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.
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.
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 …
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.
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.
NASHVILLE, TENN. — Ardent Health Services has acquired LHP Hospital Group Inc., creating the second largest private, for-profit hospital operator in the United States, with 19 hospitals in six states and $3 billion in revenues, according to Ardent. Although the purchase price was not disclosed, Ventas Inc., a massive healthcare REIT, provided $700 million in financing to Ardent for the acquisition. The five-year, LIBOR-based acquisition loan bears an initial cash interest rate of approximately 8 percent. As part of the transaction, Ardent received a significant equity contribution from its majority owner, an affiliate of Equity Group Investments. Ventas also made an equity contribution to maintain its 9.9 percent equity stake in Ardent. LHP’s portfolio of hospitals were all operated in joint ventures. LHP’s portfolio includes Bay Medical Center in Panama City, Fla.; HUMC Mountainside in Montclair, N.J.; HUMC at Pascack Valley in Westwood, N.J.; Portneuf Medical Center in Pocatello, Idaho; and Seton Medical Center in Harker Heights, Texas. Under the terms of the agreement, Ardent will assume LHP’s management and operational responsibilities within each joint venture partnership. The transaction is not expected to impact the day-to-day operations of the affiliated hospitals. The Ardent management team will also continue to lead the …
MEMPHIS, TENN. — In-Rel Properties, a commercial real estate investment firm based in Lake Worth, Fla., is overseeing the $7 million renovation of Clark Tower in Memphis. Located at 5100 Poplar Ave., the 32-story, 668,009-square-foot office tower is the second-tallest building in Memphis. The renovation was designed by the Crump Firm and includes a new entry, updates to the lobbies, bathrooms and common areas and new elevators and mechanical systems. Existing amenities at Clark Tower include 24-hour security, a fitness center, on-site banking, structured parking and an on-site conference center. Colliers International leases Clark Tower on behalf of In-Rel. Dan Walker Associates began construction in the third quarter of 2016 and expects to wrap up at the end of the first quarter this year.
MADISON, TENN. — Baker Storey McDonald Properties Inc., an X Team International partner, has brokered the $21.3 million sale of McHenry Shopping Center located at 1764 Gallatin Pike North Road in Madison, a suburban town northeast of Nashville. The 191,359-square-foot property was 96 percent leased at the time of sale to tenants such as Hobby Lobby, Books-A-Million, Royal Furniture, CVS/pharmacy and Panera Bread. Baker Storey McDonald represented the buyer, Conscious Capital LLC, in the transaction and will provide management and leasing services at McHenry Shopping Center going forward.
MEMPHIS, TENN. — A joint venture between Inspirit Senior Living and Care Investment Trust has acquired Foxbridge, a 120-bed independent living, assisted living and memory care community in Memphis. The seniors housing property is located on eight acres. The seller was the property’s former operator, United Methodist Homes. The sales price was undisclosed. The new owners plan to implement improvements to the back-office systems, buildings, furnishings, fixtures and grounds. Inspirit will operate the community and expand the name to “Foxbridge, an Inspirit Senior Living Community.” This is Inspirit’s second community, following Hilltop in Winchester, Va., which was also acquired in a joint venture with Care Investment Trust.
NASHVILLE, TENN. — Financial Federal Bank has secured a $15.5 million acquisition loan for Hillwood Pointe Apartments, a 180-unit garden-style multifamily community in Nashville. Steve Curnutte of Financial Federal Bank arranged the 10.5-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule through an unnamed life insurance company on behalf of the buyer, a commercial property owner based in Nashville. The property was 97 percent occupied at the time of closing.
