GERMANTOWN, TENN. — PEBB Enterprises has signed Ulta Beauty and Verizon Wireless to leases at Germantown Village Square, a retail and office complex, in Memphis. With the additions, the shopping center is now 97 percent leased, with one 4,000-square-foot space vacant. The upstairs office space is 90 percent leased, with 2,700-square-foot and 3,800-square-foot spaces available for lease. The center is located about 21 miles east of downtown Memphis.
MEMPHIS, TENN. — FedEx Logistics, a subsidiary of FedEx Corp., will move its global headquarters to the site of the former Gibson Guitar factory building, a 145,000-square-foot facility located at 145 George W. Lee Ave. near Beale Street in downtown Memphis. FedEx Logistics plans to consolidate multiple locations and more than 700 employees to the site over the next several years. The company will occupy the space beginning in April 2020. FedEx Logistics plans to add a mezzanine level that will bring the total square footage to nearly 200,000. LRK will be the architect for the expansion project.
NASHVILLE, TENN. — Tanger Outlets has announced plans to open a new outlet mall in downtown Nashville. This will be Tanger’s second location in Tennessee and 43rd in the United States. The site will comprise 300 acres off Interstate 24. At full build-out, it will offer 280,000 square feet of leasable space. The company said it will not break ground until the property is at least 60 percent leased.
CHATTANOOGA, TENN. — CBL Properties and Vision Hospitality Group plan to develop a 135-room hotel in Chattanooga as part of the redevelopment of Hamilton Place mall. The new Aloft by Marriott will be situated between The Cheesecake Factory and the future Dave & Buster’s where a former Sears used to be at Hamilton Place. Amenities will include an urban-inspired design with loft-like guestrooms featuring nine-foot ceilings and keyless entry using your smartphone or Apple Watch. The hotel will be situated about 12 miles east of downtown Chattanooga. Construction on Hamilton Place is set to begin in the spring.
NASHVILLE, TENN. — Branch Properties LLC and Crosland Southeast have sold One Bellevue Place, a 355,240-square-foot power retail village in Nashville’s Bellevue neighborhood. MetLife acquired the asset for $93 million. Located at 7620 Highway 70 South, the shopping center is part of a redevelopment of the former Bellevue Center mall that now includes retail, entertainment venues, hotel rooms, office space, residential units and the training facility for the NHL’s Nashville Predators. The retail asset is anchored by Carmike Cinemas, Burlington Coat Factory, Sprouts Farmers Market, HomeGoods, Michaels, Ross Dress for Less, PetSmart, Off Broadway Shoes, Ulta Beauty and Kirkland’s. In December, Southeast Real Estate Business reported that Novel Bellevue Place, the 337-unit residential community within One Bellevue Place, was sold. CBRE represented the sellers in the transaction.
MEMPHIS, TENN. — Woodyard Realty Corp. has arranged the $6.8 million sale of Lakeville Townhomes, a 228-unit apartment community in Memphis. The asset was originally built in 1975, and in 2007, the undisclosed seller repositioned it as part of a condo-grade overhaul. The undisclosed New York-based buyer is planning further renovations. The property is situated about two miles from Memphis International Airport, and was 96 percent occupied at the time of the transaction. Lea Heilig of Woodyard Realty represented the buyer and seller in the transaction.
CLEVELAND, TENN. — MedProperties Realty Advisors LLC and Aurum Property Partners LLC have created a joint venture to acquire Bradley Professional Building, a four-story, 81,382-square-foot medical office building in Cleveland. The property is situated on the Tennova Healthcare — Cleveland campus, about 30 miles northeast of Chattanooga. The value-add site can accommodate another building up to 40,000 square feet. Bradley Professional Building was 95 percent leased at the time of the transaction. The sales price and seller were not disclosed.
ALCOA, TENN. — SRS Real Estate Partners has arranged the sale of Hamilton Crossing, a 175,464-square-foot shopping center located in the Knoxville suburb of Alcoa. The property was 95 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Ross Dress for Less, Michaels, PetSmart, Old Navy, Shoe Carnival, Buffalo Wild Wings, AT&T and Five Guys. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the undisclosed seller in the transaction. The buyer and terms of the sale were also not disclosed.
CLARKSVILLE, TENN. — Montecito Medical Real Estate has acquired two medical office buildings that house Premier Medical Group in Clarksville. The adjacent buildings span 109,000 square feet of space combined and were 100 percent leased at the time of the transaction. Building 1 was constructed in 2016 and offers 55,000 square feet of space that Premier Medical Group uses to provide family medicine, internal medicine, occupational and travel medicine, a walk-in clinic, diagnostic imaging services (CT, fluoroscopy, ultrasound, MRI and mammography) and a laboratory. Building 2 was built in 2018 and offers 54,000 square feet of space that Premier uses to offer pediatrics services and obstetrics and gynecology, along with the practice’s administrative, business offices and scheduling services. The Class A buildings are located about 45 miles northeast of Nashville. Anthony Lunceford and Joe Massa of Colliers International Healthcare Investment Services brokered the transaction on behalf of Nashville-based Montecito. The seller and sales price were not disclosed. Founded in 1995, Clarksville-based Premier Medical Group is a multi-specialty healthcare practice employing a workforce of 300 employees.
MEMPHIS, TENN. — A joint venture between Balfour Beatty Communities, American National Insurance Co. and ApexOne Investment Partners has acquired Preserve at Southwind, a 306-unit apartment complex in Memphis. The community was built in 2000 and features one-, two- and three-bedroom floor plans. The property is situated in the city’s Germantown/Collierville area about 15 miles east of Memphis International Airport and about 22 miles east of downtown Memphis. As part of the ownership agreement, Balfour Beatty will provide property management services. Newmark Knight Frank brokered the acquisition. The seller and sales price were undisclosed.
