Tennessee

Nashville’s Tight CBD Benefits the Metro’s Satellite Office Submarkets

by John Nelson April 10, 2017

Robust population and job growth are fueling a resurgence across all sectors of Nashville’s commercial real estate market, pushing vacancies lower, boosting rental rates and attracting strong interest from investors. With increasing demand for office space in the central business district (CBD), a rush of both in- and out-of-state developers and equity have descended on Nashville to deliver Class A product. That delivery timeline has subsequently pushed the demand for existing space to the adjacent Midtown, Wedgewood-Houston and MetroCenter submarkets. These satellite areas are benefiting from the positive absorption with existing space back-filled in record time, and some deliveries of conversions of older warehouses to hip office and retail space. CBD Construction Perhaps predictably, after the city climbed higher among the nation’s top job markets, (ranking third on NerdWallet’s list based on top cities’ unemployment rates and increase in working-age population between 2010- 2015), Nashville ranked sixth among the nation’s top cities for real estate investing in 2017, one spot higher than last year, in the annual Emerging Trends in Real Estate report put together by PricewaterhouseCooper and the Urban Land Institute. These accolades are a testament to Nashville’s crane-filled skyline, confirming that new construction is the dominant force in …

April 10, 2017

Mixed-Use Southeast Tennessee

GBT Realty Reveals New Tenants at Mixed-Use Project Underway in Nashville

by John Nelson April 5, 2017

NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.

April 5, 2017

Loans Seniors Housing Southeast Tennessee

Harborview Capital Arranges $36.3M Acquisition Loan for Two Skilled Nursing Facilities in Nashville

by John Nelson April 3, 2017

NASHVILLE, TENN. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $36.3 million in financing for the acquisition of two skilled nursing facilities in Nashville. The financing includes senior acquisition and capital expenditure loans, as well as a line of credit. The acquisition loan features 12 months of interest-only payments and partial recourse at an 85 percent loan-to-cost rate. The interest rate will float at a level of LIBOR plus 235. Harborview’s Eli Kutner arranged the financing. The borrower and names of facilities were not disclosed.

April 3, 2017

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Accelerating Demand, Deliveries Set the Tone for Nashville’s Apartment Market

by John Nelson April 3, 2017

The Nashville multifamily market’s roll continued through the end of 2016 with nearly 6,400 units absorbed, a 10 percent increase compared to 2015, according to Axiometrics. This demand was fueled by steady employment growth of nearly 28,000 new jobs, led by world-class healthcare employers, educational institutions and a burgeoning tech scene. The rate of job growth in Nashville is currently about 50 percent faster than the national level, and as a top destination for young people and the creative class, it’s becoming a cultural and entertainment destination that’s nationally recognized. Rental rates grew on average by 5.6 percent in 2016, buoyed by the fact Nashville had the nation’s second-highest rate of wage growth at 5.3 percent, behind only the Silicon Valley tech hub of San Jose, according to Headlight Data. Average market occupancy remained tight at an average rate of 96 percent, with the Murfreesboro, Southeast Nashville (Antioch) and Sumner County submarkets being the highest performers to end the year. Four submarkets saw rent growth over 7 percent in 2016, including Southeast Nashville, Wilson County/Hermitage, Airport/Briley Parkway and Rivergate/Hendersonville. Submarkets with concentrations of new supply lagged the market average, highlighted by Downtown and Williamson County. Transaction volume set a new …

April 3, 2017

Office Southeast Tennessee

Serendipity Labs Coworking to Open New Location in Downtown Nashville

by John Nelson March 30, 2017

NASHVILLE, TENN. — Serendipity Labs Coworking, a shared office space concept, has signed a lease for 15,000 square feet of space within the L & C Tower complex in downtown Nashville. Serendipity Labs will occupy the first two floors at 159 4th Ave. N., which will feature a work lounge, team rooms, private offices, a café and event space. Serendipity Labs’ development partner for Nashville, SLN Capital LLC, is an entity owned by Dan McEwan, CEO of Memphis-based Maximum Hospitality, a Starwood Preferred Management Company. SLN Capital LLC signed the lease with landlord CIM Group. McEwan expects to open the newest Serendipity Labs location in early August. New York-based Serendipity Labs has six current locations with approximately 100 locations under development across the country. McEwan expects to open additional Serendipity Labs locations in the Nashville area in the near future.

