GERMANTOWN, TENN. AND OLIVE BRANCH, MISS. — Greystone has provided two HUD refinancing loans to the same borrower for seniors housing communities in Germantown and Olive Branch. The loans total $29.4 million. The undisclosed borrower took out a $12.2 million loan for Germantown Plantation Senior Living, a 106-unit assisted living facility situated at 9293 Poplar Ave., 21 miles east of downtown Memphis. The other property is Silvercreek Senior Living Community, which is located at 6630 Crumpler Blvd. in Olive Branch, 22 miles southeast of downtown Memphis. Greystone provided a $17.2 million refinancing loan for the facility, which offers 99 studio, one- and two-bedroom units.
NASHVILLE, TENN. — GBT Realty Corp. has sold Village 21 and Belcourt Park, two multifamily communities in Nashville, for a total of $52.2 million. Atlanta-based TriBridge Residential acquired both properties. The 101-unit Village 21 sold for $31.7 million. The property is situated at 1620 21st Ave. S., two miles southwest of downtown Nashville. The community offers studio, one- and two-bedroom floor plans and communal amenities including a pool, fitness center, business center, pet washing station, car charging stations and a clubhouse. Village 21 features ground-floor retail space that was not included in the sale. Brentwood, Tenn.-based GBT Realty also sold Belcourt Park, a 76-unit community, for $20.5 million. Belcourt Park is situated at 1710 Belcourt Ave., three blocks from Village 21. The community also offers studio to two-bedroom floor plans. Communal amenities include a clubhouse, fitness center and a lounge.
NASHVILLE, TENN. — EverWest Real Estate Investors has purchased a 169,855-square-foot industrial building in Nashville for $12 million. The property is situated at 640 Massman Drive, five miles from Nashville International Airport and six miles from downtown Nashville. The building was completed in 2000 and offers 20- to 32-foot clear heights, vehicle parking and a separate parcel for trailer storage. EverWest plans to upgrade the property, including new dock doors, energy-efficient LED lighting, exterior paint and transformation of approximately 5,000 square feet of office space into fully modernized interiors. It will also upgrade the parking and truck court areas with new asphalt. EverWest plans to begin upgrades in the second quarter with an expected completion in the third quarter of this year. Todd Prevost of Avison Young represented the buyer in the deal. An undisclosed private seller sold the asset in an off-market transaction.
NASHVILLE, TENN. — Capstone Land Sales has arranged the $3.5 million sale of a 33-acre plot in Nashville’s Cane Ridge neighborhood. The buyer, Tampa-based 2nd Wave Development, plans to construct a 300-unit multifamily community on the site. The developer plans to break ground this summer. Further details of the community were not released. Adam Klenk, Austin Heithcock, Tyler Mayo and Jonathan Hawks of Capstone represented the buyer in the transaction. An undisclosed local family sold the land.
CHATTANOOGA, TENN. — Hamilton Zanze Properties has acquired Bluebird Row Apartments, a 283-unit multifamily community in Chattanooga. The sales price was not disclosed, but the Chattanooga Times Free Press reports the San Francisco-based buyer paid $63.2 million, or $223,145 per unit, for the complex. The local newspaper also reports the seller was the development firm that delivered the property in 2019, Birmingham, Ala.-based Choo Choo Residences LLC, a subsidiary of LIV Development LLC. The property comprises four buildings and offers studio, one-, two- and three-bedroom floor plans averaging 935 square feet. Communal amenities include a pool, rooftop lounge, 24-hour self-serve market, outdoor grilling stations, rock climbing wall, bocce ball court, pet spa and a yoga studio. Mission Rock Residential will manage the community.
MEMPHIS, TENN. — Continental Realty Group and MLG Capital have sold The Park at Forest Hill, a 601-unit apartment community in Memphis, for $64 million. The property was built in two phases in 2002 and 2007 at 8285 Irene Blvd., in Memphis’ Germantown submarket. The community offers one- and two-bedroom floor plans with rents ranging from $715 to $1,075 per month. Communal amenities include a pool, dog park, clubhouse, playground, fitness center and picnic tables. Continental Realty and MLG purchased the property in 2016 for $39.1 million. The partnership implemented $3.1 million worth of upgrades, which included upgrading select units with items such as new vinyl plank flooring, stainless steel appliances, kitchen and bathroom cabinet fronts and all new unit hardware. The buyer was not disclosed.
NASHVILLE, TENN. — Whole Foods Market has opened a 44,500-square-foot store in downtown Nashville. Whole Foods employs about 120 full- and part-time workers at the new store, which is situated at 1202 Broadway. The store will be open 7 a.m. to 10 p.m. daily. The new location features a full-service coffee bar called BroadBrews, offering coffee, espresso, cold brew, teas, beer, wine and pastries. The new Whole Foods is situated at the ground level of 1200 Broadway, a 26-story, 313-unit apartment complex. This is Whole Foods’ third location in metro Nashville, joining a store seven miles south of downtown in Green Hill and a store in Franklin, 18 miles south of Nashville.
SPRING HILL, TENN. — The Kirkland Co. has brokered the $53.3 million sale of Commonwealth at 31, a 248-unit multifamily community in Spring Hill. The gated community offers one-, two- and three-bedroom floor plans and communal amenities such as a pool, fitness center, dog park, storage units, outdoor kitchen and a business center. San Francisco-based Hamilton Zanze acquired the property, which is situated at 2880 Commonwealth Drive, 32 miles south of downtown Nashville. Miller Harris, Dennis Harris and William Kirkland of Kirkland represented the buyer and undisclosed seller in the transaction.
Perhaps there is no better way to describe the Nashville office market and its progression than to examine the recent transaction history of two of Nashville’s older generation office buildings, Fifth Third Center and Bank of America/Philips Plaza. Both of these office towers are 1980s vintage with significant renovations in the last three to four years. However, no renovation can cure some of the obsolete issues with these buildings: limited parking, inefficient floorplates and old “core” locations. Nevertheless, these buildings have enjoyed rental growth, occupancy strength and consequently excellent sales transaction history. On a more macroeconomic level, investor activity remained on the rise in 2019 as Nashville has become a global real estate investment target with Nashville being in the top 10 list of markets in Urban Land Institute and PricewaterhouseCooper’s Emerging Trends report for the past five years. Nashville’s presence on this list is supported with its business-friendly environment, population growth, growing IT workforce and appeal as a leisure and meeting destination. In 2010, Nashville’s overall office vacancy rate was 12.2 percent with its Class A rents averaging $22.41 per square foot. Today, the market’s vacancy rate is 8.4 percent with Class A rents averaging $31.20. Clearly, the Nashville …
WILLIAMSON COUNTY, TENN. — Spirit Airlines will move its Operations Control Center from Miramar, Fla., to Middle Tennessee’s Williamson County, just south of Nashville. The airlines company is expected to invest $11.3 million in a new facility and relocate 240 jobs from Florida while creating 100 jobs over the next five years. The Operations Control Center serves as the company’s 24/7, mission-critical operations function that directs operational control over all Spirit flights. It includes functions such as flight dispatch, crew scheduling, maintenance control, aircraft routing, air traffic control coordination and guest solutions. Spirit also announced it is planning to double its Airbus fleet to 300 aircraft by 2025. The move comes due to recent hurricanes that hit South Florida, causing Spirit to temporarily relocate its Operations Control Center. Despite this, Spirit recently released plans about its headquarters in Dania Beach, Fla.