Tennessee

Whole Foods Opens 44,500 SF Store in Downtown Nashville

by Alex Tostado March 4, 2020

NASHVILLE, TENN. — Whole Foods Market has opened a 44,500-square-foot store in downtown Nashville. Whole Foods employs about 120 full- and part-time workers at the new store, which is situated at 1202 Broadway. The store will be open 7 a.m. to 10 p.m. daily. The new location features a full-service coffee bar called BroadBrews, offering coffee, espresso, cold brew, teas, beer, wine and pastries. The new Whole Foods is situated at the ground level of 1200 Broadway, a 26-story, 313-unit apartment complex. This is Whole Foods’ third location in metro Nashville, joining a store seven miles south of downtown in Green Hill and a store in Franklin, 18 miles south of Nashville.

March 4, 2020

Acquisitions Multifamily Southeast Tennessee

Kirkland Brokers $53.3M Sale of Multifamily Community Near Nashville

by Alex Tostado February 27, 2020

SPRING HILL, TENN. — The Kirkland Co. has brokered the $53.3 million sale of Commonwealth at 31, a 248-unit multifamily community in Spring Hill. The gated community offers one-, two- and three-bedroom floor plans and communal amenities such as a pool, fitness center, dog park, storage units, outdoor kitchen and a business center. San Francisco-based Hamilton Zanze acquired the property, which is situated at 2880 Commonwealth Drive, 32 miles south of downtown Nashville. Miller Harris, Dennis Harris and William Kirkland of Kirkland represented the buyer and undisclosed seller in the transaction.

February 27, 2020

Market Reports Office Southeast Southeast Market Reports Tennessee

Office Demand Remains Robust in Nashville as New Projects Continue to Deliver

by Alex Tostado February 24, 2020

Perhaps there is no better way to describe the Nashville office market and its progression than to examine the recent transaction history of two of Nashville’s older generation office buildings, Fifth Third Center and Bank of America/Philips Plaza. Both of these office towers are 1980s vintage with significant renovations in the last three to four years. However, no renovation can cure some of the obsolete issues with these buildings: limited parking, inefficient floorplates and old “core” locations. Nevertheless, these buildings have enjoyed rental growth, occupancy strength and consequently excellent sales transaction history. On a more macroeconomic level, investor activity remained on the rise in 2019 as Nashville has become a global real estate investment target with Nashville being in the top 10 list of markets in Urban Land Institute and PricewaterhouseCooper’s Emerging Trends report for the past five years. Nashville’s presence on this list is supported with its business-friendly environment, population growth, growing IT workforce and appeal as a leisure and meeting destination. In 2010, Nashville’s overall office vacancy rate was 12.2 percent with its Class A rents averaging $22.41 per square foot. Today, the market’s vacancy rate is 8.4 percent with Class A rents averaging $31.20. Clearly, the Nashville …

February 24, 2020

Development Office Southeast Tennessee

Spirit Airlines to Relocate Operations Control Center, Invest $11.3M in Metro Nashville

by Alex Tostado February 17, 2020

WILLIAMSON COUNTY, TENN. — Spirit Airlines will move its Operations Control Center from Miramar, Fla., to Middle Tennessee’s Williamson County, just south of Nashville. The airlines company is expected to invest $11.3 million in a new facility and relocate 240 jobs from Florida while creating 100 jobs over the next five years. The Operations Control Center serves as the company’s 24/7, mission-critical operations function that directs operational control over all Spirit flights. It includes functions such as flight dispatch, crew scheduling, maintenance control, aircraft routing, air traffic control coordination and guest solutions. Spirit also announced it is planning to double its Airbus fleet to 300 aircraft by 2025. The move comes due to recent hurricanes that hit South Florida, causing Spirit to temporarily relocate its Operations Control Center. Despite this, Spirit recently released plans about its headquarters in Dania Beach, Fla.

February 17, 2020

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Industrial Market is a Haven for Adaptive Reuse Opportunities

by Alex Tostado February 17, 2020

Nashville ranked as the No. 3 Market to Watch in 2020 according to Urban Land Institute and PricewaterhouseCooper’s report, Emerging Trends in Real Estate. The report credits Nashville’s population growth, investor demand, development opportunity and job growth. According to the Tennessee Department of Economic and Community Development, 100 economic development projects — including industrial-space-users ICEE, Togo North America and A&C Business Enterprises — announced relocations or expansions in Middle Tennessee, representing $3.2 billion in investment and 14,000 jobs. Nashville’s industrial market is firing on all cylinders. Demand for space has been met with elevated rent growth throughout the market, keeping Nashville’s industrial rates among the highest in the Southeast. The 755,314 square feet of absorption that occurred during the fourth quarter marks the 23rd consecutive quarter with an increase in occupancy, raising the 2019 net absorption to over 5.5 million square feet, resulting in a market vacancy of 3.8 percent. Investor volume in Middle Tennessee exceeded $962 million in transactions at the close of 2019. This is the region’s highest industrial sale volume in the last five years, with the second half of 2019 accounting for 75 percent of the deals. Big-box users including Amazon, CEVA Logistics and Geodis have …

