Tennessee

NGKF Secures ServiceMaster’s 315,450 SF Lease Relocation to Downtown Memphis

by Christina Cannon June 9, 2016

MEMPHIS, TENN. — Newmark Grubb Knight Frank (NGKF) has arranged the 315,450-square-foot lease relocation and adaptive reuse project for ServiceMaster, a home and commercial services provider whose products and services include home warranties, home inspections, furniture repair, residential cleaning, disaster restoration and termite and pest control. The publicly traded company plans to transform the former Peabody Place mall in downtown Memphis into Class A office space for its global headquarters. ServiceMaster will consolidate its office operations currently headquartered in four buildings within the suburban Poplar Avenue Corridor in Memphis. Neal Golden and Aaron Sommer of NGKF represented ServiceMaster in the two-year site selection process and lease transaction. ServiceMaster was considering relocating its corporate headquarters to other markets such as Atlanta, Dallas, Austin, Orlando and Tampa before selecting Memphis. The company plans to move approximately 1,200 employees to the renovated building by the end of 2017.

June 9, 2016

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Reaffirms Its Industrial Prowess with Strong 2015 Performance

by John Nelson June 6, 2016

To say 2015 was a good year for the Memphis industrial market would be an understatement. The Memphis market, which comprises approximately 220 million square feet spread across seven submarkets and three states (Mississippi, Tennessee and Arkansas), set a new record in 2015 with absorption exceeding 8.4 million square feet. This total is nearly double what the market recorded in 2014 and an impressive 2 million square feet more than the record set in 2006. Vacancy also dipped into single-digit territory for the first time ever, falling below the 10 percent mark to a new record low of 9.8 percent. Vacancy fell 370 basis points in 2015 alone, the most significant year-over-year vacancy decrease in market history. The market’s central U.S. location, quadra-modal transportation infrastructure (river, road, runway and rail) and abundant labor force are just a few of the benefits that make it an ideal location for distribution tenants. A total of 18 Class A deals were completed in 2015 by notable companies like Nike, Post, Cummins, Dayco Products, AmerisourceBergen, T.J. Maxx and Coca-Cola, to name a few. Class A buildings made up 6.3 million square feet, or 75 percent, of total absorption. There were five deals north of …

June 6, 2016

Loans Retail Southeast Tennessee

Goldman Sachs Provides $107M Loan to CBL for Hamilton Place Mall in Chattanooga

by John Nelson June 2, 2016

CHATTANOOGA, TENN. — Goldman Sachs Mortgage Co. has provided a $107 million loan to CBL & Associates Properties Inc. for Hamilton Place Mall, an enclosed regional mall located at 2100 Hamilton Place Blvd. in Chattanooga. Located off I-75, the mall features six department stores and roughly 200 stores and services, including Sephora, J Crew Factory, bareMinerals, Banana Republic, Barnes & Noble Booksellers, White House | Black Market and Pandora. The 10-year loan features a 4.36 percent interest rate. CBL used the loan proceeds to retire an existing $98.2 million loan maturing in August. CBL owns Hamilton Place in a 90/10 consolidated joint venture with an undisclosed partner. CBL owns, holds interests in or manages 148 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.5 million square feet, including 8.6 million square feet of non-owned shopping centers managed for third parties.

June 2, 2016

Retail Southeast Tennessee

Trademark Property Adds Three New Retailers to Saddle Creek in Metro Memphis

by John Nelson May 26, 2016

GERMANTOWN, TENN. — Trademark Property Co. has signed three new retailers to join Saddle Creek, a 173,000-square-foot outdoor lifestyle retail center in Germantown, roughly 22 miles east of Memphis. The new tenants include Atlanta-based American Threads, Sephora and Sur La Table. American Threads will open its 1,995-square-foot store next to Janie and Jack later this year; Sephora will open its 5,701-square-foot store next to Michael Kors later this year; and Sur La Table will open its 5,807-square-foot store next to Brooks Brothers in 2017. Saddle Creek is currently home to 40 retailers, including Apple, Anthropologie, J. Crew and Banana Republic. Other retailers opening this summer include Grimaldi’s Pizzeria, Paper Source and Sleep Number.

