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

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Strong 2018 Re-Establishes Memphis’ Status as ‘America’s Distribution Center’

by Alex Tostado May 20, 2019

Memphis continued its record-setting ways throughout 2018. Absorption was higher than 2017 by over 735,000 square feet for a total of 6.7 million square feet. Overall vacancy rates fell below 6 percent for the first time in recent history. As of Jan. 1, 2019, vacancy rates were at 5.8 percent. One would think this would come at the expense of rental rates, however, rental rates stayed constant at $2.77 per square foot until year-end. This represents a slight increase of 10 cents per square foot over 2017. With an industrial market exceeding 270 million square feet, it’s no wonder how Memphis got its name as “America’s Distribution Center.” Memphis International Airport is the second largest cargo airport in the world, home to 400 trucking companies, the third busiest trucking corridor (Interstate 40 to Little Rock), one of only four cities to be served by five long-haul Class 1 rail systems, the fourth largest inland port and the second largest stillwater port. Home to the FedEx World Hub, as well as UPS and USPS hubs all operating 24 hours a day, 365 days a week, Memphis provides the most cost-effective distribution and logistics operations in the country. While Memphis has been …

May 20, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Memphis Retail has Momentum With New Developments, Retailers, Restaurants

by Alex Tostado May 13, 2019

In January, during his annual State of the State address, Memphis Mayor Jim Strickland emphatically exclaimed, “Memphis has momentum!” Memphis, the biggest little town in America, is definitely in a period of unparalleled economic growth. Memphis has momentum on its side with the $10 billion, nine-year expansion at St. Jude Hospital and an infusion of hospitality that includes a new convention center and no fewer than 17 new hotels, which all started, will start or will be completed in downtown in 2019. Additionally, $4 billion in building permits have been awarded in the last few months with another $5 billion planned by developers. Most importantly, the highly anticipated Memphis 3.0 plan — the first comprehensive growth strategy for the city in 30 years — will ensure growth is sustained for many years to come. What are others saying about Memphis? Many respected publications are putting Memphis back on the map. Food & Wine put Memphis in its top 50 places to go and eat in 2019. Frommer’s Travel named the city the best place to visit in 2019. TravelChannel.com lists Memphis as the hottest Southern destination in 2019. And Forbes stakes Memphis as the best bet for real estate investments. …

May 13, 2019

Acquisitions Multifamily Southeast Tennessee

Continental Realty Advisors Sells Multifamily Complex in Metro Memphis for $35.9M

by Alex Tostado May 7, 2019

GERMANTOWN, TENN. — Continental Realty Advisors (CRA) has sold The Preserve at Southwind Apartments, a 306-unit multifamily complex built in 2000 in Germantown, for $35.9 million. Denver-based CRA bought The Preserve in December 2014 and renovated the clubhouse, leasing center, fitness center and swimming pool area. The asset is situated one mile south of the FedEx Express World Headquarters and 21 miles southwest of downtown Memphis. Blake Pera of Newmark Knight Frank represented the seller in the transaction. The buyer was not disclosed.

May 7, 2019

Market Reports Southeast Southeast Market Reports Tennessee

Memphis Office Market Continues to Evolve with Strong Leasing, Sales Activity

by Alex Tostado May 6, 2019

Memphis is currently undergoing an evolution that has been experienced by many markets in the region: increasing activity among office tenants moving with more confidence. In Memphis, this is manifesting itself in a flight to quality among office-using companies. While East Memphis is considered the most attractive office submarket in the region, the Downtown submarket has experienced significant leasing over the past 24 months and is gaining momentum. This focus on urban office is another trend that is just now hitting the Memphis market. Memphis’ most significant win in 2018 was Indigo Ag’s announcement that it will relocate its North American headquarters for its commercial operations to downtown Memphis. Indigo Ag, a high-tech agriculture firm whose primary service includes coating seeds with protective microbes, will expand its current downtown Memphis office at Toyota Center. With the expansion, the firm intends to increase its workforce by 700 corporate employees and invest $6.6 million over the next three years. Upon its completion, Indigo Ag will occupy 103,500 square feet in the eight-story Toyota Center, which will be renamed “Indigo Plaza.” The move represents the most recent and significant corporate investment in the Downtown submarket, following the relocation of ServiceMaster and its 1,200 …

May 6, 2019

Loans Multifamily Southeast Tennessee

KeyBank Provides $79.9M Refinancing Loan for Apartment Complex in Metro Nashville

by Alex Tostado May 3, 2019

MURFREESBORO, TENN. — KeyBank Real Estate Capital has provided a $79.9 million refinancing loan for LC Murfreesboro, a 580-unit apartment community in Murfreesboro, about 34 miles southwest of Nashville. The Freddie Mac loan features a fixed interest rate with an 11-year term, five years of interest-only payments and a 30-year amortization schedule. Built in phases between 2015 and 2018, LC Murfreesboro comprises19 three-story buildings offering one- and two-bedroom floor plans. Amenities include green spaces, a fitness center and a swimming pool. Jon Reible of KeyBank originated the loan on behalf of the borrower, Columbus, Ohio-based Lifestyle Communities to refinance existing debt.

May 3, 2019

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