Tennessee

Impressive Retail Growth Makes Chattanooga More Than Just a Place to Visit

by Taylor Williams August 13, 2019

If you have visited Chattanooga in the past year, it should come as no surprise that you are in fine company. Mayors and Economic Development executives from across the nation have been flocking to the Scenic City. Envious of the Chattanooga success story, they have come to witness firsthand the ongoing transformation that has made Chattanooga one of the most livable, sensational and progressive mid-sized cities in America. The Chattanooga retail market is strong, chiefly due to the overall health and culture of the entire city. River City Co., a longtime successful, private nonprofit led by CEO Kim White, touts itself as the economic development engine for downtown. It reports the cost of living in vibrant downtown Chattanooga is 15.9 percent less than the national average. This has drawn everyone from millennials to retirees to the vibrancy and livability of the city. Tourism in a non-coastal Southern city with fewer than 180,000 residents may seem not even worth pursuing, but Chattanooga hosts more than 3 million annual visitors. Travelers are lured by destinations such as the Tennessee Aquarium, Children’s Discovery Museum and the IMAX. There are also events such as the Ironman; the Head of the Hooch, which is one …

August 13, 2019

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges $60M Sale of Apartment Community Near Nashville

by Alex Tostado August 9, 2019

SPRING HILL, TENN. — Marcus & Millichap has arranged the $60 million sale of The Grand Reserve Spring Hill, a 290-unit apartment community in Spring Hill. The property is located at 3085 Commonwealth Drive, about 35 miles south of downtown Nashville. The Grand Reserve offers one-, two- and three-bedroom floor plans. Communal amenities include a billiards room, car care center, sauna, pet park, saltwater swimming pool and a fitness center. David Stollenwerk of Marcus & Millichap represented the undisclosed seller in the transaction and also procured the undisclosed buyer.

August 9, 2019

Acquisitions Mississippi Multifamily Southeast Tennessee

Blue Magma Purchases Multifamily Communities in Memphis, Hattiesburg for $32.6M

by Alex Tostado August 6, 2019

HATTIESBURG, MISS. AND MEMPHIS, TENN. — Blue Magma Residential LLC has purchased Country Oaks Apartments in Memphis and Prosper Hattiesburg Apartments in Hattiesburg for a total of $32.6 million. Country Oaks is located at 6536 S. Country Oaks Circle in southeast Memphis. The property will be rebranded as The Park at Hollyford. Country Oaks was 98 percent occupied at the time of sale and the new ownership is planning to invest $2.6 million to renovate the interiors and exterior of the property. Multifamily Capital Markets represented the buyer in the transaction. Prosper Hattiesburg is located at 200 Foxgate Ave., near the University of Southern Mississippi. The buyer will invest $3.4 million to upgrade the interiors and exteriors of the property and rebrand it as The Park at Mayfield. Andrew Brown of Cushman & Wakefield represented the buyer in the transaction. Regions Bank provided acquisition financing on behalf of Blue Magma for both transactions.

August 6, 2019

Acquisitions Loans Multifamily Southeast Tennessee

KeyBank Provides $48M Acquisition Loan for Apartment Community in Metro Nashville

by Alex Tostado July 24, 2019

MT. JULIET, TENN. — KeyBank Real Estate Capital has provided a $48 million Freddie Mac acquisition loan to Bluerock Real Estate for Providence Trail Apartments in Mt. Juliet. Providence Trail Apartments was built in 2008 and underwent a $1.6 million renovation in 2016. The property offers 24 three-story buildings comprising 334 units. Communal amenities include a bark park, saltwater swimming pool, poolside grilling station, clubhouse, courtyard and a community kitchen. The seller was not disclosed.

July 24, 2019

Acquisitions Office Southeast Tennessee

CBRE Negotiates Sale of Four Office Buildings in Memphis Totaling Nearly 400,000 SF

by Alex Tostado July 22, 2019

MEMPHIS, TENN. — CBRE has negotiated the sale of four office buildings within Lenox Park, a seven-building office park in Memphis. The sold office buildings include C, D, E and F, which total 391,297 square feet. Lenox Park is situated in the 385 Corridor submarket, 19 miles southeast of downtown Memphis. The four buildings were 86.7 percent leased at the time of sale to tenants including Varsity Brands, IMC Cos., Unified Health Systems, Trinity Meyer Utility Structures, W.M. Barr & Co., American Car Center, Benefit Recovery Group and Pickering. Johnny Lamberson, Terry Radford, Justin Parsonnet and Will Yowell of CBRE represented the seller, HighBrook Investors, in the transaction. New York City-based Group RMC acquired the portfolio for an undisclosed price. The buyer retained CBRE to handle leasing and property management services. Ron Kastner will lead office leasing efforts, Kevin Clarkson will spearhead property management services and Lisa Thomas will serve as the onsite property manager.

