Tennessee

JLL Arranges $45.3M Sale of Trader Joe’s-Anchored Shopping Center in Nashville

by Alex Tostado January 31, 2020

NASHVILLE, TENN. — JLL has arranged the $45.3 million sale of Lion’s Head Village, a Trader Joe’s-anchored shopping center in Nashville. The center is shadow-anchored by Target and was fully leased at the time of sale to tenants including Great Clips, Sport Seasons, Cosmos Nails, Plato’s Closet Nashville and Dalts American Grill. Lion’s Head Village is situated on 9.5 acres at 90 White Bridge Road, two miles from Vanderbilt University and four miles from downtown Nashville. Jim Hamilton of JLL represented the locally based seller, Boyle Investment Co., in the transaction. San Francisco-based Stockbridge acquired the shopping center.

January 31, 2020

Acquisitions Hospitality Loans Southeast Tennessee

PNC Bank, CIT Provide $81.4M Acquisition Loan for DoubleTree Hotel in Downtown Nashville

by Alex Tostado January 27, 2020

NASHVILLE, TENN. — PNC Bank and CIT have jointly provided an $81.4 million acquisition loan for the DoubleTree by Hilton Nashville Downtown, a 341-room hotel that is situated less than a mile from Nissan Stadium and Bridgestone Arena, home to the NFL’s Tennessee Titans and the NHL’s Nashville Predators, respectively. Walton Street Capital LLC sold the hotel to AWH Partners. The hotel, which was originally built in 1979, offers an upgraded lobby; 20,000 square feet of meeting and event space; Fourth & U restaurant and bar; Patio 315, a seasonal outdoor bar and grill; an indoor pool; onsite Starbucks; a fitness center; and valet parking. Jordan Roeschlaub, Dustin Stolly, Ben Greazel, Joel Simmons Nick Scribani, Chris Kramer and Drew Ahlers of Newmark Knight Frank (NKF) arranged the loan on behalf of the borrower, New York-based AWH Partners. Mark Schoenholtz, also with NFK, brokered the sale.

January 27, 2020

Acquisitions Multifamily Southeast Tennessee

Lindemann Multifamily Management Acquires Nashville Apartment Community for $83.2M

by Alex Tostado January 17, 2020

NASHVILLE, TENN. — Miami-based Lindemann Multifamily Management LLC has acquired One Metrocenter, a 320-unit apartment community in Nashville, for $83.2 million (approximately $260,000 per unit). Tarek El Gammal of JLL’s Nashville office represented the sellers, MetroCenter Apartments X LLC and other partners, in the transaction. As part of the transaction, Lindemann obtained two fixed-rate loan tranches with New York Life Insurance Co. for $41.2 million and $4.6 million. David Zimmerman and K.O. Kennedy of CBRE’s Nashville office arranged the debt financing. Located at 45 Vantage Way, One Metrocenter’s apartments feature one- and two-bedroom layouts. The property opened in 2016, according to Apartments.com. Amenities include a Zen garden, saltwater pool, covered parking, outdoor fire pit and a dog park. The One Metrocenter acquisition is the fifth in the Nashville area for Lindemann, bringing its total units owned in the market to more than 2,300.

January 17, 2020

Acquisitions Office Retail Southeast Tennessee

Coro Realty Acquires Historic Office, Retail Building in Chattanooga

by Alex Tostado January 16, 2020

CHATTANOOGA, TENN. — Atlanta-based Coro Realty Advisors LLC has acquired Signal Mill, a 44,764-square-foot office and retail building situated on three acres in the NorthShore district of Chattanooga. An affiliate of Woodberry Group LLC sold the renovated property, which is a former textile mill, for an undisclosed amount. Colliers International’s Hayes Swann, Joe Montgomery and Tony D’Ambrosio brokered the sale. Signal Mill was built in 1916 and is listed on the National Register of Historic Places. The two-story brick building at 205 Manufacturers Road was originally used for making clothing until it closed in 1986. Developers renovated the former mill in 2017. Food Works, Genevieve Bond Gifts, Edley’s Bar-B-Que, Mean Mug Coffee and Pigtails & Crewcuts are among the retail and dining tenants occupying Signal Mill’s first floor. Covenant Transport Service, a trucking and logistics company, occupies the entire second floor. Located across the street from the 23-acre Renaissance Park, Signal Mill is within walking distance of the historic Walnut Street Pedestrian Bridge, which connects the NorthShore area to downtown Chattanooga.

