Tennessee

KeyBank Originates $39.9M Fannie Mae Loan for Apartment Community in Nashville

by Camren Skelton May 29, 2018

NASHVILLE, TENN. — KeyBank Real Estate Capital has originated a $39.9 million Fannie Mae loan for the acquisition of Peyton Stakes, a 249-unit multifamily community in Nashville’s Germantown district. Robert Prouty of KeyBank underwrote the 10-year, fixed-rate loan on behalf of the undisclosed borrower. Peyton Stakes was constructed in 2017 and features a car wash station, pet spa, dog park, private conference room, pool with outdoor theater, rehearsal space, art studio, and a yoga and barre studio.

May 29, 2018

Development Hospitality Southeast Tennessee

Songy Highroads Tops Out Construction on 201-Room Hyatt House Hotel in Nashville

by Camren Skelton May 24, 2018

NASHVILLE, TENN. — Atlanta-based developer Songy Highroads, in partnership with Hyatt Hotels Corp., has topped out construction on Hyatt House Nashville, a 201-room hotel located in Nashville’s West End district. Rising 15 stories on Hayes Street near the intersection of 21st Avenue, the hotel is located one block from Vanderbilt University, Saint Thomas Midtown Hospital and TriStar Centennial Medical Center. Wakefield Beasley & Associates is designing the hotel, and Reeves Young is the general contractor. The development team expects to wrap up construction on the hotel in early 2019.

May 24, 2018

Acquisitions Retail Southeast Tennessee

EXP Realty Advisors Arranges $9.4M Sale of Retail Center Near Knoxville

by Camren Skelton May 16, 2018

LENOIR CITY, TENN. — EXP Realty Advisors has arranged the $9.4 million sale of The Market at Town Creek, a 64,000-square-foot retail center located at 300 Market Drive in Lenoir City, roughly 24 miles southwest of Knoxville. The center is home to tenants such as Food City, Pizza Hut, Bojangle’s, Pet Sense and Physician’s Care. Andrew Greenberg of EXP Realty Advisors arranged the transaction on behalf of the undisclosed seller. A Tennessee-based investor acquired the asset through a 1031 exchange.

May 16, 2018

Acquisitions Retail Southeast Tennessee

Cooper Commercial Arranges $3.8M Sale of Retail Center in Memphis

by Camren Skelton May 15, 2018

MEMPHIS, TENN. — Cooper Commercial Investment Group has arranged the $3.8 million sale of The Shops at Cordova Station, an 18,950-square-foot retail center in Memphis. Bob Havasi and Dan Cooper of Cooper Commercial arranged the transaction on behalf of the seller, a private investment group. A New Hampshire-based investor acquired the asset. The Shops at Cordova Station was fully leased at the time of sale to tenants such as Iberia Bank, 3 Guys Pizza Pies, Avis Car Rental, Jenny’s Nails and Game X-Change.

May 15, 2018

Acquisitions Office Southeast Tennessee

Viking Partners Buys 100,340 SF Office Building in Knoxville

by Camren Skelton May 9, 2018

KNOXVILLE, TENN. — Cincinnati-based Viking Partners III LLC has acquired Parkside Plaza, a 100,340-square-foot office building in Knoxville. The name of the seller and sales price were not disclosed. The building is located within Turkey Creek, a mixed-use development featuring retail, office and entertainment space. Constructed in 2007, the five-story Parkside Plaza features a three-story entry atrium and ample surface parking. Deborah Petrolina of IMS and Matt Fentress of NAI Koella | RM Moore are handling the building’s leasing assignment.

May 9, 2018

Acquisitions Industrial Office Southeast Tennessee

CCP Acquires Office-Flex Portfolio in Nashville for $41.2M

by Camren Skelton May 8, 2018

NASHVILLE, TENN. — Virginia Beach, Va.-based CCP Commercial Real Estate has acquired a five-building office-flex portfolio in Nashville for $41.2 million. The properties are located within the city’s Airport North and Metro Center submarkets. The portfolio, which was 97 percent leased at the time of sale, totals 413,000 square feet and includes a mix of office and warehouse space. The name of the seller was not disclosed. The acquisition brings CCP’s portfolio in the Nashville market to approximately 1 million square feet.

May 8, 2018

Development Multifamily Southeast Tennessee

JMJ to Deliver $21.9M Multifamily Community in Eastern Tennessee

by Camren Skelton May 7, 2018

SEVIERVILLE, TENN. — JMJ Development LLC will deliver Overlook at Allensville Square II, a 144-unit apartment community in eastern Tennessee’s Sevierville. Developers broke ground on the project in January, and expect to wrap up construction in July 2019. Total project costs for the development are projected to be $21.9 million. The three-story community includes a mix of one-, two- and three-bedroom units and features a clubhouse, resort-style pool with sundeck, playground, business center, car wash and a dog park.

May 7, 2018

Development Multifamily Southeast Tennessee

Akara Partners Breaks Ground on 420-Unit Multifamily Community in Nashville

by Camren Skelton May 3, 2018

NASHVILLE, TENN. — Chicago-based Akara Partners has broken ground on Kenect Nashville, a 420-unit apartment community located at 1815 Division St. in Nashville. The community is situated in Nashville’s Midtown neighborhood, two blocks from Vanderbilt University. The 20-story building, designed by Nashville-based Smith Gee Studio and the Chicago office of Perkins + Will, will feature 20,000 square feet of ground-floor retail and include a mix of studio to three-bedroom units. Community amenities will include food and beverage options throughout the building, social and coworking lounges, a fitness center, outdoor terraces, swimming pool, grills and firepits. Akara Partners expects to wrap up construction on the community in the fall of 2019.

May 3, 2018

Loans Retail Southeast Tennessee

CBL, JV Partners Receive $155M CMBS Loan to Refinance CoolSprings Galleria Mall in Metro Nashville

by Camren Skelton May 2, 2018

FRANKLIN, TENN. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.

May 2, 2018

Acquisitions Georgia Retail Southeast Tennessee

PAC Acquires Two Publix-Anchored Centers in Atlanta, Nashville Metros

by Camren Skelton May 1, 2018

ACWORTH, GA. AND GALLATIN, TENN. — Preferred Apartment Communities (PAC) has acquired two Publix-anchored shopping centers totaling 139,000 square feet in Acworth and Gallatin. Atlanta-based PAC acquired the portfolio through its wholly owned subsidiary, New Market Properties. The name of the seller and sales price were not disclosed. In Acworth, PAC acquired Governors Towne Square, which is located roughly 32 miles northwest of Atlanta. In Gallatin, a suburb located 30 miles northeast of Nashville, PAC acquired Greensboro Village.

May 1, 2018

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