Tennessee

Mill Creek Residential to Develop 15-Story Apartment Tower in Nashville

by John Nelson February 3, 2021

NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space. Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with picnic tables, pet spa, clubhouse, game room, cyber café, conference room and a coffee bar. The apartment’s fitness center will include a yoga/Pilates studio, TRX System and individual training options. Residents will have access to controlled-access garage parking, dedicated bike storage and additional storage. Modera Gulch will be situated at 810 Division St. in Nashville’s Gulch neighborhood. The apartment community will be located less than one mile from Amazon’s new Operations Center of Excellence in Nashville Yards and near attractions including the Frist Art Museum, Country Music Hall of Fame and the city’s famed Lower Broadway district. The community is also less than two miles from Nissan Stadium, home of the Tennessee Titans. Mill Creek Residential is a national rental housing company …

February 3, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing Tennessee Top Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams February 1, 2021

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

February 1, 2021

Development Industrial Southeast Tennessee Walker & Dunlop

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

by John Nelson January 29, 2021

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have high-end office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. The transaction is Walker & Dunlop’s first deal with CA South, a women-owned industrial development firm based in Nashville.

January 29, 2021

Industrial Leasing Activity Southeast Tennessee

Logistics Firm Unis Signs 474,000 SF Industrial Lease in Memphis

by John Nelson January 26, 2021

MEMPHIS, TENN. — Unis LLC, a third-party logistics provider (3PL), has signed a 474,000-square-foot lease for fulfillment space in the Southeast industrial submarket of Memphis. The California-based firm will occupy space at 4400-4500 Quality Drive within Southpark, a Class A development situated near the BNSF Railway Company Intermodal Facility. Patrick Walton of CBRE represented the landlord, Dawson Logistics Assets LLC, an affiliate of Mapletree Investments, in the lease transaction. Jessican Chen of Kander Pacific Inc. represented the tenant. The new lease will bring Unis Memphis footprint to more than 600,000 square feet.

January 26, 2021

Acquisitions Industrial Loans Southeast Tennessee

Ready Capital Provides $5M Acquisition Loan for Industrial Property in Memphis

by John Nelson January 22, 2021

MEMPHIS, TENN. — Ready Capital has provided a $5 million acquisition loan for a two-building, 280,000-square-foot industrial property in Memphis’ Airport submarket. The undisclosed borrower will use a portion of the funds to renovate the buildings. Plans include upgraded lighting, roof replacements and parking lot repairs. Ready Capital closed the non-recourse, interest-only loan, which features a 24-month term, floating interest rate, two extension options and flexible prepayment options. The property’s physical address and tenant roster were not disclosed.

January 22, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties Acquires Industrial Facility in Memphis for $23M

by Alex Tostado January 19, 2021

MEMPHIS, TENN. — LRC Properties has acquired a 640,000-square-foot industrial facility in Memphis for $23 million. The asset is situated at 4926 Southridge Blvd., 11 miles east of Memphis International Airport. Technicolor occupies the building on a lease that expires in 2023. The seller was not disclosed. Brian Califf of NAI Saig Co. represented the buyer in the transaction. Ready Capital closed an $18.9 million acquisition loan on behalf of the Rye Brook, N.Y.-based buyer. The non-recourse loan features interest-only payments for the duration of the four-year term, a floating interest rate, one extension option and flexible prepayment options.

January 19, 2021

Development Multifamily Seniors Housing Southeast Tennessee

McShane to Build 138-Unit Seniors Housing Property Near Nashville for Avenida Partners

by Alex Tostado January 18, 2021

HENDERSONVILLE, TENN. — Avenida Partners has selected McShane Construction Co. to build Avenida Hendersonville, a 138-unit active adult community in the Nashville suburb of Hendersonville. The three-story building will be positioned on a five-acre site. The community will offer 6,000 square feet of amenities. Completion of Avenida Hendersonville is slated for May 2022. This will be Newport Beach, Calif-based Avenida’s third active adult community in Tennessee and seventh overall in five states. The architect of record is Poole & Poole Architecture.

January 18, 2021

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Acquires 41,439 SF Retail Property Near Nashville

by Alex Tostado January 13, 2021

HERMITAGE, TENN. — Ziff Real Estate Partners has acquired Jackson’s Courtyard, a 41,439-square-foot retail center in Hermitage, for an undisclosed price. The property is located at 3441 Lebanon Pike, 13 miles east of downtown Nashville. At the time of sale, the property was leased to tenants including Co. Capelli Salon & Spa, Subway, Hermitage Dance Academy and Mirage Nails Salon. The seller was not disclosed.

January 13, 2021

Acquisitions Retail Southeast Tennessee

Palomar Group Arranges $1.8M Sale of Starbucks-Occupied Building Near Chattanooga

by Alex Tostado January 11, 2021

SIGNAL MOUNTAIN, TENN. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net Lease Advisors represented the buyer, an undisclosed real estate developer based in Charleston, S.C.

January 11, 2021

Affordable Housing Development Multifamily Southeast Tennessee Top Stories Virginia Washington Western

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

by Kristin Harlow January 6, 2021

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …

January 6, 2021

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