Tennessee

Woodyard Realty Brokers $13.5M Sale of New Loft Apartment Community in Downtown Memphis

by John Nelson April 25, 2019

MEMPHIS, TENN. — Woodyard Realty Corp. has brokered the $13.5 million sale of Phase II of 266 Lofts in downtown Memphis. Pittsburgh-based Alpha Capital Partners purchased the second phase, which was fully occupied at the time of sale. The seller, VS Developments, delivered the 74-unit second phase in late 2018 and the 77-unit first phase in 2017. Lea Heilig of Woodyard Realty represented the seller and procured the buyer. Phase II also added two street-level retail spaces leased to a restaurant/bar and a boutique salon. Situated in the South Main Arts district in Memphis, the three-story multifamily community features units ranging from 790 to 1,300 square feet and amenities such as a fitness center, pool and a poolside restaurant that delivers room-service meals to residents.

April 25, 2019

Acquisitions Multifamily Southeast Tennessee

Sterling Group Sells Apartment Community in Nashville for $20.7M

by Alex Tostado April 22, 2019

NASHVILLE, TENN. — Multifamily investment firm The Sterling Group has sold Hampton Chase Apartments, a 202-unit multifamily community located approximately 10 miles from downtown Nashville. The buyer was Los Angeles-based Lion Real Estate Group, which acquired the asset for $20.7 million. Prior to the sale, Sterling Group renovated 137 units at the property, which was built in 1974. Communal amenities include two swimming pools, a fitness center, clubhouse, picnic area, firepit, sun deck and a playground. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented The Sterling Group in the deal.

April 22, 2019

Leasing Activity Retail Southeast Tennessee

Local Brewery, Coffee Shop to Join Sylvan Supply Project in Nashville

by Alex Tostado April 22, 2019

NASHVILLE, TENN. — Bearded Iris Brewery and Barista Parlor, both local to Nashville, have signed leases to join the tenant lineup at Sylvan Supply in Nashville. Atlanta-based Third & Urban and Chevy Chase, Md.-based FCP are renovating the 96-year-old mill on Charlotte Avenue into a six-building, 130,700-square-foot mixed-use development that will feature office space, outdoor areas and 32,850 square feet of retail and dining space. Bearded Iris Brewery, named for Tennessee’s state flower, will brew experiential batches exclusive to the location, as well as its full portfolio of beer. Barista Parlor will offer coffee and breakfast. Sylvan Supply is expected to open this year and both Iris Bearded Brewery and Barista Parlor are expected to move in early next year. Elliott Kyle of Equitable Property Co. represented the developers in the lease transactions.

April 22, 2019

Development Hospitality Southeast Tennessee Top Stories

Congress Group, AECOM Capital to Develop $360M Four Seasons Hotel in Nashville

by Taylor Williams April 22, 2019

NASHVILLE, TENN. — A partnership between Boston-based developer The Congress Group Inc. and AECOM Capital will develop the Four Seasons Hotel and Private Residences, a $360 million project in Nashville. The property will comprise 232 hotel rooms, an undisclosed number of for-sale residential units, 10,000 square feet of retail space and a 368-space parking garage. Construction is slated to begin sometime during the second quarter of 2019. Located at 151 First Ave. South, the hotel will overlook the Cumberland River and offer immediate proximity to the Broadway entertainment district, as well as Nissan Stadium, home of the NFL’s Tennessee Titans. In addition, the hubs of four of the five largest employers in Nashville — including Pinnacle Financial Partners and Bridgestone — are located in close proximity to the hotel. Riaz Cassum, Danny Kaufman, Robyn King, Andrew Gray and Mary Dooley of HFF worked on behalf of the development team to arrange $360 million in debt and equity financing for the project. The lender and loan terms were not disclosed. “This transaction garnered strong interest from both lenders and equity investors via the strength of the sponsors and their vision for a world-class development on the best site in Nashville,” says …

April 22, 2019

Industrial Market Reports Southeast Southeast Market Reports Tennessee

E-Commerce Firms, 3PLs Looking for Last Mile Facilities in Nashville Market

by Alex Tostado April 22, 2019

The industrial real estate sector is currently undergoing one of the greatest expansionary periods in the nation’s history. Record development, all-time high occupancy and rental rates and strong leasing activity have been a boon to the U.S. industrial market in the last two years. In addition to these fundamental elements that make up a strong sector, there has been a demand driver that has transformed the industrial market more now than ever: e-commerce. Amazon is now the largest industrial occupier post-recession, which is forcing retailers and wholesalers to modernize their supply chain to keep up. E-commerce is not a new phenomenon, but it is becoming increasingly competitive, and is expected to grow another 55 percent in the next four years, according to Colliers International research. E-commerce has reshaped the way people purchase goods, resulting in new increased requirements on the transportation of products. As such, organizations are needing to reevaluate their supply chain strategies and transportation costs, and demand for smaller fulfillment centers closer to the urban population is exploding. This challenge around the “last-mile delivery” is altering the distribution and logistics sectors. IMS Worldwide defines the last mile as the “last point of distribution or sortation to the final …

