapshot. Earlier this week, the Nashville Business Journal reported that 137 employees at Hutton Hotel were permanently laid off due to the COVID-19 pandemic.

June 10, 2020

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