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.
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.
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.
CORDOVA, TENN. AND HIGH POINT, N.C. — Capital One Multifamily Finance has originated $61.6 million in two Fannie Mae loans for the refinancing of two apartment communities in the Southeast. The financing included a $25.6 million loan for Lincoln at Wolfchase, a 408-unit apartment community located in Cordova, about 15 miles east of Memphis. The other deal was a $36 million loan for Laurel Springs Apartments, a 501-unit multifamily community in High Point. Chad Thomas Hagwood and Brandon Pate of Capital One Multifamily Finance’s Birmingham, Ala., office arranged both 12-year, fixed-rate loans on behalf of the borrower, EBSCO Income Properties. Laurel Springs was financed under Fannie Mae’s Green Building Certification program.
KNOXVILLE, TENN. — Cushman & Wakefield has arranged the sale of Walden Legacy, a 236-unit apartment community located in west Knoxville. Mount Auburn Multifamily LLC purchased the asset from Sagebrush Legacy Management for an undisclosed price. Robert Stickel and Nelson Abels of Cushman & Wakefield represented the seller in the transaction. Built in 2005, Walden Legacy was 95 percent occupied at the time of sale. Community amenities include a resort-style swimming pool, fitness center, picnic areas with grills, car care center, laundry facility and a clubhouse.
Memphis may be known for its industrial market, but there are several interesting stories unfolding in the Memphis office market as well. Investors, both local and national, have found opportunities in an office market that can relate to the phrase, “slow and steady wins the race.” The Memphis office market consists of just over 52 million square feet, with nearly 60 percent of that in the Downtown, East and 385 Corridor submarkets and more than 85 percent of the Class A space located in those same submarkets. The Memphis metro ended 2016 with overall vacancy rates of 10.5 percent. Those rates have remained in the 10.5 to 10.9 percent range for the last two years. Class A vacancy has been on a slow and steady decline, falling from 10.2 percent at the end of 2014 to 7.9 percent at the end of 2016, its lowest level in more than a decade. This has prompted Class B owners to make investments in their properties, like the $7 million capital investment by Clark Tower, located in the East Memphis submarket, to upgrade mechanical systems and common areas. Rates, too, have been relatively steady for the last decade. At $17.07 per square foot …
KNOXVILLE, TENN. — Commercial & Investment Properties has opened The Tennessean Personal Luxury Hotel & Residences, a $28 million hotel and condominium development located at 531 Henley St. in downtown Knoxville. The property features 82 hotel rooms and 12 condominiums, as well as amenities for guests and owners including a fitness center, valet parking, room service and the Drawing Room lounge. McCarty Holsaple McCarty designed The Tennessean, which is situated near Market Square, World’s Fair Park and the University of Tennessee.
MORRISTOWN AND MARYVILLE, TENN. — Chattanooga, Tenn.-based CBL & Associates Properties Inc. has sold College Square and Foothills Mall in Tennessee to New York-based Time Equities Inc. for a combined $53.5 million. Located at 2550 E. Morris Blvd. in Morristown, College Square’s tenant roster includes Belk, Kohl’s, T.J. Maxx, AMC Theatres, Dick’s Sporting Goods, AT&T, GameStop, GNC, Kay Jewelers, Longhorn Steakhouse, McDonald’s, Planet Fitness, Sprint, Subway and Verizon Wireless. Located in Maryville, Foothills Mall’s tenants include Belk, JC Penney, Sears, T.J. Maxx, Air Bounce!, Hallmark, Carmike Cinemas, Chick-fil-A, Finish Line, T-Mobile, Verizon Wireless and Vitamin World. CBL owns, holds interest in or manages 124 properties spanning 76.9 million square feet, including 81 regional malls/retail power centers.