Tennessee

BrightColors, Kingsmen Xperience to Open 30,000 SF Crayola Attraction in Pigeon Forge, Tennessee

by John Nelson August 21, 2023

PIGEON FORGE, TENN. — BrightColors LLC and partner Kingsmen Xperience Inc. have announced plans with crayon giant Crayola to open a 30,000-square-foot Crayola Experience in Pigeon Forge. Upon completion, the indoor family entertainment center will feature 20 interactive experiences and a retail store. The Pigeon Forge location marks the sixth attraction for the brand, which has opened venues in Pennsylvania, Florida, Minnesota, Texas and Arizona. Four additional Crayola Experience locations will open over the next five years, the locations of which were not disclosed.

August 21, 2023

Development Healthcare Southeast Tennessee

OGA Breaks Ground on 6,000 SF Vanderbilt Medical Facility in Nashville

by John Nelson August 21, 2023

NASHVILLE, TENN. — Oman-Gibson Associates (OGA) has broken ground on a 6,000-square-foot medical imaging facility in Nashville. The clinic, which is being constructed at 8124 Sawyer Brown Road on behalf of Vanderbilt Imaging Services, will provide specialty imaging including MRI, CT, ultrasound, fluoroscopy, digital X-ray and mammography services. Vanderbilt plans to relocate its Belle Meade Imaging practice to the new facility, with completion expected in late 2024 or early 2025. Thomas Constructors is the general contractor on the project, HMK Architects is the architect and Fulmer Lucas Engineering is serving as the civil engineer.

August 21, 2023

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Memphis Multifamily Outlook: Prepare Your War Chest

by John Nelson August 21, 2023

It’s no secret: The multifamily real estate market in Memphis has experienced a significant decline in investment sales volume and total transactions over the past year. But with signs of life coming quickly on the horizon, how can you be ready to capitalize? According to CoStar Analytics, the 58.7 percent sales volume decline in Memphis is in line with the national average, but we have seen a larger dip in total transactions. The steep and rapid decline is directly correlated to the Federal Reserve’s ongoing battle of taming inflation. The Fed has increased the benchmark federal funds rate at 10 consecutive meetings. And while there was a pause at the June meeting, more rate hikes are expected this year. What does this mean for investors and operators? The cream will rise to the top. Some investors may default on loans due to floating-rate debt and the rapid rate increases, while others may struggle to refinance or sell without incurring losses as their cheaper rate caps expire. However, those that have executed their business plans effectively and added value to their apartment complexes by raising rents can expect some cushion. Another interesting factor to examine is the vacancy rate, which has …

August 21, 2023

Market Reports Restaurant Retail Southeast Southeast Market Reports Tennessee

Memphis Retail Market Shows Grit With Several Developments in the Works

by John Nelson August 14, 2023

The term “grit” has become synonymous with Memphis. The commercial real estate landscape continues to receive headwinds from interest rates, high inflation, construction prices and geopolitical tensions, but Memphis continues to show grit in the face of these obstacles. Memphis presents a compelling opportunity for retailers seeking expansion. With a low vacancy rate of just 3.5 percent and strong occupancy levels, the city’s retail market is flourishing. The annual rent growth of 3.7 percent aligns with the national average, indicating a stable and promising environment for businesses. Moreover, Memphis offers competitive pricing for retail spaces, with affordable rates and attractive cap rates that surpass those of neighboring markets. This appealing pricing structure, coupled with a surge in transaction activity, has revitalized the market, providing increased liquidity and investment opportunities. The Regional Megasite of West Tennessee is witnessing a remarkable undertaking from Ford Motor Co. in its newly forged partnership with South Korean battery company SK Innovation. The ambitious Blue Oval City project is well underway. Currently valued at $5.6 billion and sprawling across 3,600 acres, the project is expected to generate nearly 6,000 job opportunities with another 30,000 ancillary jobs in the surrounding communities. Anticipated spillover effects from this venture …

August 14, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

Development Hospitality Southeast Tennessee

Three Pillars, Seven Seas to Develop 119-Room At Home Studio Living Hotel in Metro Nashville

by John Nelson August 9, 2023

SMYRNA, TENN. — Three Pillars Group and Seven Seas Ventures are co-developing At Home Studio Living, a 119-room hotel in Smyrna, a suburb of Nashville. The hotel will be part of the larger Marketplace at Smyrna mixed-use development. Set to open in first-quarter 2025, the property will mark the launch of the At Home Studio Living brand. Three Pillars is planning to add five more locations for the brand in the next 36 months. The company has selected Panama City Beach, Fla., for the second host city. Amenities at the At Home Studio Living Smyrna location will include guestroom kitchens, free Wi-Fi, onsite laundry, outdoor community patios with grills and modern technology in the guest rooms.

August 9, 2023

Acquisitions Affordable Housing Multifamily Southeast Tennessee

Capstone Negotiates Sale of Wallace Studios Affordable Housing Community in Nashville

by John Nelson August 2, 2023

NASHVILLE, TENN. — Capstone Cos. has negotiated the sale of The Wallace Studios, a 131-unit affordable housing community located at 97 Wallace Road in Nashville. Built in 1974 as an Americas Best Value motel, the property is situated at the intersection of I-24 and Harding Place. The Wallace Studios is the fourth motel conversion property for the buyer, AGB Real Estate, who partnered with SL Cap and RBSR LLC on the acquisition. Austin Heithcock, Adam Klenk, Jordan Arand, Josh White and Blake Wiser of Capstone brokered the transaction. The seller and sales price were not disclosed.

August 2, 2023

Acquisitions Multifamily Southeast Tennessee

Walker & Dunlop Brokers Sale of 271-Unit Apartment Community in Nashville

by John Nelson July 24, 2023

NASHVILLE, TENN. — Walker & Dunlop has brokered the sale of The Guthrie North Gulch, a 271-unit apartment community located at 600 11th Ave. N in Nashville. Russ Oldham of Walker & Dunlop represented the undisclosed seller in the transaction, and Stephen Farnsworth, Hanes Dunn and Jessie Bland of Walker & Dunlop arranged Freddie Mac financing on behalf of the buyer, GF Properties. The sales price and loan amount were not disclosed. Units at the property include apartments in one-, two- and three-bedroom layouts. Amenities include a fitness center, dog park and a recording studio.

July 24, 2023

Leasing Activity Office Southeast Tennessee

Switchyards to Open 8,000 SF Coworking Space in East Nashville

by John Nelson July 21, 2023

NASHVILLE, TENN. — Switchyards, a coworking concept based in Atlanta, will open an 8,000-square-foot club at 1101 Chapel Ave. in the Eastwood neighborhood of Nashville. Located within a historic building that formerly housed a church, the space will feature a café, work stations, two libraries, eight soundproof phone booths and three meeting rooms. The landlord is locally based Vintage South Development. Switchyards Eastwood is scheduled to open in September.

July 21, 2023

Affordable Housing Loans Multifamily Southeast Tennessee

Northmarq Arranges $10.7M Refinancing for Two Affordable Housing Properties in Memphis

by John Nelson July 19, 2023

MEMPHIS, TENN. — Northmarq has arranged a $10.7 million refinancing loan for two affordable housing properties in Memphis. The communities, Bantam-Airways and Bantam-Springbrook, are situated near each other and total 291 units. The properties were both built in 1973 and renovated in 2022. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis office arranged the Freddie Mac loan, which features five years of interest-only payments followed by a 35-year amortization schedule.

July 19, 2023

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