MEMPHIS, TENN. — Carroll Organization has sold Arium Shelby Farms, a 1,037-unit apartment community in Memphis. Other terms of the deal were not disclosed, but the Memphis Business Journal reports the Atlanta-based firm originally acquired the asset in 2014 for $46.5 million. Individual units at Arium Shelby Farms include private patios, breakfast bars and full-size washers and dryers. In addition, the community features three fishing lakes, a picnic area, sports court, fitness center and a swimming pool.
PORTLAND, TENN. — Equus Capital Partners Ltd. has acquired a four-building, 1.3 million-square-foot industrial portfolio in Portland, a city roughly 40 miles north of Nashville, for an undisclosed price. The acquisition was made on behalf of Equus Investment Partnership X LP, a $361 million discretionary equity fund managed by Equus. The portfolio includes three Class A assets located at 1115 and 1125 Vaughn Drive and 1042 Fred White Blvd., all constructed between 2002 and 2007. The properties feature 32-foot clear heights, ESFR sprinkler systems, ample loading, 125- to 175-foot truck courts and efficient column spacing. The two larger buildings include cross-dock configurations. In addition, the portfolio includes one Class B building located at 104 Challenger Drive. Constructed in 1996, the building was renovated in 2007 to include T-5 lighting and an ESFR sprinkler system. Cushman & Wakefield arranged the sale of the portfolio, which was approximately 90 percent leased at the time of sale.
NASHVILLE, TENN. — Cobalt Real Estate Solutions LLC has acquired Jackson Downs, a 134,818-square-foot shopping center in Nashville, for $16.3 million. Viking Partners sold the asset, and Integrated Realty Advisors arranged acquisition financing through ORIX RE Holdings LLC. Marshalls and OfficeMax anchor the property, and Target and Kohl’s are shadow-anchors. At the time of sale, Jackson Downs was fully occupied. Divaris Real Estate and Divaris Property Management Corp. have been retained to oversee leasing and management of the property, with support from Colliers International.
NASHVILLE, TENN. — Cortland Partners has acquired Accent Bellevue, a 322-unit apartment community located at 645 Old Hickory Blvd. in Nashville. The sales price was not disclosed, but the Nashville Business Journal reports the newly built asset sold for $69.6 million. The Atlanta-based company acquired the property from developer Bellevue Apartments LP, an entity created by Westplan Investors. Cortland Properties will rename the property Cortland Bellevue. Constructed in 2017, the community includes studio to three-bedroom units and features a fitness center, saltwater pool and nearby green space and parks. Rental rates range from $1,225 to $1,950 per month, according to Apartments.com. The acquisition brings Cortland Partners’ portfolio to more than 40,000 apartment units nationwide and marks the company’s entrance into the Nashville market.
MOUNT JULIET, TENN. — KeyBank Real Estate Capital has closed a $75.2 million Freddie Mac loan for the refinancing of LC Providence, a 451-unit apartment community in Mount Juliet, roughly 20 miles east of Nashville. Tim Migchelbrink of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. The property was constructed in 2017 and is the first of a two-phase development. The community includes 19 two- and three-story buildings and features a swimming pool, fitness center, outdoor patio, barbecue area and a volleyball court. Rental Rates at LC Providence range from $1,215 to $1,690 per month, according to Apartments.com.
COLLIERVILLE, TENN. — Canadian-based label company CCL Label and Turkish specialty label producer Korsini SAF have opened a $25 million in-mold label facility in Collierville, roughly 30 miles southeast of Memphis. The 85,000-square-foot building is located at the Interstate 269/State Road 385/US 72 crossroads, adjacent to CCL Label’s existing 111,000-square-foot production plant. The new facility will produce in-mold labels for the injection molded containers market and will create 130 new jobs. In addition, the facility has the potential for a 36,000-square-foot future expansion.
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.