Tennessee

CBL Properties, Vision Hospitality Group to Develop 135-Room Hotel in Chattanooga, Replacing Former Sears

by Alex Tostado February 11, 2019

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.

February 11, 2019

Acquisitions Retail Southeast Tennessee

Branch, Crosland Southeast Sell One Bellevue Place in Nashville to MetLife for $93M

by Alex Tostado January 28, 2019

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.

January 28, 2019

Acquisitions Multifamily Southeast Tennessee

Woodyard Realty Brokers $6.8M Sale of Multifamily Complex in Memphis

by Alex Tostado January 23, 2019

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.

January 23, 2019

Acquisitions Healthcare Southeast Tennessee

MedProperties, Aurum Partner to Buy Medical Office Building Near Chattanooga

by Alex Tostado January 17, 2019

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.

January 17, 2019

Acquisitions Retail Southeast Tennessee

SRS Arranges Sale of 175,464 SF Shopping Center in Suburban Knoxville

by John Nelson January 14, 2019

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.

January 14, 2019

Acquisitions Healthcare Southeast Tennessee

Montecito Acquires 109,000 SF Medical Office Complex Near Nashville

by John Nelson January 9, 2019

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.

January 9, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 306-Unit Apartment Complex in Memphis

by Alex Tostado January 4, 2019

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.

January 4, 2019

Acquisitions Company News Healthcare Maryland Multifamily New York Northeast Seniors Housing Southeast Tennessee Top Stories

Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

by David Cohen January 2, 2019

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …

January 2, 2019

Acquisitions Multifamily Southeast Tennessee

Crescent Communities, Pearl Street Partners Sell Two Multifamily Complexes in Nashville

by Alex Tostado December 20, 2018

NASHVILLE, TENN. — Crescent Communities and Pearl Street Partners have sold Novel Bellevue Place, a 337-unit multifamily community in Nashville’s Bellevue neighborhood, to The Praedium Group for an undisclosed price. The partnership also sold Novel Music Row in downtown Nashville to The Dinerstein Cos. for an undisclosed price, but media reports have the price tag at $79.2 million. Bellevue Place is located within One Bellevue Place, a mixed-use redevelopment of Bellevue Mall that is situated on 87 acres about 14 miles southwest of downtown Nashville. When complete, the site will also house the Nashville Predators’ practice facility. Amenities include a fitness center, pool and clubroom. Music Row is situated in Nashville’s Gulch neighborhood. Amenities include an outdoor kitchen area, dog park, pool, fitness center, clubroom and a performance stage. Both communities opened in summer 2017. Fifth Third Bank provided the construction financing for Bellevue Place, and RBS Citizens Bank provided construction financing for Music Row. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented Crescent Communities in both sales transactions. Crescent Communities is currently developing two additional Nashville-area Novel communities with Pearl Street Partners. Lockwood Glen in Franklin is currently leasing, and Crescent recently announced plans for Nashville West, a 436-unit community set to deliver in spring …

December 20, 2018

Development Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on 322-Unit Apartment Community in Nashville

by Alex Tostado December 14, 2018

NASHVILLE, TENN. — Embrey Partners has broken ground on Knox at Metrocenter, a 322-unit apartment complex in Nashville. The community is located about one mile north of downtown Nashville and will offer one- and two-bedroom floor plans in two-, three- and four-story buildings. Knox at Metrocenter will overlook Amulet Lake and residents will have access to the Nashville Greenway Trail. San Antonio-based Embrey Partners expects the first units to be ready to lease in spring 2020.

December 14, 2018

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