Tennessee

PGIM Provides $450M Loan for 140-Building Industrial Portfolio in Southeast, Texas

by Alex Tostado July 2, 2019

DALLAS — PGIM Real Estate Finance has provided a $450 million first mortgage loan for a 140-building industrial portfolio primarily in the Southeast and Texas. The portfolio spans 57 projects within eight separate markets, with the largest concentration in Atlanta, Memphis, Tampa and Texas. Dallas-based PGIM provided the seven-year, fixed-rate loan to DRA Advisors, an office and industrial real estate investment firm with $10 billion of assets under management. The 9.8 million-square-foot portfolio had a combined 482 tenants at the time of the acquisition. The seller(s) was not disclosed. PGIM Real Estate Finance had financed the majority of the previous loans on the portfolio.

July 2, 2019

Leasing Activity Office Southeast Tennessee

Mitsubishi Motors North America to Relocate U.S. Headquarters to Metro Nashville

by Alex Tostado June 26, 2019

FRANKLIN, TENN. — Mitsubishi Motors North America (MMNA) will relocate its corporate U.S. headquarters from Cypress, Calif., to Franklin by the end of this year. The move will begin in August, where MMNA will occupy office space in a temporary location in Franklin. The company said the move will occur in an effort to reinvent itself and to be closer to sister company Nissan North America, which is headquartered in Nashville. MMNA is working with JLL to identify a permanent office location. There are nearly 200 people working in MMNA’s Cypress office. All corporate departments will be relocating, including sales, marketing, IT, human resources, communications, parts and service, product planning, dealer operations, finance and legal. Additionally, 25 employees representing the company’s Western Region operations will move to new offices in Orange County, Calif. It was not immediately clear on how much office space MMNA will lease in Franklin. MMNA is in talks with Nissan North America to move its West Coast distribution center, which is located on its existing corporate campus, to a new, shared facility in Riverside, Calif.

June 26, 2019

Development Office Southeast Tennessee

KDC to Develop 750,000 SF Office Building Within Aureum Mixed-Use Project in Nashville’s Cool Springs

by Alex Tostado June 14, 2019

FRANKLIN, TENN. — Dallas-based KDC has partnered with SouthStar and Chartwell Hospitality to develop a 750,000-square-foot office building within Aureum, a mixed-use development in Franklin. KDC will develop Aureum’s office component, SouthStar will develop 100,000 square feet of retail space, Chartwell Hospitality is developing three hotels totaling 700 rooms and SouthStar and Chartwell will co-develop a 480-unit residential community. Aureum, which is Latin for “golden,” will span 22 acres in Franklin’s Cool Springs area, about 18 miles south of downtown Nashville. KDC is expected to break ground on the office building in early 2020.

June 14, 2019

Acquisitions Georgia Multifamily North Carolina Southeast Tennessee

Carroll Organization Acquires Three-Property Apartment Portfolio in Southeast

by Alex Tostado June 11, 2019

ATLANTA — Carroll Organization has acquired a three-property multifamily portfolio located throughout the Southeast. The three properties include the 268-unit Hawthorne at Mooresville in Mooresville, N.C.; the 312-9unit Hawthorne at Wildwood in Marietta, Ga.; and the 323-unit Hawthorne South Oaks in downtown Nashville, Tenn. According to Atlanta-based Carroll Organization, all three properties will be rebranded under the ARIUM name. Additional terms of the sale were not disclosed.

June 11, 2019

Affordable Housing Development Multifamily Southeast Tennessee

Woda Cooper Opens 60-Unit Affordable Housing Project in Knoxville

by Alex Tostado June 3, 2019

KNOXVILLE, TENN. — Woda Cooper has opened White Oak Crossing, an $8.5 million affordable housing project in Knoxville. Units were reserved for families that earn between 50 percent and 60 percent of the area median income. In Knox County, for example, this equates to $23,350 (50 percent AMI) and $28,020 (60 percent AMI) in annual income for a single person or up to $33,300 (50 percent AMI) and $39,960 (60 percent AMI) for a family of four. Larger families are also eligible. Monthly rents at White Oak Crossing range from $605 to $780 per month. The 60-unit community offers two- and three-bedroom floor plans and is located at 290 Quaker Way, six miles southeast of downtown Knoxville. Communal amenities include a community room with kitchenette, 24-hour fitness room and a playground. White Oak Crossing was made possible with the allocation of housing tax credits by the Tennessee Housing Development Agency (THDA). Regions Bank was the primary equity investor and provided a construction-to-permanent loan through HUD’s 221(d)(4) program. Woda Construction Inc. served as the general contractor, and Nashville-based Bernard L. Weinstein & Associates was the architect.

