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.
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.
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.
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.
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 …
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.
NASHVILLE, TENN. — Developer Safe Harbor Development LLC has opened the $82 million Margaritaville Hotel Nashville, a 12-story hotel featuring 166 guestrooms, as well as 52 suites. Davidson Hotels & Resorts manages the hotel, which is located at 425 5th Ave. S. in downtown Nashville’s SoBro (South of Broadway) district. Margaritaville Hotel Nashville is adjacent to the Country Music Hall of Fame, Bridgestone Arena, Music City Center and Honky Tonk Highway. Amenities include a rooftop pool, sundeck, fire pits, live entertainment, a fitness center, and two Margaritaville-branded restaurants: FINS Bar and JWB Grill. The hotel also includes nearly 11,000 square feet of indoor and outdoor customizable event space, as well as Radio Margaritaville’s Nashville studio.
JACKSON, TENN. — Cushman & Wakefield has arranged the $50.5 million sale of a five-property, value-add portfolio totaling 667 apartments located throughout Tennessee. Cushman & Wakefield’s Robbie O’Bryan and Brad Boston represented the seller, Nashville-based Freeman Webb Co., in the transaction. Knoxville, Tenn.-based Dominion Group acquired the properties. The portfolio includes the 50-unit Whispering Oaks and the 228-unit The Hermitage, both located in Jackson. The other properties include the 101-unit Poplar Village in Murfreesboro, the 148-unit Ridgeside Apartments in Hixson and the 140-unit Papermill Square in Knoxville.
ANDERSONVILLE, TENN. — Medical supply distributor HemaSource Inc. has leased 114,800 square feet of a newly developed industrial facility in Andersonville, 18 miles northwest of Knoxville. Built by The Hollingsworth Cos., the building is upfitted for high-volume distribution utilizing tax incentive financing. The remaining 13,100 square feet of the 127,900-square-foot building is office space already leased to metal supplier A&S Building Systems. The Hollingsworth facility has the capacity to expand to 172,600 square feet and features 32-foot clear heights and 12 dock doors.
CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) will suspend its stock dividends for 2019 and possibly through year-end 2020 in the face of retail bankruptcies, store closures and corporate restructurings of tenants within its portfolio. The Chattanooga-based shopping center and mall owner’s board of directors will review the suspension quarterly but doesn’t expect the dividends to resume in 2020. CBL announced the decision following a review of current taxable income projections for 2019 and 2020. Unpaid dividends on CBL’s preferred stock shall accrue without interest. The suspension includes CBL’s common stock, 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock. CBL’s stock price fell in the wake of the announcement, going from $1.36 per share Monday afternoon to 93 cents per share Tuesday morning, then steadily rose to $1.03 for Thursday’s opening. Stephen Lebovitz, CBL’s CEO, says that the REIT has tried to shore up operating costs the past 18 months through reducing executive compensation and capital expenditures, as well as bringing on joint venture partners. Lebovitz expects the company’s net operating income to decline in 2020.