NASHVILLE, TENN. — Alliance Residential Co. will develop Broadstone Nations, a planned 343-unit multifamily community in Nashville’s The Nations neighborhood. Alliance Residential closed on the 6.3-acre land sale and expects to begin construction later this year with the first units slated to open in early 2022. The five-story building will offer studio, one- and two-bedroom floor plans averaging 809 square feet. Communal amenities will include a private meditation room, fitness center with a separated yoga room and a saltwater pool. Unit interiors will feature soft-close cabinetry, built-in desks, chef-inspired kitchen islands, and select units will feature home offices, dry bars and wine refrigerators. The community will be located at 4731 Centennial Blvd., five miles west of downtown Nashville.
GALLATIN, TENN. — Brennan Investment Group has acquired and executed a 90,250-square-foot sale-leaseback of an industrial building fully leased to Bennett Tool & Die, a contract tooling and metal stamping supplier. The building is located at 1550 Airport Road in Gallatin, 33 miles northeast of downtown Nashville. The facility serves as Bennett Tool & Die’s corporate headquarters and primary manufacturing facility. The sales price and terms of the new lease were not disclosed.
NASHVILLE, TENN. — Pebblebrook Hotel Trust has agreed to sell Union Station Hotel, a 125-room hotel in downtown Nashville, for $56 million. The hotel is part of Marriott’s Autograph collection. The historic property is situated at 1001 Broadway in a former railroad terminal that opened in 1900. Amenities at the property include a restaurant and bar, fitness center, business center, valet parking and meeting and event space. Pebblebrook expects the sale to close in the third quarter of this year. The hotel opened in 1986 and became a member of Historic Hotels of America in 2015. Historic Hotels of America is the official program of the nonprofit organization National Trust for Historic Preservation for recognizing historic hotels. The buyer was not disclosed.
CHATTANOOGA, TENN. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements and deferrals to several tenants and expect to collect April and May rents later in 2020 and into 2021. CBL also reported that its same-center net operating income (NOI) declined 8.7 percent year-over-year in March. Additionally, in an effort to save cash, CBL delayed approximately $60 million to $80 million in expenditures and redevelopments for 2020. CBL owns 91 total properties in 26 states, including Mayfaire Town Centre in Wilmington, N.C.; Fayette Mall in Lexington, Ky.; Brookfield Square in Milwaukee; The Outlet Shops at Atlanta in Woodstock, Ga.; and CoolSprings Crossing in Franklin, Tenn.
KNOXVILLE, TENN. AND SOMERSET, KY. — Hanley Investment Group has arranged the sale of two multi-tenant retail outparcels situated on Walmart Supercenter-anchored properties in Tennessee and Kentucky. An undisclosed private investor based in Kentucky acquired both properties in all-cash deals. The first sale was of a two-tenant building leased to Aspen Dental and Visionworks in Knoxville. The outparcel was built in 2015 and spans 7,500 square feet. The property is situated at 2960 and 2964 Miller Place Way, seven miles north of downtown Knoxville. The undisclosed seller, a private investor based in New York City, sold the asset for $4.3 million. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller in the transaction. The other property is a three-tenant, 6,847-square-foot property located at 2007 S. U.S. Highway 27 in Somerset. The property was built in 2015 and is triple-net-leased to Visionworks, Kay Jewelers and GNC. Indianapolis-based Thompson Thrift Retail sold the property for $2.6 million. The outparcel is situated three miles south of downtown Somerset. Dylan Mallory of Hanley represented the seller in the transaction.
NASHVILLE, TENN. — Tennessee Gov. Bill Lee will allow personal service businesses in 89 of the state’s 95 counties to reopen under strict guidelines Wednesday as the COVID-19 pandemic continues to impact the country’s economy. The governor’s office estimates 38,000 people will be able to return to work. The remaining six counties — Shelby, Madison, Davidson, Hamilton, Knox and Sullivan — will create individual plans in consultation with their locally run health departments. The state’s guidance applies to personal services including barber shops, hair salons, waxing salons, nail spas, massage therapy services and substantially similar businesses that require prolonged close contact with customers. Some of the guidelines include: Limit the number of customers to 50 percent of fire code capacity; Services will be offered by appointment only, meaning no walk-ins; Workstations should be at least six feet apart, with additional measures taken as necessary to ensure that all people stay six feet apart at all times except for the staff providing a service to their client. Physical barriers can be used where necessary; Prohibit use of waiting areas; Ensure thorough workstation and equipment disinfection after each customer; Do not allow non-customer companions to accompany customer during a service; and Do …
NASHVILLE, TENN. — GBT Realty Corp. has received $141.1 million in construction financing for its One22One Broadway project in Nashville. Mack Realty provided the loan for the planned 24-story, 356,000-square-foot office tower. Construction began in February, and GBT expects the development to open in 2022. Additionally, Dallas-based Koch Real Estate Investments has joined GBT as a limited partner. The property is situated on 0.77 acres at 1221 Broadway. Gresham Smith designed the building, and Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Byran Fort of CBRE are marketing the office space.
CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.
MELVILLE, N.Y. — A&G Real Estate Partners has negotiated the sale of the leasehold interest in 10 grocery stores previously occupied by organic specialty grocery chain Earth Fare. The grocer filed for Chapter 11 bankruptcy reorganization in early February and the final leasehold sale closed Friday, April 10. The 10 stores averaged 26,000 square feet. Southeastern Grocers’ Winn-Dixie chain acquired four stores in Boynton Beach, Jacksonville, Lakewood Ranch and Viera, Fla. Austin, Texas-based Whole Foods Markets acquired two stores in south Asheville, N.C., and Chattanooga, Tenn, and Aldi acquired one store in Tallahassee, Fla. An investor group that includes one of Earth Fare’s founders and several of the chain’s former executives acquired three stores, which are located in Athens, Ga.; Roanoke, Va.; and Asheville. The group also acquired Earth Fare’s trade name and other intellectual property. Joseph McKeska led an A&G team that represented Earth Fare in the transactions. The sales contributed a total of more than $6 million to the estate of Earth Fare. A&G, an asset disposition advisory firm based in Melville, also negotiated the lease terminations of nine Earth Fare locations. The agreements with landlords were in Gainesville, Ocala and Palm Beach Gardens, Fla.; Columbia and Rock Hill, S.C.; …
In Homer’s Odyssey, Odysseus resisted the Sirens’ beguiling music by lashing himself to the mast of his ship. But few relocating businesses, ambitious young people from the Midwest and Mid-South or multifamily developers have been able to resist the charming sounds wafting from Music City these days. Nashville’s pro-growth disposition, competitive operating cost structure, high quality of life and vital cultural scene make it a formidable competitor for investment and business relocation among U.S. growth markets. Beverage marketer Icee, e-commerce unicorn SmileDirectClub and Mitsubishi North America were just a few of the nearly 100 companies that elected to move headquarters operations to or expand in the Nashville area last year. The moves were emblematic of Nashville’s emergence as the go-to spot for major industries — Tennessee now ranks second among states for automobile manufacturing employment after Michigan — and fast-growing tech-focused start-ups. The pipeline is just as robust in 2020. Employment statistics speak for themselves. Nashville added 30,000 or more payroll jobs in each of the last eight years: one of only two U.S. metros in the under 1.5 million-job weight class to check that box (Austin is the other.) While the unemployment rate was only 2.8 percent in January, …