June 3, 2019

Acquisitions Development Mixed-Use Southeast Tennessee

Mallory & Evans Partners Acquires Site Within Knoxville Opportunity Zone

by Alex Tostado May 31, 2019

KNOXVILLE, TENN. — Mallory & Evans Partners LLC has acquired the Kern’s Bakery site, an opportunity zone near downtown Knoxville and the University of Tennessee. The Atlanta-based developers plan to transform the area as a mixed-use development that will preserve the historic building to include retail, restaurant, entertainment and office space. A 160-unit multifamily complex and a hotel will also be included in the 16-acre development area. The development will occur in three phases beginning in July and culminating in August 2020. The first phase will be the multifamily component, which will be designed to appeal to young professionals. Phase II will include the restaurants, retail and office space. Kern’s Bakery will comprise 75,000 square feet of space. The third phase will include the hotel. The design team includes Jimmy Ryan of Knoxville’s Johnson as the architect and Fulghum, MacIndoe, and Associates Inc. will provide civil engineering services.

May 31, 2019

Development Industrial Southeast Tennessee Top Stories

LG Electronics Opens $360M Washing Machine Factory in Northern Tennessee

by Alex Tostado May 31, 2019

CLARKSVILLE, TENN. — LG Electronics USA has opened its new $360 million, 1 million-square-foot home appliance factory in Clarksville. DPR Construction served as the general contractor for the 13-month project. Gresham, Smith and Partners was the architect. DPR employed more than 800 workers on-site to complete the plant, which sits on 310 acres. South Korea-based LG employs 550 workers at the facility with plans to house up to 700 employees when the factory becomes fully operational. LG will incorporate robotics, automation and engineered systems into the production of up to 1 million washing machines per year at the warehouse. “We are proud to bring state-of-the-art, home appliance production technology and even more U.S. jobs to the great state of Tennessee,” says Dan Song, president of the LG Home Appliance and Air Solutions Co. “Thanks to the support of local officials and the Montgomery County community, LG is expanding our business investments in the United States to better serve our customers and, ultimately, American consumers seeking the best washing machines in the market.” Tennessee Gov. Bill Lee was on-hand at the ribbon-cutting ceremony for the factory, which is located about 50 miles northwest of downtown Nashville. “LG is known around the world for its innovative appliances …

May 31, 2019

Development Hospitality Southeast Tennessee

Conrad Hotel to Anchor $540M Mixed-Use Project in Nashville

by Alex Tostado May 23, 2019

NASHVILLE, TENN. — Propst Development, Chartwell Hospitality LLC and Hilton Worldwide have signed Conrad Nashville, a luxury Hilton branded hotel, to anchor Broadwest, a $540 million mixed-use project in Nashville. Set to open in 2021, the hotel will occupy 14 stories of a 34-story building and comprise 237 rooms. The remaining stories will include 196 condominiums. Propst and Chartwell will co-own Conrad Nashville, and Chartwell will handle management services. Cooper Carry designed the tower. A 21-story, 510,000-square-foot office building will stand next to Conrad Nashville, and the two buildings will be connected by 125,000 square feet of retail space, as well as a 1.5-acre plaza. Hoar Construction will serve as the project’s general contractor, and Champalimaud Design is the interior designer.

May 23, 2019

Acquisitions Industrial Self-Storage Southeast Tennessee

HFF Negotiates Sale of 952-Unit Self-Storage Facility in Nashville

by Alex Tostado May 23, 2019

NASHVILLE, TENN. — HFF has arranged the sale of Charlotte Pike Storage, a 952-unit self-storage facility in Nashville. Charlotte Pike Storage was delivered in October 2018 and is now managed by Public Storage, a self-storage REIT based in California. Barbara Guffey and Jason Nettles of HFF represented the seller, Provident Realty Advisors Inc., in the transaction. Brent Bowman and Travis Anderson of HFF arranged acquisition financing on behalf of the buyer, Proffitt Dixon Partners. The sales price and amount of the loan were not disclosed.

May 23, 2019

Acquisitions Healthcare Southeast Tennessee

Montecito Medical Acquires Healthcare Firm, 221,000 SF Medical Office Building in Metro Nashville

by Alex Tostado May 20, 2019

MUFREESBORO, TENN. — Montecito Medical Real Estate has acquired Murfreesboro Medical Partners LLC, a Murfreesboro-based medical office building (MOB) owner. The acquisition includes a three-story, 221,000-square-foot MOB that was fully leased to Murfreesboro Medical Clinic (MMC) at the time of sale. MMC houses more than 80 physicians and 600 employees and offers more than 20 specialties, including an ambulatory surgery center and radiology department. The terms of the acquisition were not disclosed. MMC is situated adjacent to St. Thomas Rutherford Hospital, which operates 305 beds and is the largest healthcare facility in the Murfreesboro market. Anthony Lunceford, Joe Massa and Woody Widenhofer of Colliers International Healthcare Investment Services advised both the seller and the buyer in the transaction.

May 20, 2019

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