Tennessee

Monroe Investment Partners to Develop 125-Acre Mixed-Use Project in Nashville

by John Nelson January 10, 2017

NASHVILLE, TENN. — Chicago-based Monroe Investment Partners plans to develop River North Development District, a 125-acre mixed-use project situated along the Cumberland River in Nashville. The development is a public-private partnership between the Metropolitan Government of Nashville and Davidson County and Monroe Investment, which owns or controls 105 acres of the site. Phase I of the project, known as The Landings, will break ground this year. Encompassing 40 acres, The Landings will include office, retail, multifamily and hospitality components. JLL’s Nashville office is marketing The Landings for lease. Monroe Investment plans to develop some of the sites at River North Development District, but plans to sell, lease or joint venture a majority of the parcels. As part of the public-private partnership, Monroe Investment will donate about 50 acres to the Metropolitan Government for the development of a riverfront greenway system, interior site public parkland, roads and common areas. The River North Development District project team includes Hastings Architecture Associates, Civil Site Design Group and Waller.

January 10, 2017

Industrial Southeast Tennessee

Pacer Partners, Drake Acquire Two Warehouses in Memphis

by John Nelson January 10, 2017

MEMPHIS, TENN. — A joint venture between Pacer Partners and Drake Real Estate Partners has purchased Southpark Buildings D and E in Memphis. The two adjacent buildings are located at 4540 and 4600 Pleasant Hill Road and span 566,281 square feet of Class A industrial space. The buildings are fully leased to iQor Global Services LLC, a private outsourcing services company with 32,000 employees and operations in 18 countries. Pacer Partners and Drake purchased the assets from Transpacific Development Co. for an undisclosed price.

January 10, 2017

Retail Southeast Tennessee

CBL & Associates Properties to Redevelop Four Macy’s Locations in its Portfolio

by John Nelson January 9, 2017

CHATTANOOGA, TENN. — CBL & Associates Properties Inc. plans to redevelop four Macy’s anchor locations in its portfolio that will close at the end of March. The Macy’s stores were announced to be closing by Macy’s last week. The four locations include Jefferson Mall in Louisville, Ky.; Layton Hills Mall in Layton, Utah; Parkdale Mall in Beaumont, Texas; and Eastland Mall in Bloomington, Ill. CBL will replace the Macy’s at Layton Hills Mall with a new anchor retailer, which will open its new store by the end of the year. Macy’s Inc. currently owns the other three locations and will sell them to CBL for a total of $5 million. In addition to these four locations, Macy’s will close its store at River Ridge Mall in Lynchburg, Va., in which CBL holds a minority interest. The majority owner of the mall will handle the acquisition and redevelopment of this store.

January 9, 2017

Retail Southeast Tennessee

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

Alabama Multifamily Southeast Tennessee

SVN Arranges $19.8M Sale of Multifamily Portfolio in Nashville, Huntsville

by John Nelson December 21, 2016

NASHVILLE, TENN. AND HUNTSVILLE, ALA. — Andrew Agee of the SVN Multifamily group has brokered the $19.8 million sale of a three-property multifamily portfolio in Nashville and Huntsville. The communities include the 200-unit Millwood Manor in Nashville, the 110-unit Hartford House in Nashville and the 169-unit Summertree Apartments in Huntsville. A private buyer based in Nashville purchased the portfolio from Athens, Ala.-based J&J Properties for roughly $41,231 per unit. Agee represented both the buyer and seller in the transaction.

December 21, 2016

Office Southeast Tennessee

Angelo, Gordon’s Net Lease Group Acquires Office Tower in Memphis for $58.3M

by John Nelson December 13, 2016

MEMPHIS, TENN. — New York-based Angelo, Gordon & Co.’s net lease group (AG Net Lease) has purchased an office tower within International Paper Co.’s global headquarters campus in Memphis for $58.3 million. AG Net Lease’s purchase from Century Park Partners LLC includes the office building and the assumption of International Paper’s existing 10.5-year lease. Situated in the East Memphis business district, Tower III spans 214,060 square feet and is one of four office buildings on International Paper’s campus.

December 13, 2016

Loans Mixed-Use Southeast Tennessee

Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville

by John Nelson December 8, 2016

NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.

December 8, 2016

Multifamily Southeast Tennessee

Timberland Partners Acquires Multifamily Portfolio in Nashville Area for $57.5M

by John Nelson December 8, 2016

LEBANON, CLARKSVILLE AND COLUMBIA, TENN. — Minneapolis-based Timberland Partners has acquired a three-property multifamily portfolio totaling 548 units in metro Nashville for $57.5 million. The communities include the 210-unit Falls at 109 in Lebanon, the 184-unit Fountains at Meadow Wood in Clarksville and the 154-unit Lakes of Columbia in Columbia. As part of the transaction, Timberland Partners assumed three existing HUD loans. Steve Massey and Russ Oldham of CBRE’s Nashville office represented the undisclosed seller in the transaction. Timberland Partners now owns and manages five multifamily assets in the Nashville area totaling 960 units.

December 8, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Arranges $28.8M Acquisition Loan for Shopping Center in Metro Nashville

by John Nelson December 7, 2016

SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.

December 7, 2016

Industrial Southeast Tennessee

Premier Design + Build to Construct 650,000 SF Spec Distribution Facility in Metro Nashville

by John Nelson November 30, 2016

LEBANON, TENN. — Premier Design + Build Group LLC plans to construct Commerce Farms V, a 650,000-square-foot spec distribution facility situated within the 145-acre Commerce Farms Industrial Park in Lebanon, a suburb of Nashville. Premier Design + Build is building the property on behalf of the developer, HSA Commercial Real Estate. The facility will sit on 41 acres at Highway 109 and feature 32-foot clear heights, 144 truck dock positions, four drive-in doors, a parking lot with 184 trailer stalls and a TPO roofing system. Joe Ahrens is the project manager and Johnathan Nelsen is the field superintendent from Premier Design + Build. Harris Architects will deliver architectural services for the project, and Joe DeLemos of NorthStar Real Estate Advisors is leasing the building.

November 30, 2016

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