NASHVILLE, TENN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 119-bed skilled nursing facility in Nashville. A public REIT sold the undisclosed property to an owner-operator looking to grow in the area for $16 million. The multi–story facility was originally built in 1970, then renovated and expanded in 2013. The nearly 100,000-square-foot facility was later acquired in 2016 as part of a large portfolio transaction, and the lessee was retained to continue operating the portfolio. Ben Firestone and Michael Segal of Blueprint arranged the transaction.
NASHVILLE, TENN. — Gaia Real Estate has acquired Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. Embrey Partners, the project developer, sold the community to the private real estate investment firm for an undisclosed price, but the Nashville Business Journal reports the sales price was $76.4 million. Constructed in 2016, the community features a central courtyard, fire pit, swimming pool, fitness center, yoga room and bike storage. In addition, Gaia Real Estate recently acquired Station R, a 285-unit apartment community in Atlanta’s Reynoldstown neighborhood. The property was delivered this year, and features a rooftop deck, central courtyard, fire pit, swimming pool with cabanas and sundeck, fitness center, yoga and spinning studio and a bocce ball court. Greystar developed and sold the property. The sale price was not disclosed. Gaia Real Estate purchased both assets with its institutional partners Amitim Senior Pension Funds and Israeli-based Psagot Investment House.
COLLIERVILLE, TENN. — Orgill Inc., a wholesale distribution and retail services provider for the home improvement industry, will relocate its new world headquarters from Germantown, Tenn., to Collierville later this month. The company will move 265 employees into its new 92,000-square-foot facility, a new building located roughly 30 miles southeast of Memphis. The $21 million facility is expected to create 115 new jobs by 2022.
NASHVILLE, TENN. — Safe Harbor Development, in conjunction with Margaritaville Holdings, has broken ground on Margaritaville Nashville Hotel, a 217-room hotel in Nashville’s SoBro district. Inspired by the lyrics and lifestyle of singer/songwriter Jimmy Buffett, the hotel is located at the corner of 5th Avenue South and Peabody Street, steps from Music City Center. In addition to guest rooms, the hotel will feature 52 Margaritaville Vacation Club by Wyndham timeshare units; a rooftop area with a pool, sundeck, fire pits and live entertainment; fitness center; more than 10,000 square feet of function space; Starbucks Coffee shop; and two Margaritaville dining concepts: FINS Beach Bar and JWB Grill. Margaritaville Nashville Hotel is part of Margaritaville’s portfolio of hotels and resorts. To date, the portfolio includes 10 hotels across the Southeast and Caribbean and 23 additional locations under development. The Nashville location is expected to open in summer 2019.
CLARKSVILLE, TENN. — Atlanta-based RCG Ventures has sold Hampton Plaza, a 124,260-square-foot shopping center in Clarksville, for $17.8 million. Fain Hicks of Cushman & Wakefield arranged the transaction on behalf of RCG Ventures. An affiliate of White Plains, N.Y.-based Yale Realty Services acquired the asset. Kohl’s anchors Hampton Plaza, which is also home to Michaels, Party City, Ulta Beauty, Kirklands, Books-A-Million, CATO, Mattress Firm, Lane Bryant, It’s Fashion and Sally Beauty Supply.
MURFREESBORO, TENN. — Cohen Financial, a division of SunTrust Bank, has secured a $13 million loan for the acquisition of Towne Center, a 108,000-square-foot retail center located on Old Fort Parkway in Murfreesboro, roughly 35 miles southeast of Nashville. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate loan through Morgan Stanley on behalf of the borrower, an affiliate of Integris Ventures. T.J. Maxx anchors Towne Center, and Lowe’s Home Improvement and Target are shadow anchors.
LEBANON, TENN. — Al. Neyer has unveiled plans to develop Cedar Farms, a Class A industrial development in Lebanon, roughly 30 miles east of Nashville. The development will include two speculative buildings totaling more than 1.5 million square feet, located on 103 acres near the Couchville Pike and Interstate 840 interchange. The first phase of the project will include a 902,000-square-foot speculative building and a second pad for a facility spanning up to 600,000 square feet. New York Life Real Estate Investors is an equity investor in the project, which is the firm’s second partnership with Al. Neyer. The partnership’s other venture is Mallory Green, a 175,000-square-foot office building under construction nearby in Franklin. Cedar Farms will feature 36-foot clear heights and LED lighting in 70-foot speed bays. Construction on Phase I will begin this month, with completion slated for late 2018. Doug McDowell and Jeb Atkinson of ProVenture will represent Al. Neyer in the project’s leasing assignment.
MEMPHIS AND SHELBYVILLE, TENN. — Magnolia Capital Investments has acquired two properties in Memphis and Shelbyville for a combined $22.4 million. The Nashville-based company acquired Trustmark Centre, a 163,446-square-foot office building located at 5350 Poplar Ave. in Memphis, for $19.7 million. The nine-story building was 93.5 percent leased at the time of sale to tenants including TrustMark Bank, Aetna Insurance and Evergreen Packaging. Shane Soefker and Jacob Biddle of Avison Young represented Magnolia Capital in the transaction. In Shelbyville, Magnolia Capital acquired Big Springs Shopping Center for $2.7 million. Located at 108 Lane Parkway, the 86,077-square-foot retail center was 86 percent leased at the time of sale to tenants including Dollar General, Factory Connection, United Grocery Outlet and Goodwill. Avison Young will manage Big Springs Shopping Center and handle the property’s leasing activity.
CLARKSVILLE, TENN. — Nassimi Realty has acquired Two Rivers Center, a 245,000-square-foot retail property in Clarksville, roughly 50 miles northwest of Nashville. The sales price and seller were not disclosed. The property is located less than one mile from Clarkesville’s central business district and 10 miles southeast of Fort Campbell, a U.S. Army installation. At the time of sale, Two Rivers Center was home to tenants including Harbor Freight Tools, Bargain Hunt, Citi Trends and Hooters.
NASHVILLE, TENN. — Clearview Realty Finance (CRF) has secured a $36.2 million construction loan for the conversion of a Class B office building in downtown Nashville into a four-star, boutique hotel. CRF arranged the LIBOR-based, floating-rate loan with 36 months of interest-only payments through a correspondent lender relationship on behalf of the borrower, a regional asset management and hospitality development group. A portion of the loan was used to refinance the existing acquisition financing that was provided by a regional bank. The remaining capital will be drawn to finance the total cost to repurpose and convert the property.