MEMPHIS, TENN. — SunTrust Bank and BB&T have agreed to sell 30 SunTrust branches in Georgia, Virginia and North Carolina to First Horizon National Corp. As part of the agreement, Memphis-based First Horizon will assume approximately $2.4 billion in deposits and will purchase approximately $410 million in loans. SunTrust and BB&T are selling the banking locations to satisfy regulatory requirements in connection with the previously announced “merger of equals” between SunTrust and BB&T. The transaction is expected to close in early 2020. There are nine branch locations in the Winston-Salem area; 11 in the Raleigh-Durham area; two near Roanoke, Va.; three near Martinsville, Va.; two near Eastern Shore, Va.; one in South Boston, Va.; and two in north Georgia. All 30 branches will operate under the First Horizon flag. First Horizon operates about 270 bank locations across the Southeast. The acquisition also includes all the employee teams at the locations.
NASHVILLE, TENN. — Holladay Properties has broken ground on Phase III of Airport Logistics Park, a 95-acre master-planned industrial park near Nashville International Airport on Old Murfreesboro Pike. Phase III will span 330,000 square feet. Holladay expects Phase I and II to deliver in spring 2020 while Phase III is expected to deliver in fourth-quarter 2020. Ronnie Wenzler of Cushman & Wakefield oversees leasing efforts for the logistics park. Phases I and II comprise 402,500 square feet, 329,400 square feet of which is leased to companies including Aramark, DHL, Power Home Remodeling Group, Advance Electric & Industrial, PGW Auto Glass, Safeway and Overhead Door. Airport Logistics Park’s design team includes civil engineer Kimley-Horn and architect TRC Worldwide. Eutaw Construction has begun site work and a general contractor has yet to be named.
NASHVILLE, TENN. — GBT Realty has acquired the remaining 0.2-acre plot for its planned One22One Broadway, a 23-story, 365,000-square-foot office building in downtown Nashville. GBT Realty bought the land for $3 million, bringing the total development site to 0.8 acres. The Brentwood, Tenn.-based company revealed plans for One22One Broadway in April. The first two floors of the building will include 15,000 square feet of restaurant and retail space. The 11th floor will offer an amenity deck and café. Gresham Smith & Partners is the project’s architect, and Brasfield & Gorrie is the general contractor. Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Byran Fort of CBRE are marketing One22One to prospective office tenants. A timeline for completion was not disclosed. This announcement was originally published on Thursday, Oct. 24 with the incorrect headline “GBT Realty Breaks Ground on 23-Story Office Tower in Downtown Nashville.”
KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.
With more than 30 cranes in Nashville’s skies, it’s safe to say the Music City commercial real estate market is humming along. In fact, Davidson County approved $4.2 billion of commercial and residential construction permits in the 2018-2019 fiscal year, according to the Nashville Business Journal. Over the last three fiscal years, the county approved $11.4 billion in permits. While that’s an outstanding level of capital investment in a county with under 900,000 residents, it should be noted that Nashville’s MSA comprises 1.9 million residents encompassing 13 counties — all of which are experiencing record levels of construction permits. New companies coming to the city are driving the office market and construction demand, with several large announcements in the last year including Amazon, AllianceBernstein and Mitsubishi, and the city is continues to rapidly attract companies in the financial services, tech and healthcare industries. With a limited number of buildings available for adaptive reuse, most development taking place in the market is new construction. In fact, more than 460,000 square feet of Class A space was delivered in the third quarter of 2019. The majority of that figure was in Midtown and the Cool Springs/Franklin submarkets, with Aetna and Ramsey Solution’s …
CHATTANOOGA, TENN. — CBL Properties and Vision Hospitality Group Inc. have broken ground on a 135-room Aloft by Marriott in Chattanooga. The project is part of a redevelopment plan for a former Sears location at Hamilton Place mall. Aloft Chattanooga Hamilton Place will be located between The Cheesecake Factory and the future Dave & Buster’s. Amenities will include an urban-inspired design with loft-like guestrooms featuring nine-foot ceilings and keyless entry using a smartphone or Apple Watch. The hotel will be situated about 12 miles east of downtown Chattanooga.
NASHVILLE, TENN. — Hamilton Zanze has acquired Rivertop Apartments, a 224-unit multifamily community in Nashville. The property offers one-, two- and three-bedroom floor plans ranging from 878 to 1,418 square feet. Community amenities include a resident clubhouse, swimming pool, 24-hour fitness center, bocce ball court, dog park, pet spa, outdoor grills and firepits. Rivertop is located at 5800 River Road, nine miles southwest of downtown Nashville. The seller, Birmingham-based LIV Development, opened the property earlier this year. The sales price was not disclosed.
ANTIOCH, TENN. — A joint venture between Admiral Capital Group and Security Properties has bought Cambridge at Hickory Hollow, a 360-unit multifamily community in Antioch. The garden-style complex was built in 1997 and is located 15 miles southeast of downtown Nashville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, breakfast bar, fitness center, swimming pool, outdoor kitchen, fire pit and package receiving service. The seller and sales price were not disclosed.
NASHVILLE, TENN. — The Beach Co. has broken ground on Sixth South, an apartment complex in downtown Nashville that will feature 299 multifamily units and 5,400 square feet of retail space. Communal amenities will include a saltwater swimming pool, pool deck, outdoor kitchens, pet spa, club room and a fitness center. The Beach Co. expects to complete Sixth South in summer 2021. JC Darby and Jon Petty with Southeast Venture are the listing agents for the retail space.
JOHNSON CITY, TENN. — Monument Capital Management has acquired Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City. The buyer will implement a $2.3 million renovation plan to upgrade the property. Sterling Hills was built in 1980 and offers one-, two- and three-bedroom floor plans averaging 876 square feet. Communal amenities include a fitness center, basketball court, swimming pool, courtyard, grill and a picnic area. Located at 1 Milligan Lane, the property is situated five miles east of downtown Johnson City. Sterling Hills Apartments LLC sold the asset for an undisclosed price.