July 22, 2019

Development Office Southeast Tennessee

Brasfield & Gorrie Delivers New Headquarters for Mars Petcare Near Nashville

by John Nelson July 8, 2019

FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green space with walking paths. Mars Petcare employs 85,000 associates and features 50 brands, including Pedigree, Iams and Whiskas.

July 8, 2019

Acquisitions Industrial Southeast Tennessee

Reich Brothers Acquires 182,200 SF Industrial Facility in Nashville

by Alex Tostado July 3, 2019

NASHVILLE, TENN. — Reich Brothers has acquired a 182,200-square-foot manufacturing and distribution facility in Nashville. The facility comprises one main building and two smaller buildings and is located at 707 Spence Lane, four miles from both Nashville International Airport and downtown Nashville. Formerly housing Wright Industries’ main production and warehousing capabilities, the property features ceiling heights ranging from 24 feet to 38 feet and can be repurposed for a single user or subdivided into multiple sections. The new owner will repurpose the property for new tenancy. Site work for the larger building has already commenced and is expected to be completed later this year. The two smaller buildings are currently available for lease or sale. Ronnie Wenzler of Cushman & Wakefield’s Nashville office is marketing the project for Reich Brothers, a national industrial real estate owner and management firm based in White Plains, N.Y. The seller and sales price were not disclosed.

July 3, 2019

Acquisitions Florida Georgia Industrial Loans Southeast Tennessee

PGIM Provides $450M Loan for 140-Building Industrial Portfolio in Southeast, Texas

by Alex Tostado July 2, 2019

DALLAS — PGIM Real Estate Finance has provided a $450 million first mortgage loan for a 140-building industrial portfolio primarily in the Southeast and Texas. The portfolio spans 57 projects within eight separate markets, with the largest concentration in Atlanta, Memphis, Tampa and Texas. Dallas-based PGIM provided the seven-year, fixed-rate loan to DRA Advisors, an office and industrial real estate investment firm with $10 billion of assets under management. The 9.8 million-square-foot portfolio had a combined 482 tenants at the time of the acquisition. The seller(s) was not disclosed. PGIM Real Estate Finance had financed the majority of the previous loans on the portfolio.

July 2, 2019

Leasing Activity Office Southeast Tennessee

Mitsubishi Motors North America to Relocate U.S. Headquarters to Metro Nashville

by Alex Tostado June 26, 2019

FRANKLIN, TENN. — Mitsubishi Motors North America (MMNA) will relocate its corporate U.S. headquarters from Cypress, Calif., to Franklin by the end of this year. The move will begin in August, where MMNA will occupy office space in a temporary location in Franklin. The company said the move will occur in an effort to reinvent itself and to be closer to sister company Nissan North America, which is headquartered in Nashville. MMNA is working with JLL to identify a permanent office location. There are nearly 200 people working in MMNA’s Cypress office. All corporate departments will be relocating, including sales, marketing, IT, human resources, communications, parts and service, product planning, dealer operations, finance and legal. Additionally, 25 employees representing the company’s Western Region operations will move to new offices in Orange County, Calif. It was not immediately clear on how much office space MMNA will lease in Franklin. MMNA is in talks with Nissan North America to move its West Coast distribution center, which is located on its existing corporate campus, to a new, shared facility in Riverside, Calif.

June 26, 2019

Development Office Southeast Tennessee

KDC to Develop 750,000 SF Office Building Within Aureum Mixed-Use Project in Nashville’s Cool Springs

by Alex Tostado June 14, 2019

FRANKLIN, TENN. — Dallas-based KDC has partnered with SouthStar and Chartwell Hospitality to develop a 750,000-square-foot office building within Aureum, a mixed-use development in Franklin. KDC will develop Aureum’s office component, SouthStar will develop 100,000 square feet of retail space, Chartwell Hospitality is developing three hotels totaling 700 rooms and SouthStar and Chartwell will co-develop a 480-unit residential community. Aureum, which is Latin for “golden,” will span 22 acres in Franklin’s Cool Springs area, about 18 miles south of downtown Nashville. KDC is expected to break ground on the office building in early 2020.

June 14, 2019

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