Tennessee

Al. Neyer to Deliver 1.5 MSF Industrial Development in Metro Nashville

by Camren Skelton November 2, 2017

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.

November 2, 2017

Office Retail Southeast Tennessee

Magnolia Capital Acquires Office, Retail Properties in Tennessee for $22.4M

by Camren Skelton November 2, 2017

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.

November 2, 2017

Retail Southeast Tennessee

Nassimi Realty Acquires 245,000 SF Retail Center Near Nashville

by Camren Skelton November 1, 2017

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.

November 1, 2017

Loans Southeast Tennessee

Clearview Realty Finance Secures $36.2M Loan for Office Conversion in Downtown Nashville

by Camren Skelton October 24, 2017

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.

October 24, 2017

Industrial Self-Storage Southeast Tennessee

Marcus & Millichap Arranges Sale of Six-Property Self-Storage Portfolio in Metro Memphis

by Camren Skelton October 18, 2017

MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of a six-property self-storage portfolio in metro Memphis. Charles LeClaire and Adam Schlosser of Marcus & Millichap arranged the transaction on behalf of the seller, Amsdell Cos., and procured the buyer, Merit Hill Capital. Anne Williams of Marcus & Millichap also assisted in closing the transaction. Three of the properties are located in Tennessee and the other three are located in northern Mississippi. The portfolio totals 337,846 square feet and includes 2,391 units and 297 outdoor parking spaces. Constructed between 1983 and 2006, the single-story, drive-up buildings feature a mix of climate- and non-climate-controlled units. Amenities include perimeter fencing, electronic gate access, 24-hour video surveillance and onsite leasing offices. The portfolio also includes two billboards, one cell tower and a commercial tenant generating additional revenue.

October 18, 2017

Multifamily Southeast Tennessee

North American Properties Delivers 361-Unit Apartment Community Near Nashville

by Camren Skelton October 12, 2017

FRANKLIN, TENN. — North American Properties has delivered Emblem, a 361-unit multifamily community in Franklin, roughly 20 miles south of Nashville. The new community includes a mix of one- and two-bedroom units ranging in size from 617 to 1,209 square feet. Individual units features open floor plans, stainless steel appliances, 11-foot ceilings and accented backsplashes. Emblem also features a fitness center, resort-style pool with outdoor grilling stations, internet café, conference room and a coffee bar. Meeks + Partners was the architect for the project.

October 12, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $85.4M Sale of Multifamily Asset in Nashville’s Cool Springs District

by Camren Skelton October 10, 2017

FRANKLIN, TENN. — Cushman & Wakefield has arranged the sale of ALARA Cool Springs, a 386-unit apartment community in Franklin, a city 20 miles south of Nashville in the metro’s Cool Springs submarket. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller, American Realty Advisors, in the transaction. Los Angeles-based IMT Capital purchased the property for $85.4 million, according to the Nashville Business Journal. Constructed in 1997, ALARA Cool Springs features a resort-style pool, outdoor lounge and fireplace, fitness facility and nature trails. In addition, the property is located within walking distance to numerous retail and dining options.

October 10, 2017

Multifamily Southeast Tennessee

Michaelson Acquires Apartment Community in Knoxville for $17.8M

by Camren Skelton October 10, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group has purchased Viera Cedar Bluff, a 184-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $17.8 million. Located at 424 N. Cedar Bluff Road, the community is roughly 10 miles west of downtown Knoxville. Viera Cedar Bluff includes one- and two-bedroom floor plans with an average size of 849 square feet. Constructed in 1986, the community was recently renovated to include repaved parking lots, new roofs and interior and exterior updates, including renovated hardwood flooring and stainless steel appliances. Community amenities include a pool, fitness center, business center, hiking and jogging trails and an on-site laundry facility.

October 10, 2017

Florida Hospitality Loans Southeast Tennessee

Sonnenblick–Eichner Arranges $135.8M Refinancing of 11 Hilton-Branded Hotels in Southeast, Midwest

by Camren Skelton October 6, 2017

BEVERLY HILLS, CALIF. — Sonnenblick-Eichner Co. has arranged a $135.8 million loan for the refinancing of 11 Hilton-branded hotels located in Florida, Tennessee and Michigan. The California-based company arranged the five-year, floating rate loan on behalf of Memphis, Tenn.-based Cooper Hotels. The portfolio includes the following Southeast properties: Hilton Naples in Naples, Fla.; Hilton Orlando/Altamonte Springs in Orlando, Fla.; Homewood Suites by Hilton Fort Myers Airport in Fort Myers, Fla.; DoubleTree by Hilton Memphis in Memphis; DoubleTree by Hilton Murfreesboro in Murfreesboro, Tenn.; DoubleTree by Hilton Oak Ridge in Knoxville, Tenn.; DoubleTree by Hilton Johnson City in Johnson City, Tenn.; and DoubleTree by Hilton Jackson in Jackson, Tenn. The Michigan hotels in the portfolio include Embassy Suites by Hilton Detroit Metro Airport, Hilton Garden Inn Detroit Metro Airport and Hampton Inn & Suites Detroit/Airport-Romulus, all of which are located in the Detroit suburb of Romulus.

October 6, 2017

Multifamily Southeast Tennessee

Coastal Ridge, H. Katz Capital Purchase Apartment Asset in Memphis for $56.6M

by Camren Skelton October 5, 2017

MEMPHIS, TENN. — Coastal Ridge Real Estate, in partnership with H. Katz Capital, has purchased The Preserve at Forest Creek, a 414-unit apartment community in Memphis, for $56.6 million. The joint venture acquired the asset from LivCor, a wholly owned subsidiary of Blackstone. Constructed in 2008, The Preserve at Forest Creek offers one- to three-bedroom units with monthly rents ranging from $929 to $1,518. Community amenities include a clubhouse with a bar, heated swimming pool, indoor sports court, fitness center, lighted tennis court, playground and detached garages. Located at 9230 Thornbury Blvd., the property is situated at the entrance to the Noncannah Technology Corridor, which is anchored by FedEx’s World Headquarters and FedEx’s World Tech Campus.

October 5, 2017

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