Tennessee

NKF Brokers Sale of 106,495 SF Shoppes at Millington Farms in Metro Memphis

by Alex Tostado December 4, 2019

MILLINGTON, TENN. — Newmark Knight Frank (NKF) has brokered the sale of the 106,495-square-foot Shoppes at Millington Farms, a 106,495–square-foot shopping center located at 8540 U.S. Highway 51 N. in Millington. Real estate firm Ryan Cos. sold the center, located 18 miles northeast of Memphis, to Living for Life Apartments LLC. Drew Fleming, Mark Joines and Henry Kushner of NKF represented the seller in the transaction. Built in 2017, the shopping center was fully leased to tenants including Ross Dress for Less, Five Below, Petco, Burkes Outlet and Dunham’s Sports. The sales price was not disclosed.

December 4, 2019

Loans Multifamily Southeast Tennessee

Grandbridge Provides $42.9M Refinancing Loan for Apartment Complex Near Nashville

by Alex Tostado December 3, 2019

MURFREESBORO, TENN. — Grandbridge Real Estate Capital LLC has provided a $42.9 million construction refinancing loan for The Banks at West Fork Apartments, a 328-unit apartment complex 30 miles southwest of Nashville, in Murfreesboro. The non-recourse loan was structured with a 15-year fixed interest rate and a 30-year amortization beginning after a period of interest-only payments. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge, along with Carl Bedwell of Pinnacle Financial Partners, originated the loan on behalf of the undisclosed borrower. The Banks at West Fork Apartments offers eight residential buildings comprising one-, two-, and three-bedroom layouts. The property is located at 1405 Riverwatch Court, near Interstate 24. Communal amenities include a clubhouse, pool, patio with grilling stations, yoga/fitness studio, billiard room, playground, pet spa and gated entry.

December 3, 2019

Development Leasing Activity Office Southeast Tennessee

Mitsubishi Confirms New U.S. Headquarters Office in Franklin, Tennessee

by John Nelson November 20, 2019

FRANKLIN, TENN. — Mitsubishi Motors North America, Inc. (MMNA) has confirmed the location for the company’s permanent headquarters in the Cool Springs district of Franklin, a suburb south of Nashville. The automotive company has signed a long-term lease for approximately 40,000 square feet at the McEwen Northside mixed-use project that Boyle Investment Co. is developing. Scheduled for completion in early spring 2020, the greenfield-developed project is located at 4015 Aspen Grove Drive. MMNA will occupy the entire top floor and approximately half of the floor beneath, with exclusive external building signage rights, including the brand’s logo. Scott Wetzel, Mitch Lundquist, Bo Tyler and Kevin Ziomek of JLL represented MMNA in the lease negotiations. Currently headquartered in Cypress, Calif., MMNA is responsible for the sales, research and development, marketing and customer service of Mitsubishi Motors vehicles in the United States.

November 20, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Arranges $46.5M Sale of Waterford Landings Apartment Complex in Clarksville, Tennessee

by John Nelson November 19, 2019

CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Arizona-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, laundry facilities and a barbecue area. The property is near Interstate 24 and Route 79, as well as the recently opened LG plant and Google data center. Patrick Jordan of Berkadia’s Memphis office, along with Alex Blagojevich of the firm’s Chicago office, completed the sale.

November 19, 2019

Acquisitions Multifamily Southeast Tennessee

Bluestone Properties Purchases 1400 Chestnut Apartments in Downtown Chattanooga

by Alex Tostado November 18, 2019

CHATTANOOGA, TENN. — Bluestone Properties has purchased 1400 Chestnut Apartments, a 200-unit multifamily property in downtown Chattanooga. According to the Chattanooga Times Free Press, Birmingham, Ala.-based Kore LLC delivered the community in 2017. Close to Interstates 24 and 75, the four-story residential community contains one- and two-bedroom apartments, a pool and lounge area, resident center with a complimentary wine and coffee bar, grilling and fire pit areas, fitness center, yoga room and a dog spa. Unit interiors include quartz countertops, tiles accents and backsplashes, wood flooring, white cabinetry and stainless steel appliances.

November 18, 2019

Acquisitions Retail Southeast Tennessee

SunTrust, BB&T Agree to Sell 30 Bank Branches in Three States to First Horizon

by Alex Tostado November 12, 2019

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.

November 12, 2019

Development Industrial Southeast Tennessee

Holladay Properties Breaks Ground on 330,000 SF Phase III of Industrial Park Near Nashville International Airport

by Alex Tostado October 28, 2019

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.

October 28, 2019

Development Office Southeast Tennessee

GBT Realty Acquires Final Piece of Land for 23-Story Office Tower in Downtown Nashville

by Alex Tostado October 25, 2019

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.”

October 25, 2019

Acquisitions Multifamily Southeast Tennessee

Passco Acquires Newly Built Multifamily Property in Knoxville for $40.4M

by Alex Tostado October 22, 2019

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.

October 22, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Cranes Inhabit Nashville Skies as Office Market Booms With New Projects

by John Nelson October 22, 2019

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 …

October 22, 2019

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