February 17, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Negotiates $47.4M Sale of Multifamily Community Near Nashville

by Alex Tostado February 10, 2020

ANTIOCH, TENN. — Capstone Apartments Partners has negotiated the $47.4 million sale of Reserve at Oakleigh, a 264-unit multifamily community in Antioch. The property was built in 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, picnic and grilling area, business center, nature trail, pet park and a car care center. Reserve at Oakleigh is located at 3562 Pin Hook Road, 18 miles southeast of downtown Nashville. Bryse Toothaker, Adam Klenk and Tyler Mayo of Capstone represented the seller, Herman & Kittie Properties, in the transaction. The Capstone team also procured the buyer, Cedar Grove Capital.

February 10, 2020

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Nashville Apartments Remain a Hot Ticket for Core, Value-Add Investors

by Alex Tostado February 10, 2020

Nashville has experienced record multifamily demand in recent years, largely driven by an influx of young professionals and the growing presence of high-earning jobs within the urban core. With investment activity flourishing at more than $2 billion in sales volume year-over-year as of the third quarter, Nashville remains poised as a city on the rise. Nashville investors have continued to aggressively pursue the value-add and suburban submarkets in search of higher yield transactions, as the market’s average price per unit increased by over 15 percent year-over-year. Momentum continues to build in Nashville, making it an attractive destination for national investors looking to maximize their investment potential. Migration expansion One of Nashville’s greatest strengths remains its ability to attract and retain its highly educated, millennial workforce. Nashville is among the fastest growing markets in the United States, with over 58,500 people projected to enter the workforce between 2019 and 2024. The market consists of a highly educated resident pool, with 33.1 percent having earned a bachelor’s degree or higher. That number is expected to increase by 13.4 percent through 2024, with four major universities producing college graduates who enter the Nashville workforce. With such a sophisticated talent pool to occupy the …

February 10, 2020

Acquisitions Retail Southeast Tennessee

DRA Advisors, RCG Ventures Sell 180,960 SF Retail Center in Western Tennessee

by Alex Tostado February 7, 2020

JACKSON, TENN. — A partnership between DRA Advisors and RCG Ventures has sold West Towne Commons, a 180,960-square-foot retail center in Jackson. The property was 97 percent leased at the time of sale to tenants including T.J. Maxx, Five Below, Dollar Tree, Petco, Stein Mart and Office Max. Academy Sports + Outdoors, Kroger and Target shadow-anchor the site, which is situated at 41 Stonebrook Place, seven miles north of downtown Jackson. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller in the transaction. An affiliate of Yale Realty Services Corp. acquired the property for an undisclosed price.

February 7, 2020

Acquisitions Development Office Southeast Tennessee

Forstone Capital Purchases Nashville Warehouse, Plans to Convert into Boutique Office Space

by Alex Tostado February 6, 2020

NASHVILLE, TENN. — Forstone Capital has purchased a 130,000-square-foot warehouse located at 3040 Sidco Drive in Nashville. The Stamford, Conn.-based buyer plans to redevelop the building into a 157,000-square-foot office project with central conference and meeting rooms, food and beverage services, a fitness center with locker rooms and showers, a gaming room, outdoor leisure space and tenant programming with rotating food trucks and entertainment vendors. The building was originally built in 1962 just south of downtown Nashville. Forstone expects to begin construction on the project this month with the base building projected to be completed in less than a year. Custom buildouts for tenants will start as early as July. Norwalk, Conn.-based Beinfield Architecture designed the redevelopment, and locally based T.W. Frierson will serve as the general contractor. Bill Adair and Ashley Albright of JLL will handle the marketing and lease negotiations. Further details of the transaction were not disclosed.

February 6, 2020

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze Acquires 270-Unit Multifamily Community Near Nashville

by Alex Tostado February 3, 2020

MURFREESBORO, TENN. — Hamilton Zanze has acquired Springfield Apartments, a 270-unit multifamily community in Murfreesboro. The property comprises 16 buildings with one-, two- and three-bedroom floor plans. Units average 1,013 square feet. Communal amenities include a dog park, gaming area, saltwater pool, hammock garden and an entertainment pub. Springfield Apartments is located at 3726 Manson Pike, 30 miles southeast of downtown Nashville. The property was delivered in 2018 and was 97 percent occupied at the time of sale. Denver-based Mission Rock Capital will manage the property. Further details of the sale were not disclosed.

February 3, 2020

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