April 22, 2019

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Negotiates Sale of 655-Unit Multifamily Portfolio in Tennessee

by Alex Tostado April 19, 2019

JACKSON, TENN. — Cushman & Wakefield has negotiated the sale of a five-property, 655-unit multifamily Portfolio in Jackson. McDowell Properties sold the portfolio to Monarch Investment & Management Group. The properties are: Post House North, a 145-unit complex located at 26 Revere Circle; Woods of Post House, a 122-unit community located at 39 Thistlewood Drive; Post House Jackson, a 150-unit property located at 26 Rachel Drive; The Oaks, a 100-unit asset located at 842 North Parkway; and Bradford Chase, a 148-unit complex located at 24 Williamsburg Village. McDowell Properties has invested over $3 million in capital improvements at the properties since 2015, including clubhouse renovations, fitness center upgrades, interior upgrades and new exterior paint, gutters, roofs and signage. Robbie O’Bryan, Jimmy Adams and Brad Boston of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.

April 19, 2019

Development Office Southeast Tennessee

GBT Realty Unveils Plans for Downtown Nashville Office Building

by Alex Tostado April 16, 2019

NASHVILLE, TENN. — GBT Realty has unveiled plans for 1221 Broadway, an office building in downtown Nashville. Brentwood, Tenn.-based GBT completed the demolition of the former Firestone at the site. The new Class A office building will range from 365,000 to 500,000 square feet depending on the needs of potential tenants. The building will rise between 23 and 27 stories. The asset will also include 7,000 square feet of ground-level retail space, a 10th floor amenity deck and café, and parking on the property. The design team includes architect Gresham Smith & Partners and general contractor Brasfield & Gorrie. Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Bryan Fort of CBRE will market handle leasing efforts for the property. A timeline for construction was not disclosed.

April 16, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Downtown Nashville Retail Booms Across Three Major Mixed-Use Developments

by Alex Tostado April 15, 2019

With a staggering number of tower cranes at work every day, Nashville has delivered a record number of multifamily units, office space and hotel rooms in the past several years. Even with all this development and with tourists flocking to downtown seemingly every week of the year, one category has lagged: new retail downtown. To provide a snapshot of growth in downtown Nashville, the number of residential units downtown has grown from 3,700 in 2010 to 11,800 today. Hotel room rates since 2008 have virtually doubled, and we currently have 1.6 million square feet of office space under construction. But even with all this explosive growth, retail development downtown has lagged. Many would wonder why, and there are a number of reasons. Historically, many developers have seen downtown Nashville as an afterthought to include ground-level retail in their projects. Because of this, small amounts of retail were metered onto the market. This retail space was geographically spread out over a number of developments across downtown. This did not lead to a rich consumer experience, because consumers strongly prefer finding retail options in a concentrated environment. Another challenge to building great retail has been the limited scale of individual projects. But …

April 15, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Corporate Relocations, Coworking Concepts Reshape Nashville’s Office Market

by Alex Tostado April 8, 2019

The Nashville office market continues to have positive momentum coming into 2019, following three years of record-setting leasing that brought several big name corporate tenants to the market — plus a recent surprise announcement that Amazon will soon be adding 5,000 employees to Nashville’s central business district (CBD) within the Nashville Yards development. The bulk of the activity is concentrated in CBD Class A office space, as tenants focus on real estate decisions that emphasize recruiting and employee retention. This trend mirrors activity occurring in many major markets across the country. Companies continue to seek the coveted urban work-live-play environments designed to attract the millennial population. Avison Young research shows that the CBD recorded 255,330 square feet of positive net absorption at year-end 2018. Among the large companies that signed notable leases in the urban core in 2018 are Philips, AllianceBernstein and Asurion, which is adding 400 tech employees and consolidating several locations into a new 550,000-square-foot headquarters at 11th Avenue North and Church Street in the Gulch. Construction is scheduled to begin this year on that headquarters, with completion slated by the end of 2021. Nashville’s strong business climate and robust office leasing activity have caught the attention of …

April 8, 2019

Development Hospitality Southeast Tennessee

Joint Venture to Develop Two Hotel Towers in Downtown Nashville Adjacent to Music City Center

by Alex Tostado April 2, 2019

NASHVILLE, TENN. — Starwood Capital Group, Crescent Real Estate LLC and High Street Capital Partners will develop a two-tower, dual-branded hotel situated on 1.3 acres directly across from Music City Center, a $625 million convention center in downtown Nashville that opened in 2013. The project will consist of a 506-room, 30-story Embassy Suites by Hilton and a 215-room, 18-story 1Hotel Tower, Starwood’s signature brand. The two hotel towers will be connected via a four-story lobby, conference center, public street-level dining and retail space and a rooftop bar. The joint venture will break ground on the hotels in the second quarter of this year.

April 2, 2019

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