Tennessee

Hanley Investment Group Arranges Sales of Two Retail Outparcels in Tennessee, Kentucky Totaling $6.9M

by Alex Tostado May 11, 2020

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.

May 11, 2020

Retail Southeast Tennessee

Tennessee Governor to Allow Service Retailers in Most Counties to Reopen on Wednesday

by Alex Tostado May 4, 2020

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 …

May 4, 2020

Development Loans Office Southeast Tennessee

GBT Realty Receives $141.1M in Construction Financing for One22One Broadway Office Tower in Nashville

by Alex Tostado April 17, 2020

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.

April 17, 2020

Acquisitions Loans Multifamily ORIX Southeast Tennessee

Hunt Real Estate Provides $27.4M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado April 15, 2020

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.

April 15, 2020

Company News Florida Georgia North Carolina Retail Southeast Tennessee Virginia

A&G Negotiates Sale of Leasehold Interest in 10 Former Earth Fare Grocery Stores in Five States

by Alex Tostado April 14, 2020

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.; …

April 14, 2020

Nashville Rent & Occupancy Forecast Under COVID-19, RED Capital

Content Partner Features Lument Multifamily RED Capital Group Southeast Tennessee

Multifamily Sector in Music City Hits All the Right Notes

by Sarah Daniels April 13, 2020

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, …

April 13, 2020

Company News Restaurant Retail Southeast Tennessee

TC Restaurant Group Lays Off 411 Employees at Five Honky-Tonks in Nashville Due to Coronavirus Closures

by Alex Tostado April 8, 2020

NASHVILLE, TENN. — TC Restaurant Group has filed a Worker Adjustment and Retraining Notification (WARN) Act with the Tennessee Department of Labor and Workforce Development to notify the agency of 411 employee layoffs stemming from closures due to the coronavirus (COVID-19) pandemic. The Ohio-based company operates five honky-tonks in downtown Nashville, including Jason Aldean’s Kitchen + Rooftop Bar, Luke’s 32Bridge Food + Drink, Luigi’s City Pizza, Tequila Cowboy and FGL House. TC Restaurant Group says the employees were laid off in mid-March, when the company temporarily closed the doors to those establishments due to the COVID-19 outbreak. As of this writing, there have been 888 confirmed cases and nine deaths due to COVID-19 in Davidson County, according to Johns Hopkins University (JHU).

April 8, 2020

Company News Industrial Mississippi Southeast Tennessee

Nissan to Furlough 10,000 Manufacturing Employees in Tennessee, Mississippi Due to Coronavirus

by Alex Tostado April 7, 2020

SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in Canton is located 22 miles north of Jackson. The plant produces 450,000 vehicles annually and employs 5,250 workers.

April 7, 2020

Development Loans Retail Southeast Tennessee

Staghorn Capital Arranges $5.4M Construction Loan for Retail Development Near Nashville

by Alex Tostado April 1, 2020

GALLATIN, TENN. — Staghorn Capital Partners has arranged a $5.4 million construction loan for RREAF Holdings to develop Phase I of Shoppes at Hunter Pointe in Gallatin, about 30 miles northeast of Nashville. The property is expected to comprise 25,147 square feet and, with appropriate performance of Phase I, the loan will aid in developing Phase II. The loan features a floating interest rate with two years of interest-only payments followed by a 25-year amortization schedule. Tyler Rentfro of Staghorn Capital originated the loan through an undisclosed regional bank on behalf of the borrower. A timeline for construction was not disclosed.

April 1, 2020

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JLL Arranges $991.8M in Financing for 17-Property National Portfolio

by Amy Works March 25, 2020

SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.

March 25, 2020

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