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.
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.
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.
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 …
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.
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.
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.
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.
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.
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.