Tennessee

Capstone Negotiates Sale of Multifamily Community Made of Shipping Containers Under Construction in Nashville

by Alex Tostado June 22, 2020

NASHVILLE, TENN. — Capstone Apartment Partners has negotiated the sale of 83 Freight, a planned 83-unit multifamily community being built using shipping containers in Nashville. When complete, the community will offer rooftop balconies, as well as studio, one- and two-bedroom floor plans ranging in size from 320 to 1,280 square feet. The property is situated within Nashville’s Wedgewood-Houston neighborhood, which was historically an industrial district. Now the area is being reimagined and will include the 27,500-seat soccer stadium for the MLS’ Nashville SC. The seller, FMBC Investments, expects to deliver 83 Freight this summer. Adam Klenk, Jonathan Hawks, Tyler Mayo and Austin Heithcock of Capstone represented the seller in the transaction. The undisclosed buyer acquired the property for more than $11 million.

June 22, 2020

Development Mixed-Use Southeast Tennessee

GBT Realty Breaks Ground on Parke West Mixed-Use Project in West Nashville

by John Nelson June 19, 2020

NASHVILLE, TENN. — GBT Realty has broken ground on Parke West, a mixed-use development near Nashville’s West End that will feature a dual-branded hotel, 210 residential units and 11,000 square feet of retail space. Chartwell Hospitality will develop and manage the hotel, which will feature 110 Hilton Garden Inn rooms and 69 Home2 Suites rooms. The hotel will also feature a fitness center, amenity deck and 4,000 square feet of meeting space. This is the 13th hotel that Brentwood, Tenn.-based GBT Realty has built in the Nashville market. The apartment community will feature two outdoor amenity spaces. Hoar Construction is serving as the general contractor for Parke West, and First Horizon Bank provided construction financing. GBT Realty expects to deliver the project in 2022.

June 19, 2020

Loans Seniors Housing Southeast Tennessee

Ziegler Arranges $45.2M Refinancing for Seniors Housing Community Near Memphis

by John Nelson June 17, 2020

GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.

June 17, 2020

Acquisitions Hospitality Southeast Tennessee

Joint Venture Acquires 250-Room Hutton Hotel in Midtown Nashville

by Alex Tostado June 10, 2020

NASHVILLE, TENN. — A joint venture between BentallGreenOak, Flank Management LP and Geolo Capital has acquired Hutton Hotel, a 250-room hotel in Midtown Nashville. The sales price was not disclosed, though the joint venture said it bought the asset in an all-cash deal. Hutton Hotel was delivered in 2009 and draws inspiration from its proximity to Music Row, with two writers’ and recording studios within the hotel. The hotel also offers three dining concepts: a coffee shop, all-day restaurant and a 5,000-square-foot entertainment venue that hosts live music events. Additional amenities include a Tesla Model S for guest transportation, fitness center, a spa and in-room record players. The seller was not disclosed, but Carey Watermark Investors (now known as Watermark Lodging Trust) purchased the asset in 2013 and listed it on the company’s year-end 2019 portfolio snapshot. Earlier this week, the Nashville Business Journal reported that 137 employees at Hutton Hotel were permanently laid off due to the COVID-19 pandemic.

June 10, 2020

Development Multifamily Southeast Tennessee

Alliance Residential to Develop 343-Unit Multifamily Community in Nashville

by Alex Tostado June 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. will develop Broadstone Nations, a planned 343-unit multifamily community in Nashville’s The Nations neighborhood. Alliance Residential closed on the 6.3-acre land sale and expects to begin construction later this year with the first units slated to open in early 2022. The five-story building will offer studio, one- and two-bedroom floor plans averaging 809 square feet. Communal amenities will include a private meditation room, fitness center with a separated yoga room and a saltwater pool. Unit interiors will feature soft-close cabinetry, built-in desks, chef-inspired kitchen islands, and select units will feature home offices, dry bars and wine refrigerators. The community will be located at 4731 Centennial Blvd., five miles west of downtown Nashville.

June 4, 2020

Acquisitions Industrial Leasing Activity Southeast Tennessee

Brennan Investment Group Executes Sale-Leaseback of 90,250 SF Industrial Building Near Nashville

by Alex Tostado June 2, 2020

GALLATIN, TENN. — Brennan Investment Group has acquired and executed a 90,250-square-foot sale-leaseback of an industrial building fully leased to Bennett Tool & Die, a contract tooling and metal stamping supplier. The building is located at 1550 Airport Road in Gallatin, 33 miles northeast of downtown Nashville. The facility serves as Bennett Tool & Die’s corporate headquarters and primary manufacturing facility. The sales price and terms of the new lease were not disclosed.

June 2, 2020

Acquisitions Hospitality Southeast Tennessee

Pebblebrook Agrees to Sell Union Station Hotel in Downtown Nashville for $56M

by Alex Tostado May 28, 2020

NASHVILLE, TENN. — Pebblebrook Hotel Trust has agreed to sell Union Station Hotel, a 125-room hotel in downtown Nashville, for $56 million. The hotel is part of Marriott’s Autograph collection. The historic property is situated at 1001 Broadway in a former railroad terminal that opened in 1900. Amenities at the property include a restaurant and bar, fitness center, business center, valet parking and meeting and event space. Pebblebrook expects the sale to close in the third quarter of this year. The hotel opened in 1986 and became a member of Historic Hotels of America in 2015. Historic Hotels of America is the official program of the nonprofit organization National Trust for Historic Preservation for recognizing historic hotels. The buyer was not disclosed.

May 28, 2020

Company News Retail Southeast Tennessee

CBL Properties Collects 27 Percent of Rent Checks in April, Predicts Similar Revenue Stream for May

by Alex Tostado May 27, 2020

CHATTANOOGA, TENN. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements and deferrals to several tenants and expect to collect April and May rents later in 2020 and into 2021. CBL also reported that its same-center net operating income (NOI) declined 8.7 percent year-over-year in March. Additionally, in an effort to save cash, CBL delayed approximately $60 million to $80 million in expenditures and redevelopments for 2020. CBL owns 91 total properties in 26 states, including Mayfaire Town Centre in Wilmington, N.C.; Fayette Mall in Lexington, Ky.; Brookfield Square in Milwaukee; The Outlet Shops at Atlanta in Woodstock, Ga.; and CoolSprings Crossing in Franklin, Tenn.

May 27, 2020

Acquisitions Kentucky Retail Southeast 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

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