NASHVILLE, TENN. — American Threads, Alton Lane and Barcelona Restaurant and Wine Bar have leased space at Edgehill Village, a 56,000-square-foot retail hub in Nashville. American Threads, a women’s fashion retailer, will lease 1,529 square feet; Alton Lane, a custom menswear shop, will lease 883 square feet; and Barcelona, a Spanish tapas restaurant and wine bar, will lease 5,887 square feet, becoming the largest retail tenant at the property. Edgehill Village comprises eight masonry buildings situated near Music Row at Edgehill Avenue and Villa Place. The property formerly housed Whiteway Cleaners in the 1920s. The national tenants will move into the historic mixed-use property by the end of the year. Existing tenants at Edgehill Village include retailers Warby Parker and J. Crew Mens Shop; restaurants Old Glory and Edgehill; and major entertainment companies such as Live Nation, AEG and AC Entertainment. Edgehill Village is owned by Edgehill Village Partners, an entity including real estate developers Rob Lowe, Elliott Kyle, McClain Towery of Towery Development and Jay Weaver of Atlanta-based Weaver Capital Partners.
NASHVILLE, TENN. — Champion Real Estate Co. has purchased Village Green Hills Apartments, a newly constructed, 82-unit apartment complex in Nashville, for $22.5 million. The apartment complex is within walking distance of Greens Hills Mall and Hill Center with Nashville’s only Whole Foods Market and Trader Joe’s. Champion and its affiliates currently own six multifamily properties in Nashville consisting of nearly 200 rental units with product ranging from entry-level studios and student housing to high-end townhomes.
KNOXVILLE, TENN. — Berkadia has arranged a $10.1 million acquisition loan for The Element at Cedar Bluff, a 223-unit apartment community in Knoxville formerly known as Warren House Apartments. The property is situated roughly 10 miles from the University of Tennessee and Neyland Stadium. The borrower, SCBP Knoxville Associates LLC, a partnership between Springer Capital and Brookside Properties, used the loan to acquire the property and fund future renovations totaling roughly $5 million. The Element at Cedar Bluff’s amenities include a new fitness center, resort-style swimming pool, granite countertops and stainless steel appliances. The property was 93 percent occupied at the time of financing. Corby Chaffin of Berkadia’s Houston office arranged the floating-rate loan through Latitude Management Real Estate Investors, a Southern California-based institutional debt fund specializing in bridge lending.
NASHVILLE, TENN. — Passco Cos. LLC has purchased The Overlook, a 452-unit value-add apartment community located at 727 Bell Road in Nashville, for $51.4 million. The property, which was 95 percent occupied at the time of sale, hasn’t been renovated since its completion in 1998, according to Passco Cos. The buyer plans to upgrade the property and implement a professional management program. The Overlook’s amenities include a fitness center and two swimming pools with cabanas. Russ Oldham of CBRE represented both Passco and the seller, Olympus Properties, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.
CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.
MEMPHIS, TENN. — The Shopping Center Group has arranged a lease transaction that will bring a Save-A-Lot grocery store to Binghampton Gateway, a 48,500-square-foot neighborhood center in Memphis. Shawn Massey of The Shopping Center Group and Steve Bowie of Cor Mundi Investments represented Binghampton Development Corp., a faith-based, nonprofit organization, in the lease transaction. The $6.5 million retail center will be located on a 4.5-acre site that was previously occupied by an apartment complex, which was demolished in January 2015. Binghampton Gatetway will feature the 16,300-square-foot Save-A-Lot, a 10,000-square-foot junior anchor tenant and 22,200 square feet of small shop space. Construction is expected to begin this summer with an anticipated completion date of spring 2017.
NASHVILLE, TENN. — Marcus & Millichap has brokered the $58 million sale of the 154-room Hampton Inn & Suites located at 310 4th Ave. S. in downtown Nashville. The hotel is situated across the street from the new Music City Center, two miles from Vanderbilt University and eight miles from the Nashville International Airport. Opened in 2007, the hotel features a breakfast buffet, wireless Internet access, fitness center, indoor pool and 2,500 square feet of meeting and event space. Georgia Krewson and Wes Tiner of Marcus & Millichap’s National Hospitality Group (NHG), along with Scott Franco, Zach Moore and Kelley Deibler of Marcus & Millichap’s Nashville office, represented the seller, MR Hotels LLC, in the transaction.
CBL & Associates to Begin Multi-Million Dollar Renovation of CoolSprings Galleria in Metro Nashville
FRANKLIN, TENN. — CBL & Associates Properties Inc. is set to begin the multi-million dollar renovation of CoolSprings Galleria, a more than 1 million-square-foot super-regional mall located in the Nashville suburb of Franklin. The mall’s department store anchors include Belk Men’s and Kids, Belk Women’s and Home, Dillard’s, JC Penney and Macy’s. Other retailers at the mall include Apple, Build-A-Bear Workshop, Chick-fil-A, Taco Bell/Pizza Hut, Pottery Barn, Williams-Sonoma, J. Crew and Starbucks. The renovation will include enhancements to the interior and exterior of the property, including a fresh color palette of grays, whites and hints of blue; new stone work and lighting around four entrances; the addition of seating areas; updated restrooms; and interior lighting and flooring upgrades. Work at CoolSprings Galleria is set to begin in early March with an anticipated completion in mid-October.
HENDERSONVILLE, TENN. — U.S. Properties Group (USPG) has acquired The Streets of Indian Lake, a 249,121 square-foot lifestyle shopping center in Hendersonville, roughly 18 miles northeast of Nashville. The retail center is located at Indian Lake and Vietnam Veterans boulevards. The center’s tenant roster includes Regal Cinema, Victoria’s Secret, LOFT, Rack Room Shoes, Yankee Candle, New York & Co., Sunglass Hut, Gymboree, Glowgolf, Charming Charlie, Bath & Body Works, Barnes & Noble and Buffalo Wild Wings. Chris Decoufle of CBRE’s Atlanta office brokered the transaction. USPG has acquired and improved value-add shopping center assets since 2002. The company owns approximately 4 million square feet and redevelops shopping centers in 11 states covering the Midwest and Southeast, including Alabama, Georgia, Illinois, Michigan, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.
NASHVILLE, TENN. — Stan Johnson Co. has brokered the $3 million sale of a 10,500-square-foot dialysis clinic located at 20 Rachel Drive in Nashville. The property is fully leased to Vanderbilt University and is one of its two 24-hour dialysis operations in the metro Nashville area. A private partnership based in New England purchased the facility from a limited liability partnership based in California. Craig Tomlinson and John Zimmerman of Stan Johnson Co. marketed the asset and represented the seller in the transaction.