JOHNSON CITY, TENN. — Windsor Aughtry Co. Inc. has brokered the $6.3 million sale of Hampton Inn Johnson City, a 77-room hotel located at 508 N. State of Franklin Road in Johnson City. Pleasantburg Hospitality Inc. sold the hotel, which it has owned since the hotel was built in 1995. Jay Alexander and Bill Fayssoux of Windsor Aughtry represented Pleasantburg Hospitality in the transaction.
MEMPHIS, TENN. — KeyBank Real Estate Capital has provided two loans totaling $20 million for the acquisition of two affordable housing apartment communities in metro Memphis. The financing included a $4.1 million loan for Pinebrook Pointe Apartment Homes in Memphis and a $15.9 million loan for Angelo’s Grove Apartments in Marion, Ark., a suburb of Memphis. These communities are two of the five properties that the borrower, Peak Capital Partners LLC, is planning to buy in the Memphis area. Irena Edwards and Alex Buecking of KeyBank’s community development lending division arranged the financing.
GALLATIN, TENN. — BC Wood Properties has sold Gallatin Center, a 138,238-square-foot shopping center located in Gallatin, for $9 million. The center’s tenant roster includes Burke’s Outlet, Ollie’s, Tractor Supply, Hibbett Sports and Goodwill. BC Wood increased the property’s occupancy from 80 percent to 99 percent during the life of its ownership of the center. The Lexington, Ky.-based shopping center owner and manager sold Gallatin Center through BC Wood Properties Fund I, an investment vehicle that BC Wood launched in 2013.
SMYRNA, TENN. — Southeastern Development Associates has brokered the $49.6 million sale of Grand Oak at Town Park, a 300-unit, Class A multifamily development located in Nashville’s Smyrna suburb. Completed in 2014, the property was 98 percent occupied at the time of sale. Community amenities include a clubhouse, cyber café, 24/7 cardio wellness center, saltwater pool, outdoor fireplace and a poolside entertainment area with stainless steel grills. An undisclosed international investor purchased the property from an undisclosed seller. Ryan McArdle, Steve Collins and David Rivers of Southeastern Development Associates represented the seller.
NASHVILLE, TENN. — San Diego-based Moonshine Flats has entered the final stages of lease negotiations for a new 38,000-square-foot “honky tonk” music venue and bar in downtown Nashville. The venue will be a country rock-themed establishment with four levels of bars, live music and DJs, barbecue, amusement rides, an open-air rooftop and floor-to-ceiling LED screens. Owner Ty Hauter expects to open the new Moonshine Flats in 2016.
NASHVILLE AND HERMITAGE, TENN. — Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, and funds managed by Oaktree Capital Management LP have closed on the purchase of two apartment communities in Nashville totaling 838 units. The portfolio includes the 560-unit Bellevue West at 100 Ridgelake Parkway and the 278-unit Highlands at the Lake at 100 Arbor Lake Blvd. in Hermitage, a suburb of Nashville. Vincent Lefler of JLL represented the seller in the transaction. Brian Eisendrath and Annie Rice of CBRE Capital Markets arranged acquisition financing through San Francisco-based ACORE Capital.
KINGSPORT, TENN. — Pure Foods, a specialty snack company, has opened its global headquarters and a manufacturing plant at Gateway Commerce Park in Kingsport. The $22 million project will house 50 to 75 employees, with room to grow to 275 employees over the next five years. The 88,000-square-foot manufacturing facility will be where Pure Foods produces its healthy snacks, which are sourced from non-GMO fruits and vegetables. The opening ceremony of the headquarters and manufacturing plant was attended by Tennessee Gov. Bill Haslam; Lt. Gov. Ron Ramsey; John Dreyzehner, commissioner of the Tennessee Department of Health; Miles Burdine, president and CEO of the Kingsport Chamber of Commerce; Kingsport Mayor John Clark; and Sullivan County Mayor Richard Venable. As part of the opening, Pure Foods has also announced its acquisition of the Guiltless Gourmet brand from Manischewitz Co.
NASHVILLE, TENN. — Colliers International has arranged the $2.8 million sale of a historic four-story office building located at 227 2nd Ave. North in downtown Nashville. Built in 1911, the fully renovated property is located adjacent to the upcoming 21c Museum Hotel. The buyer, Tennessee-based 227 2nd Avenue North LLC, plans to repurpose the property as apartment residences with ground-floor retail space. Vickie Saito of Colliers International’s Nashville office represented the seller, local real estate investor Scott Chambers, in the transaction.
SPRINGHILL, TENN. — Trillium Capital Resources (TCR) has arranged a $29 million loan for Grand Reserve Springhill, a newly constructed, 290-unit apartment community located in Springhill. Trillium arranged the 12-year, non-recourse, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, a Columbus, Ga.-based developer. The borrower will use the proceeds of the financing to take out an existing construction loan.
MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.
