NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has opened the residential portion of Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development located adjacent to Vanderbilt University in Nashville. The Residences at Aertson Midtown is made up of 350 studio, one-, two- and three-bedroom units with rents ranging from $1,800 to $5,500 per month. The property features a rooftop pool, dog park, dog wash station, bike storage, theater, fitness center and 24-hour in-room dining through the on-site Henley restaurant. The community features 35,000 square feet of retail space with tenants including Charleston-based gourmet grocer Caviar & Bananas, Kimpton Aertson Hotel and the Woodhouse Day Spa, which is due for completion this fall.
Tennessee
NASHVILLE, TENN. — AEG plans to develop a mixed-use entertainment district at Southwest Value Partner’s (SWVP) Nashville Yards in downtown Nashville. The Los Angeles-based sports and entertainment venue owner/operator purchased a four-acre parcel of land that will be anchored by a 4,000-capacity music venue, a flagship Regal Cinemas theater complex, a 600- to 700- capacity live entertainment club, an approximately 240-room boutique hotel and other entertainment, food and beverage options. SWVP’s Nashville Yards is a multi-phase office, retail, hospitality, entertainment and residential project that will span the western edge of downtown and stretch from Broadway north past Church Street. The 15-acre site was previously home to the LifeWay Christian Resources campus. The first site in Nashville Yards, a 591-room Hyatt Regency hotel, is expected to open in 2020. The AEG-developed district will be located at 10th Avenue between Commerce and Church streets, with the option to acquire an additional 1.5-acre parcel for further development. The project further expands AEG’s portfolio of entertainment districts, which includes L.A. LIVE in Los Angeles, The O2 in London and Mercedes-Benz Platz in Berlin.
BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,052 properties and 103,00 units, according to the company’s first-quarter report, which is nearly triple the size of the next largest competitor. The company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 per share on March 2, 2015, to $11.80 per share on Feb. 8, 2016. Rumors of a sale of the company have swirled for months. Following the Reuters report on Tuesday, Brookdale’s stock price saw a brief lift of 6 percent to as high as $15.18 per share, but quickly fell back down to a close of …
Crescent Communities Unveils Plans for Bigby Mixed-Use Development in Nashville’s Cool Springs District
by John Nelson
FRANKLIN, TENN. — Crescent Communities has unveiled plans for Bigby, a mixed-use development in Nashville’s Cool Springs submarket. Situated at the intersection of East McEwen Drive and Carothers Parkway in Franklin, Bigby will comprise 30,000 square feet of retail space, a 280,000-square-foot office tower, 40,000 square feet of loft office space, 330 apartments, 15 townhomes, a 200-room hotel, a 12-acre park, public plazas and roughly 2,015 parking spaces. Bigby will connect to existing properties developed over the past couple decades by Crescent Communities, including the One and Two Greenway office buildings and apartment communities the Venue Cool Springs and Cadence Cool Springs. The project team includes architect ESa, landscape architect Hodgson Douglas and Foundry Commercial. Crescent Communities will develop Bigby’s retail, multifamily and office components.
Boyle, Northwestern Mutual, Northwood Ravin Break Ground on Capitol View Office Building in Nashville
by John Nelson
NASHVILLE, TENN. — A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin has broken ground on the office component of Capitol View, a 32-acre mixed-use development in Nashville’s North Gulch district. HealthStream Inc., a healthcare IT firm, will move its corporate headquarters to 65,000 square feet at the new office building, called Block E. The design team includes Hoar Construction, Barge Waggoneer Sumner & Cannon, Cooper Carry, Kiser Vogrin Design, RPM Transportation, TTL, TVG Environmental, Stansell Electric and Jones Brothers. Once completed, the $750 million Capitol View will feature 1.1 million square feet of office space, 130,000 square feet of retail and restaurant space, 650 multifamily residences, 170 hotel rooms and a 2.5-acre park connected to Nashville’s greenway system. In lieu of a groundbreaking ceremony for Block E, the principals of Capitol View presented a $5,000 check to the Arthur E. Newman Scholarship Fund.
Kevin Hyneman Cos. to Build $11.4M Headquarters in Metro Memphis for Mueller Industries
by John Nelson
COLLIERVILLE, TENN. — Kevin Hyneman Cos. plans to build a new 55,000-square-foot headquarters facility for Mueller Industries, a plumbing and HVAC parts manufacturer. The new headquarters building, which will house 125 Mueller employees, will cost approximately $11.4 million to develop. The facility will be situated within the 450-acre Boyle Schilling Farms mixed-use development, which is home to companies such as Helena Chemical, MCR Safety and Juice Plus. Mueller, a Fortune 1000 firm, expects to occupy the new office space in late 2018.
NASHVILLE, TENN. — NorthMarq Capital has arranged an $8.1 million acquisition loan for Polk Avenue Industrial, a 284,000-square-foot flex facility located in Nashville near the Lane Motor Museum. Susan Branscome of NorthMarq Capital’s Cincinnati office arranged the financing through an unnamed life insurance company.
Avison Young Brokers Sale of 852,370 SF GE Distribution Facility in Cleveland, Tennessee
by John Nelson
CLEVELAND, TENN. — Avison Young has brokered the sale of an 851,370-square-foot distribution facility located at 1520 Lauderdale Memorial Highway in Cleveland that is fully leased to General Electric (GE). New York-based Lexington Realty Trust purchased the asset from Chicago-based SMB Bradley for an undisclosed price. The facility is GE’s largest lighting distribution center and serves some of the world’s leading retailers, including Walmart, Lowe’s Home Improvement and Target. The property features 32-foot clear ceiling heights, T5 lighting, 350 trailer parking spaces and 250 automobile parking spaces. Excel Logistics, a division of DHL, has operated the facility since 2007. Erik Foster, Mike Wilson, Sue Earnest and Chris Skibinski of Avison Young represented the seller in the transaction.
MURFREESBORO, TENN. — Continental Realty Corp. has acquired Bell Murfreesboro, a 320-unit apartment community located at 3920 Puckett Creek Crossing in Murfreesboro, about 35 miles southeast of Nashville. The Baltimore-based investment firm purchased the asset from Bell Partners Inc. for $47.3 million. Built in 2008, the property features a clubhouse, swimming pool, recreational area and a pond. The one-, two- and three-bedroom units average 1,028 square feet, and 73 units feature one- or two-car garages. Russ Oldham, Steve Massey and Brett Kingman of CBRE Nashville represented Bell Partners in the transaction. This is the ninth acquisition for Continental Realty Fund IV, a $164 million fund that purchases value-add retail and multifamily properties in the Mid-Atlantic and Southeast.
HSA Commercial Signs Geodis Logistics to 372,181 SF Industrial Lease in Metro Nashville
by John Nelson
LEBANON, TENN. — HSA Commercial Real Estate has signed Geodis Logistics LLC to a 372,181-square-foot lease at Commerce Farms V, a newly built industrial project in Lebanon, a suburb of Nashville. Geodis will use the facility as a worldwide coffee retailer distribution center. HSA Commercial and Washington Capital Management Inc. recently delivered Commerce Farms V, which is located on 41 acres at the junction of State Route 840 and Highway 109 near Interstates 40, 24 and 65. The project features 32-foot clear heights, 26 truck doors and two drive-in doors. Randy Wolcott, Chad Tuck and Joe DeLemos of NorthStar Real Estate Advisors represented HSA Commercial in the lease negotiations with Geodis.