Tennessee

Marcus & Millichap Arranges $47.2M Sale of Apartment Portfolio North of Nashville

by Camren Skelton August 14, 2018

CLARKSVILLE, TENN. — Marcus & Millichap has arranged the $47.2 million sale of a seven-property multifamily portfolio in Clarksville, located roughly 40 miles north of Nashville. David Stollenwerk of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the out-of-state buyer. The communities included in the Class B portfolio were Heritage Point, Blue Grass Meadows, Parkway Place, Cobblestone, Newton Place, Whitehall Townhomes and Whispering Hills. The buyer plans to renovate the properties’ unit interiors.

August 14, 2018

Acquisitions Florida Georgia Healthcare North Carolina Southeast Tennessee Virginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

August 7, 2018

Development Multifamily Southeast Tennessee

GBT Realty Completes $20M Multifamily Community in Nashville’s Hillsboro Village

by Camren Skelton August 7, 2018

NASHVILLE, TENN. — GBT Realty Corp. has completed construction on Belcourt Park, a 76-unit multifamily community located in Nashville’s Hillsboro Village neighborhood. The $20 million project replaced the former home of Belmont Nursing Home, which closed in 2015. Belcourt Park is located across the street from the main entrance to Belmont University and three blocks from Vanderbilt University Medical Center. The four-story development includes a mix of studio to two-bedroom units with monthly rents ranging from $1,500 to $2,500. Community amenities include a Wi-Fi workspace, espresso bar, fitness center, patio with grills and fire pits and resident-only bike racks. Belcourt Park is currently 50 percent occupied after opening for resident move-ins in June.

August 7, 2018

Acquisitions Arkansas Multifamily Seniors Housing Southeast Tennessee

IPA Negotiates Sale of Three-Property Seniors Housing Portfolio in Tennessee, Arkansas

by Camren Skelton August 6, 2018

CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal arranged a 75 percent bridge-to-HUD loan through Dwight Capital on behalf of the buyer, an owner/operator based in the Southwestern United States. The sale of the Clarity Pointe portfolio marks IPA’s fifth standalone memory care facility closing in the last 10 months.

August 6, 2018

Development Hospitality Southeast Tennessee

Pizzuti Cos. to Develop $168M Marriott-Branded Hotel in Nashville’s SoBro Neighborhood

by Camren Skelton August 1, 2018

NASHVILLE, TENN. — The Pizzuti Cos. has received financing for the development of The Joseph Nashville, a 297-room hotel that will be located in Nashville’s SoBro neighborhood. Development costs for the Luxury Collection Hotel, part of Marriott International, total $168 million. MSF Real Estate Capital arranged construction financing for the development, which included an $83.5 million senior construction loan from Centennial Bank NA, a $42 million mezzanine construction loan provided by Brevet Capital Management and project equity from Pizzuti alongside institutional and private investors. Additionally, the project financing included a $4.5 million Tax Increment Financing Package with capital commitments made by Marriott and the Convention Center Authority. Located at the corner of Korean Veterans Boulevard and Fourth Avenue South, The Joseph Nashville will feature a restaurant and bar offering Italian cuisine, 18,000 square feet of banquet and meeting space, elevated outdoor terrace, full-service spa, fitness center and a pool deck with a bar. In addition, the hotel will include a 180-space parking garage dedicated to the exclusive use of the Nashville Symphony. The original Joseph Hotel opened in downtown Columbus, Ohio, in 2015. A construction timeline for the Nashville location was not disclosed.

August 1, 2018

Development Leasing Activity Office Retail Southeast Tennessee Top Stories

Highwoods to Build Asurion’s $285M Headquarters Campus in Nashville, Creating 400 New IT Jobs

by John Nelson July 24, 2018

NASHVILLE, TENN. — Highwoods Properties Inc. (NYSE: HIW) plans to build a new $285 million headquarters campus in Nashville’s central business district (CBD) for Asurion, a privately held tech solutions firm. The Nashville-based company specializes in providing insurance and warranty plans covering mobile devices and other consumer electronics. Asurion will consolidate four of its existing local offices into the new campus, as well as create 400 new information technology jobs, according to local media reports. Highwoods, a Raleigh-based REIT that now has a development pipeline exceeding $700 million, recently executed the 551,000-square-foot build-to-suit office lease with Asurion. The tech firm will occupy 98.3 percent of the campus under a long-term lease. Nashville has been a haven for employment gains since the downturn. In the past decade, the Middle Tennessee metro has experienced 25 percent job growth, according to the Bureau of Labor Statistics. The Nashville MSA’s unemployment rate was 2.3 percent in May 2018. The Asurion campus will be built on a 4.2-acre site located at Church Street and 11th Avenue North along the Gulch Greenway, a seven-mile urban trail. The development will include two buildings rising eight and nine stories built atop a six-level parking podium. The planned parking …

July 24, 2018

Loans Office Southeast Tennessee

Cushman & Wakefield Arranges $48.8M Acquisition Loan for Two Office Buildings in Nashville’s Cool Springs District

by Camren Skelton July 20, 2018

FRANKLIN, TENN. — Cushman & Wakefield has arranged a $48.8 million acquisition loan for Corporate Centre 8 and 9, two office buildings located at 6640 and 6550 Carothers Parkway in Franklin, roughly 14 miles from downtown Nashville. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the three-year, floating-rate loan with two one-year extension options on behalf of the borrower, KBS Capital Advisors. JPMorgan Chase Bank Strategic Property Fund sold the assets, according to local media reports. The five story buildings, which total 311,864 square feet, are located within the 1 million-square-foot Corporate Centre office park. The property features walking paths, underground utilities, fiber-optic technology and broadband service.

July 20, 2018

Acquisitions Healthcare Southeast Tennessee

Bull Realty Brokers $10.4M Sale of Medical Office Building in Knoxville

by Camren Skelton July 20, 2018

KNOXVILLE, TENN. — Bull Realty has brokered the $10.4 million sale of a medical office building in Knoxville. The property is fully leased to Knoxville Dermatology Group, which has been in the Knoxville market for more than 40 years. Michael Bull and Paul Zerman of Bull Realty arranged the transaction on behalf of the seller, Dermatology Investment Group LLC. The name of the buyer was not disclosed.

July 20, 2018

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $18.3M Sale of Multifamily Community in Knoxville

by Camren Skelton July 19, 2018

KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage units.

July 19, 2018

Acquisitions Retail Southeast Tennessee

Sembler, Forge Acquire Kroger-Anchored Shopping Center in Memphis for $13M

by Camren Skelton July 18, 2018

MEMPHIS, TENN. — The Sembler Co. and Forge Capital Partners have acquired Summer Center, a shopping center located at 4304 Summer Ave. in Memphis, for $13 million. The 136,425-square-foot center was 89 percent leased at the time of sale to tenants such as Kroger, Ross Dress for Less, Rainbow, Hibbett Sports and H&R Block. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, BDB Summer Center LLC.

July 18, 2018

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