May 26, 2016

Multifamily Southeast Tennessee

Doster Construction to Build Apartment Community in Nashville

by John Nelson May 24, 2016

NASHVILLE, TENN. — Crescent Communities has selected Doster Construction Co. to build Crescent Bellevue Apartments, a 377-unit, garden-style multifamily community in Nashville. The property will be situated on an 87-acre lot that was once home to Bellevue Center Mall. The community will feature 18 two- and three-story wood-framed apartment buildings with a leasing office, clubhouse and amenities housed in one of the buildings. Preston Partnership is Crescent Bellevue Apartments’ architect of record. The multifamily community will be delivered in the winter of 2017.

May 24, 2016

Healthcare Multifamily Seniors Housing Southeast Tennessee Top Stories

NHI to Acquire Five Bickford Seniors Housing Communities in the Midwest for $87.5M

by Katie Sloan May 24, 2016

MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living. The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years. NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator. The acquisition was funded with available cash and borrowings on the company’s revolving credit facility. “We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI. National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s stock price …

May 24, 2016

Multifamily Southeast Tennessee

Steadfast Apartment REIT Buys Multifamily Community in Metro Nashville for $110M

by John Nelson May 20, 2016

BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …

May 20, 2016

Civic Mixed-Use Southeast Tennessee

City of Lebanon Approves Extension of Legends Drive Near Cumberland Center

by John Nelson May 20, 2016

LEBANON, TENN. — The city of Lebanon has approved the extension of Legends Drive near Cumberland Center, a 165-acre mixed-use project situated along I-40 East. Upon completion, Cumberland Center will feature retail shops, Class A offices, restaurants, hotels and possibly apartments. Phase I of Cumberland Center includes a Logan’s Steakhouse and a Boot Barn. The extension of Legends Drive is estimated to last roughly 18 months and cost about $4.6 million. Legends Drive will be extended about three-fourths of a mile and will connect Highway 231 and Highway 70. The road will also connect to Briskin Lane, which is scheduled for improvements.

May 20, 2016

Multifamily Southeast Tennessee

Terwilliger Pappas to Build $64M Apartment Community in Nashville

by John Nelson May 17, 2016

NASHVILLE, TENN. — Terwilliger Pappas Multifamily Partners plans to build Solis North Gulch, a $64 million, 271-unit apartment community located in Nashville’s North Gulch district. Construction will start within 30 days, with the first apartments and amenities targeted for a late 2017 delivery. The five-story multifamily community will be built atop a two-level parking deck. Terwilliger Pappas is partnering with Clarion Partners on the development, and Citizens Bank of Providence, Rhode Island provided construction financing. Amenities will include a rooftop clubroom and terrace, resort-style swimming pool, club-grade fitness center and a pet park. Units will feature stainless steel appliances and quartz countertops. The project team includes architect and interior design firm Preston Partnership, landscape architect and civil engineer Littlejohn and general contractor Construction Enterprises Inc.

May 17, 2016

Retail Southeast Tennessee

IKEA to Install Tennessee’s Largest Solar Rooftop System on Future Memphis Store

by John Nelson May 17, 2016

MEMPHIS, TENN. — IKEA plans to install Tennessee’s largest solar rooftop system atop its Memphis store set to open in the fall. The 271,000-square-foot IKEA Memphis will be situated on 35 acres in the Wolfchase Corridor along the southwestern side of I-40 near the Germantown Parkway exit. The store will feature approximately 800 parking spaces. Atlanta-based Hannah Solar is installing the 250,675-square-foot solar array beginning this summer. Linkous Construction is managing the site work and building the store, which will represent the 44th solar project for IKEA. The Swedish-based retailer plans for its stores to be energy independent by 2020.

May 17, 2016

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