January 16, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Purchases 1.4 MSF Former Sears Distribution Center in Memphis

by Alex Tostado January 7, 2020

MEMPHIS, TENN. — Milwaukee-based Phoenix Investors LLC has acquired an approximately 1.4 million square-foot industrial facility located at 3456 Meyers Road in Memphis. The property is currently vacant and will be marketed to new users for lease as a distribution facility. Atlantic Capital Bank provided acquisition financing to Phoenix Investors. JLL’s Jack Wohrman and Russ Westlake represented the seller, Sears Holdings Corp., in the transaction. Originally built in 1973 with an addition in 1981, the facility is a former distribution center for Sears. The property has clear ceiling heights ranging from 24 feet to 31 feet, 145 dock doors, 24-by-36-foot column spacing and trailer parking. The building is currently divisible for multi-tenant occupancy. Phoenix plans to make structural and cosmetic upgrades to the facility in the coming months. Located near Interstates 40 and 240, the property is less than 20 miles from both Amazon and Nike’s new distribution centers.

January 7, 2020

Acquisitions Office Southeast Tennessee

Crescent Communities Sells Office Building in Nashville’s Cool Springs Submarket for $43.5M

by Alex Tostado January 6, 2020

FRANKLIN, TENN. — Charlotte-based Crescent Communities has sold Two Greenway Centre, a five-story office building in Franklin, 16 miles south of Nashville in the market’s Cool Springs district. The 155,000-square-foot property is located at 302 Innovation Drive on a 16-acre parcel. Nashville Business Journal reports that TA Realty LLC purchased the building from Crescent for $43.5 million. Cushman & Wakefield brokered the sale on behalf of Crescent. Two Greenway is situated near Interstate 65, with access via two interchanges. The LEED Silver-certified building offers open floor plates, a fitness center, parking and nearby walking trails. Construction on Two Greenway began in 2015, and the first office tenants occupied the building in 2017. Little Diversified Architectural Consulting served as the project architect, and Barrett, Woodyard & Associates served as engineer. Whiting-Turner was the general contractor.

January 6, 2020

Acquisitions Industrial Southeast Tennessee

Gladstone Acquires 241,000 SF Warehouse in Jackson, Tennessee

by Alex Tostado December 24, 2019

JACKSON, TENN. — Gladstone Commercial Corp. has acquired a 241,000-square-foot industrial facility in Jackson, approximately 80 miles northeast of Memphis, for $9 million. The facility is a build-to-suit industrial warehouse that is 100 percent leased to Berry Global Inc, a plastic packaging manufacturer. Buchanan Realty Group assisted seller FirstcChoice Property & Development in the sale. Completed in August 2019, Berry utilizes the warehouse primarily for the storage and distribution of products manufactured at its adjacent production facility. The building is located near Interstate 40 and U.S. Highway 412.

December 24, 2019

Acquisitions Office Southeast Tennessee

Security Properties, Pacific Life Buy Broadstone Gulch in Nashville for $80.8M

by Alex Tostado December 23, 2019

NASHVILLE, TENN. — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Broadstone Gulch, a new, 238-unit multifamily property located in Nashville’s Gulch district, for $80.8 million. Located at 803 Division St., Broadstone Gulch offers a fitness center, rooftop lounge, pool, demonstration kitchen, package access system, office space, a pet spa and Google Fiber. The building is a half-mile walk from Music City Center in the Nashville’s south of Broadway (SoBro) neighborhood. Security Properties-affiliate Security Properties Residential will manage the property. Walker & Dunlop’s Telly Fathaly and Kris Mikkelsen represented the seller and developer, Alliance Residential.

December 23, 2019

Development Loans Multifamily Seniors Housing Southeast Tennessee

HJ Sims, Duncan-Williams Arrange $219.3M Financing Package for Seniors Housing Project in Tennessee

by Alex Tostado December 20, 2019

COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …

December 20, 2019

Acquisitions Office Southeast Tennessee

Highwoods Properties Sells Memphis Office Building for $76.4M

by Alex Tostado December 20, 2019

MEMPHIS, TENN. — Raleigh-based Highwoods Properties Inc. has sold International Paper IV, a 248,000-square-foot, single-customer building, for $76.4 million. The property, located at 1740 International Drive in Memphis, was sold to an undisclosed buyer. Highwoods also expects to sell Atrium I and II, a two-building office complex in nearby Germantown encompassing 84,000 square feet, for $13.2 million prior to the end of 2019. The sales are part of Highwoods’ two-phased plan to exit the Greensboro and Memphis markets. The first phase consists of selling a specific portfolio of assets in Greensboro and Memphis by mid-2020, with the remaining assets to be sold as part of the second phase. No timeline has been announced for the second phase.

December 20, 2019

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