CORDOVA, TENN. — Titkin Real Estate Investment Services (TREIS) has brokered the $5.2 million sale of Cordova Village, a 30,000-square-foot shopping center located at 1315 N. Germantown Parkway in Cordova, roughly 23 miles east of Memphis. Adam Titkin and Cliff Weisner of TREIS arranged the transaction on behalf of the seller, Cordova TN LLC. HAO Investment Co. acquired the asset. Cordova Village was 92 percent leased at the time of sale to tenants such as PPG Paints, Subway and Domino’s Pizza.
KNOXVILLE, TENN. — NAI Global has arranged the sale of Tower at Morgan Hill, a 360-bed student housing community located roughly two miles from the University of Tennessee in Knoxville. Rick Ross, Alex Waddey, David Ellis and Colin Moore of NAI Global arranged the transaction on behalf of the undisclosed seller. FPA Multifamily acquired the property for an undisclosed price. The Tower at Morgan Hill features one- and two-bedroom, fully furnished apartments. Community amenities include a resident clubhouse, fitness center, computer room, study lounge, business center, pool and an on-site parking garage.
NASHVILLE, TENN. — Doster Construction Co. has completed construction of Novel Bellevue Place, a 337-unit apartment community located within Nashville’s One Bellevue Place, the mixed-use redevelopment of the former Bellevue Center Mall. Crescent Communities is the project developer, and Preston Partnership was the architect of record. Novel Bellevue Place features a mix of one- to three-bedroom units with granite countertops, Energy Star stainless steel appliances, Nest thermostats and subway tile backsplashes. Community amenities include a saltwater pool, clubroom with pool tables and shuffleboard, full outdoor kitchen with outdoor pizza oven and grills and a fitness center with cardio equipment.
CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …
GERMANTOWN, TENN. — Rendina Healthcare Real Estate has broken ground on a new 120,000-square-foot medical facility for Campbell Clinic in Germantown, roughly 21 miles southeast of Memphis. The Tennessee-based orthopaedic clinic currently offers care at five outpatient clinics and two ambulatory surgery centers. The new facility will be located adjacent to Campbell Clinic’s existing orthopaedics building, which will be renovated in conjunction with the new construction. The new building will include an ambulatory surgery center with eight operating rooms, an outpatient orthopaedic clinical space and an expanded physical therapy and sports performance area. Rendina expects to wrap up construction on the four-story building by fall 2019.
NASHVILLE, TENN. — A partnership between Admiral Capital Group and Security Properties has purchased Hamptons at Woodland Pointe, a 240-unit multifamily community situated roughly 100 yards from Percy Priest Lake in Nashville. The seller and sales price were not disclosed. Built in 2001 by Bristol Development, the Class B, garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 1,092 square feet. Security Properties will add washer and dryer appliances, stainless steel appliances, quartz or stone countertops, lower breakfast bars and modern cabinet faces to unit interiors. The Seattle-based investor and developer will also extend the pool deck to the clubhouse, as well as expand the fitness center into the theater room. Security Properties’ affiliate Security Properties Residential will manage Hamptons at Woodland Pointe.
KNOXVILLE, TENN. — Cronheim Hotel Capital (CHC) has arranged a $20 million loan for the renovation and conversion of the 378-room Knoxville Marriott into a Delta by Marriott. CHC arranged the non-recourse, three-year loan with two one-year extension options through a national bridge lender. The name of the borrower was not disclosed. Delta Hotels by Marriott feature free Wi-Fi, fitness centers with yoga and Crossfit stations and onsite bars/restaurants. A construction timeline for the Knoxville renovation was not released.
NASHVILLE, TENN. — Endeavor Real Estate Group, in a joint venture with Granite Properties, will break ground in early August on Gulch Union, a three-phase mixed-use development in Nashville. Located in The Gulch neighborhood, the first phase is 1222 Demonbreun, a 20-story, 329,000-square-foot office building. Designed by Dallas-based architect HKS Inc. to achieve LEED Silver certification, the office building will feature 6,000 square feet of ground-floor retail space, a fitness center with lockers and showers, a 48-seat training room, indoor/outdoor sky lounge, catering kitchen, micro-market serving snacks and meals and onsite property management. Turner Construction Co. is the general contractor for the building, and International Bank of Commerce is providing construction financing. Austin-based Endeavor and Dallas-based Granite Properties expect to wrap up construction on 1222 Demonbreun in May 2020. Located between 12th and 13th avenues and McGavock and Demonbreun streets, Gulch Union will serve as the gateway into The Gulch, uniting South Gulch with Broadway and Music Row. Future phases of the project will include retail, residential and a boutique hotel.
NASHVILLE, TENN. — CBRE has arranged the sale of 4th & Church, a 20-story office tower located at 201 4th Ave. N. in Nashville’s central business district. Stolz Real Estate Partners acquired the property from Albany Road Real Estate Partners. The sales price was not disclosed, but the Nashville Business Journal reports the building sold for $43.3 million. CBRE’s Jay O’Meara, Douglass Johnson, Justin Parsonnet and Morgan Hillenmeyer arranged the transaction on behalf of Albany. ServiceSource, a cloud-based software firm, anchors the building, which was 92 percent leased at the time of sale. Additional tenants include IQTalent Partners, Nashville City Club, Leitner Williams Dooley Napolitan and Parker Lawrence Cantrell & Smith. The building was fully renovated in 2008, and lobby renovations were completed in 2016.
MEMPHIS, TENN. — HFF has brokered the $50 million sale of Memphis Depot, a 43-building industrial portfolio located one mile from Memphis International Airport. Adam Herrin, Stephen Bailey and Jason Nettles of HFF arranged the transaction on behalf of the seller, Mayfield Properties LP. Brian Carlton, David Wheless and Nielsen Keopfgen of HFF arranged a seven-year, $32.5 million acquisition loan through Allegiant Real Estate Capital on behalf of the buyer, a partnership between Diamond Properties and funds managed by Ares Management LP. The industrial property was originally constructed in 1942 as a military supply base for use in World War II. The military used the buildings until 1997, when it was redeveloped into an industrial park by the City of Memphis and Shelby County. The portfolio is 91 percent leased and totals 4.2 million square feet of distribution and warehouse facilities. The buildings are divided into three groups: North Park, which includes 25 buildings with clear heights ranging from 14 to 16 feet; South Park, which comprises 14 buildings with an average clear height of 20 feet; and Interior Park, which includes four buildings with an average clear height of 25 feet.
