Tennessee

Colliers Brokers $2.8M Sale of Historic Office Building in Downtown Nashville

by John Nelson January 19, 2016

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.

January 19, 2016

Loans Multifamily Southeast Tennessee

Trillium Capital Resources Arranges $29M Loan for Apartment Community in Tennessee

by John Nelson January 13, 2016

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.

January 13, 2016

Hospitality Southeast Tennessee

CBRE Brokers $3.2M Land Sale in Downtown Memphis for New Cambria Hotel

by John Nelson January 11, 2016

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.

January 11, 2016

Georgia Multifamily Southeast Tennessee

Bell Partners Sells Three Apartment Communities for $123.9M

by John Nelson January 8, 2016

GREENSBORO, N.C. — Bell Partners Inc. has completed the sale of three multifamily communities in late December 2015 for a cumulative sale price of $123.9 million. The properties include Bell BridgeMill in metro Atlanta, Bell Midtown in Nashville and Bell Wheeler Hill in metro Boston. Atlantic Pacific Real Estate Group purchased Bell BridgeMill, Olympus Property purchased Bell Midtown and CBRE Global Investors purchased Bell Wheeler Hill. In 2015, Bell Partners sold 24 properties for $800 million and acquired nine properties comprising 3,218 units for $670 million. This marks the second consecutive year that the Greensboro-based apartment investment and management firm was a net seller.

January 8, 2016

Office Southeast Tennessee

CBRE Group Inc. Acquires CBRE | Memphis

by John Nelson January 7, 2016

MEMPHIS, TENN. — Los Angeles-based CBRE Group Inc. has acquired CBRE | Memphis, a commercial real estate services firm that has served as CBRE’s affiliate firm in Memphis since 1996. The firm has more than 100 employees on staff and leases and/or manages roughly 14 million square feet of commercial property in the metro Memphis area, as well as Arkansas and Jackson, Miss. CBRE | Memphis and CBRE’s existing corporate staff in the Memphis region totals more than 500 employees. After acquiring affiliate firms in Charleston, Columbia, Greenville and Louisville, CBRE Group now has 14 offices in the Southeast totaling more than 3,200 employees.

January 7, 2016

Office Southeast Tennessee

In-Rel Properties Purchases iBank Tower in Memphis for $19.2M

by John Nelson January 6, 2016

MEMPHIS, TENN. — In-Rel Properties has purchased iBank Tower, a 276,226-square-foot office building located at 5050 Poplar Ave. in Memphis. According to media outlets, In-Rel Properties purchased the property from an affiliate of Gemini-Rosemont Realty LLC for $19.2 million. In-Rel Properties owns the neighboring Clark Tower and plans to create an 18-acre office campus comprising the two office towers. The Lake Worth, Fla.-based investor will spend up to $1 million on capital improvements to iBank Tower, in addition to the $6 to $7 million investment for Clark Tower’s renovations. The two towers will have shared amenities, parking, security and color schemes. Phil Dagastino Jr., Bentley Pembroke and Anna Tranum of Cushman & Wakefield | Commercial Advisors will lease both towers on behalf of In-Rel Properties.

January 6, 2016

Retail Southeast Tennessee

Preferred Apartment Communities Buys Grocery-Anchored Shopping Center in Chattanooga

by John Nelson December 24, 2015

CHATTANOOGA, TENN. — Preferred Apartment Communities Inc. (PAC) has acquired The Overlook at Hamilton Place, a 213,000-square-foot grocery-anchored shopping center in Chattanooga. The center is located at the intersection of Gunbarrel and Shallowford roads across the street from Hamilton Place, the primary super regional mall in the Chattanooga MSA. The Overlook at Hamilton Place is currently 99 percent leased and is anchored by The Fresh Market, Hobby Lobby, Best Buy and Petco. PAC acquired this asset through its wholly-owned subsidiary, New Market Properties LLC. PAC financed the acquisition utilizing a 10-year, 4.19 percent first mortgage loan from Transamerica Life Insurance Co.

December 24, 2015

Industrial Southeast Tennessee

Sealy & Co. Acquires 600,000 SF Warehouse in Memphis

by John Nelson December 24, 2015

MEMPHIS, TENN. — Sealy & Co. has purchased a 600,000-square-foot warehouse/distribution facility situated on more than 25 acres at 4221 Pilot Drive in Memphis. This acquisition is the third investment in the Memphis market on behalf of the company’s investment offering, Sealy Strategic Equity Partners. The property features modern warehouse attributes, rail service and additional trailer parking. Located in Memphis’ Southeast submarket, the property is in close proximity to Memphis International Airport and the BNSF Rail intermodal.

December 24, 2015

Multifamily Southeast Tennessee

Olympus Property Acquires Class A Apartment Community in Downtown Nashville

by John Nelson December 21, 2015

NASHVILLE, TENN. — Olympus Property, a multifamily owner and operator based in Fort Worth, Texas, has purchased Midtown, a 170-unit, Class A apartment community in downtown Nashville. Built in 2010, Midtown’s amenities include a media lounge with billiards and Wi-Fi, Zen garden, 24-hour sky bridge fitness studio, elevator access, electronic building access, parking garage and valet dry cleaning services. Unit interiors include black energy star appliances, granite countertops, walk-in closets, 9-foot ceilings, wood flooring, designer cabinetry, under-mount sinks, washers/dryers and patios/balconies with Nashville skyline views. Midtown is Olympus Property’s third acquisition in Tennessee and fourth acquisition for its WW Olympus Property V LLC investment fund.

December 21, 2015

Office Southeast Tennessee

One Commerce Square is First Downtown Memphis Office Building to Earn LEED Gold Status

by John Nelson December 17, 2015

MEMPHIS, TENN. — The U.S. Green Building Council (USGBC) has awarded One Commerce Square in downtown Memphis LEED Gold certification. The office building is the first property in downtown Memphis to earn the distinction. Built in 1972, the 29-story office building is located at 40 S. Main St. Memphis-based Looney Ricks Kiss spearheaded the renovation, which resulted in 45 percent in energy savings, or roughly $138,000 per year. The office building has also experienced 33 percent water savings over the LEED baseline and features a 20 percent parking rebate offered to building patrons who have a qualified low-emitting or fuel-efficient vehicle. Cushman & Wakefield | Commercial Advisors leases and manages the building. Memphis Commerce Square Partners LLC, which is managed by Worthington Hyde Partners, owns the office tower.

December 17, 2015

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