March 30, 2017

Multifamily Southeast Tennessee

Proffitt Dixon Announces Grand Opening of 249-Unit Apartment Complex in Nashville

by Taylor Williams March 29, 2017

NASHVILLE, TENN. — Proffitt Dixon Partners will host a grand opening for Peyton Stakes, a 249-unit apartment complex in Nashville, on March 31. Located at 1401 Third Avenue North in the city’s Germantown neighborhood, the property will feature a music studio that will host local bands throughout the year, a creative art studio, a clubroom with collaborative workspaces and a coffee bar. Interiors of all units feature designer countertops, custom cabinetry and wood-style flooring.

March 29, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges Sale of 248-Unit Apartment Community Near Chattanooga

by Taylor Williams March 29, 2017

OOLTEWAH, TENN. — Cushman & Wakefield has arranged the sale of Village at Apison Pike, a 248-unit apartment community located at 8605 Tradewind Circle in Ooltewah, an eastern suburb of Chattanooga. Built in 2015, the property features a resort-style pool, fitness center, outdoor lounge and a pet park. Robert Stickel and Jimmy Adams of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. The representative of the buyer, Hudson Capital Properties, was not disclosed.

March 29, 2017

Market Reports Retail Southeast Southeast Market Reports Tennessee

Nashville’s Retail Market is Growing Leaps and Bounds, Both Inside and Out

by John Nelson March 27, 2017

Just like the hit show, “Nashville,” Nashville’s retail market has more than one storyline in play and all of them intertwine to create a tapestry that showcases the retail development in our city. You don’t have to look too hard around downtown Nashville to see the redevelopment surge that is bringing retail as part of mixed-use and traditional developments to this market. Greenfield development in suburban nodes is also capturing the spotlight, albeit a smaller one, as a direct result of the intown growth that is driving up land and construction costs to a level that puts available space out of reach for many retailers. Those that can’t absorb the risk or afford the rent in downtown are looking to Nashville’s most popular suburbs for reasonable storefront alternatives. Mixed-Use Downtown Downtown Nashville redevelopment is a hit right now with no end in sight, which is welcomed news for well-capitalized, specialty retailers. Because of the continually rising costs of land and construction, redevelopment and mixed-use projects are the only feasible entry points for retailers in this market. One of the most significant projects highlighting downtown’s potential is the 6.2-acre redevelopment of the Nashville Convention Center: Fifth + Broadway. A high-quality, mixed-use …

March 27, 2017

Loans Multifamily Southeast Tennessee

Mesa West Provides $88.3M Loan to Refinance Apartment High-Rise in Nashville

by Taylor Williams March 21, 2017

NASHVILLE, TENN. — Mesa West Capital has provided Magellan Development Group $88.3 million in first mortgage debt for the refinancing for The SoBro, a 313-unit, Class A apartment complex in downtown Nashville. Magellan, which is headquartered in Chicago, owns the 33-story building located at 205 Demonbreun St. The SoBro was completed in 2016 and consists of one-, two- and three-bedroom apartments. The building was 25 percent leased at the time of the loan closing.

March 21, 2017

Mixed-Use Retail Southeast Tennessee

The Shopping Center Group Arranges Five Leases at 1.5 MSF Crosstown Concourse in Memphis

by John Nelson March 15, 2017

MEMPHIS, TENN. — The Shopping Center Group has arranged leases with five new tenants at Crosstown Concourse, a 1.5 million-square-foot mixed-use development in midtown Memphis. The project is a redevelopment of a former Sears distribution center constructed in 1927. The new retailers and restaurants joining the tenant lineup include Farm Burger, Area 51 Ice Cream, MEMPOPS, SunTrust Bank and Gloss Nail Bar. Existing tenants include Kitchen Next Door, FedEx Office, Crosstown Brewing Co., Curb Market, I Love Juice, Mama Gaia, French Truck Coffee, Madison Pharmacy, So Nuts and Confections and Hope Credit Union. Crosstown Concourse features 620,000 square feet of commercial and office space, 265 residential units and 65,000 square feet of first-floor retail space. Shawn Massey led The Shopping Center Group is leasing Crosstown Concourse’s retail portion on behalf of the ownership group, Crosstown Building Owner Master Tenant LLC.

March 15, 2017

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