Tennessee

Cushman & Wakefield Arranges 800,000 SF Industrial Lease in Memphis

by John Nelson November 10, 2015

MEMPHIS, TENN. — Cushman & Wakefield arranges 800,000-square-foot industrial lease at Memphis Oaks 3 located at 3860 E. Holmes Road in Memphis. The new lease brings the property to 100 percent occupancy. Patrick Walton and Kemp Conrad of Cushman & Wakefield/Commercial Advisors represented the landlord, Panattoni Development Co., in the lease transaction. Michael Reid and Tim O’Callaghan of Binswanger represented the tenant, an unnamed Fortune 500 retail company. The new tenant will occupy 500,000 square feet that Sharp Electronics will vacate at the end of the year. The remaining 300,000 square feet is currently vacant. In addition to the new tenant, General Electric leases 225,000 square feet at Memphis Oaks 3.

November 10, 2015

Multifamily Southeast Tennessee

Berkshire Group Acquires 153-Unit Apartment Complex in Nashville

by Christina Cannon November 6, 2015

NASHVILLE, TENN. — An affiliate of Berkshire Group has acquired a 153-unit apartment complex in Nashville. Artisan on 18th is a Class A community that was purchased for an undisclosed price. The complex is located in the Music Row neighborhood and is close to Vanderbilt University, the Medical District, the Tennessee State Museum, Bridgestone Arena and Honkey Tonk Row. The asset is a five-story, wood-frame building. Community amenities include two outdoor courtyards, grills, fire pits, a resident lounge, business center, television room, fitness center and bike storage. Stonehenge Real Estate Group developed and sold the property. Berkshire Communities will manage the property.

November 6, 2015

Industrial Southeast Tennessee

C&W Brokers 316,666 SF Distribution Lease for DYK Automotive in Memphis

by Haisten Willis November 2, 2015

MEMPHIS, TENN. — Cushman & Wakefield has brokered a lease renewal and expansion for DYK Automotive’s distribution operations at 4500 Malone Road in Memphis. The 316,666-square-foot transaction represents an increase in Class A industrial activity in the regional market. DYK Automotive, a national aftermarket automobile parts and accessories distributor, initially leased 150,000 square feet at 4500 Malone Road. An operating unit of Dobbs Management Service, the company provides branded and private label packaged oil, chemicals, parts and accessories to various customer channels and markets. Its divisions include AP Auto, Keltner Enterprises and Superior Automotive, each with more than 50 years of operating history. Kemp Conrad of Cushman & Wakefield orchestrated DYK Automotive’s renewal/expansion. Tim Mashburn of Colliers International represented the property owner.

November 2, 2015

Industrial Southeast Tennessee

NAI Knoxville Brokers $10M Sale of 334,024 SF Industrial Property in Tennessee

by John Nelson October 23, 2015

LOUDON, TENN. — NAI Knoxville has arranged the sale of a 334,024-square-foot industrial property situated on a 108-acre lot at 9600 Corporate Park Drive in Loudon. Morgan Olson LLC, a walk-in van body manufacturer, purchased the asset from Astec Underground Inc. for $10 million, according to media outlets. Morgan Olson plans to bring more than 400 jobs to the facility. James Roberson of NAI Knoxville, along with Bryan Rudisill of NAI Charter, brokered the transaction.

October 23, 2015

Mixed-Use Southeast Tennessee

Doster Construction Completes Mixed-Use Development in Metro Nashville

by John Nelson October 21, 2015

BRENTWOOD, TENN. — Birmingham, Ala.-based Doster Construction Co. has completed construction on Tapestry at Brentwood Town Center, a mixed-use development located in the Nashville suburb of Brentwood. The property comprises two four-story buildings spanning 393 units. In addition to the property’s retail space, the project’s amenities include two courtyards with a pool, a zen garden space with four outdoor kitchens, sports lounge, demonstration kitchen, billiard table, large clubhouse with terrace deck, conference room, leasing office area, retail space and a “fitness bridge” that features a yoga room and gym with workout equipment. The fitness bridge spans the two buildings and the paved entrance to the property that accesses the two parking decks wrapped by each building. The retail space at Tapestry is soon to be filled with a restaurant, and the areas surrounding Tapestry include Brentwood Place Shopping Center that features a Nordstrom Rack and Kroger. Northwestern Mutual Life Insurance Co. is the project’s owner, Bristol Development is the developer and Fugleberg Koch Architects is the architect.

October 21, 2015

Loans Multifamily Southeast Tennessee

Walker & Dunlop Closes $17.7M Loan for Apartment Community in Tennessee

by John Nelson October 20, 2015

LENOIR CITY, TENN. — Walker & Dunlop Inc. has closed a $17.7 million loan for The Cove at Creekwood Park, a 208-unit apartment complex located in Lenoir, roughly 30 minutes outside of Knoxville. Built in 2011, the apartment property comprises one-, two- and three-bedroom units that feature keyless door entry systems, fully equipped kitchens with stainless steel appliances, plank flooring, walk-in closets and full-sized washers and dryers. Common area amenities include gated access, a picnic/play area, walking trail, pavilion, business center with a cyber café, fitness center, saltwater swimming pool and an outdoor cooking station. Keith Melton and David Strange of Walker & Dunlop arranged the 39-year, fixed-rate loan using HUD’s Interest Rate Reduction program.

October 20, 2015

Industrial Southeast Tennessee

Marcus & Millichap Brokers $21.2M Sale of Coca-Cola Warehouse Portfolio in Chattanooga

by John Nelson October 19, 2015

CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $21.2 million sale of a Coca-Cola industrial warehouse portfolio comprising three properties in Chattanooga. The three buildings span roughly 645,000 square feet and are leased by Coca-Cola Refreshments, a wholly owned subsidiary of The Coca-Cola Co. Coca-Cola Refreshments recently leased the properties for five-year terms with the option to renew for additional five-year terms. Sam Hanna of Marcus & Millichap’s San Diego office, along with Anne Williams of the firm’s Memphis office, brokered the transaction. Williams is Marcus & Millichap’s broker of record in Tennessee. The unnamed buyer is a publicly traded REIT.

October 19, 2015

Two Greenway Centre Crescent Nashville Cool Springs

Office Southeast Tennessee

Crescent Communities to Break Ground on Office Building in Nashville’s Cool Springs District

by John Nelson October 16, 2015

FRANKLIN, TENN. — Crescent Communities plans to break ground this month on Two Greenway Centre, a five-story, 155,000-square-foot office building located within the Greenway Centre development in Nashville’s Cool Springs submarket in Franklin. The new Class A office building will be situated on a 16-acre lot adjacent to One Greenway Centre, which Crescent Communities previously developed and leased to Jackson National Life. The project will feature an on-site fitness center, free surface parking and access to existing walking trails. Little Diversified Architectural Consulting designed the building, Jason Holwerda of CNL Commercial Real Estate is the building’s leasing agent and Pinnacle Financial Partners is the construction lender. Crescent plans to deliver the new office project in the fourth quarter of 2016.

October 16, 2015

Retail Southeast Tennessee

Baceline Investments Purchases Polo Shops in Memphis for $3.8M

by John Nelson October 16, 2015

MEMPHIS, TENN. — Baceline Investments LLC has purchased Polo Shops, two neighborhood retail centers spanning 28,860 square feet, for $3.8 million. The property is located along a major retail corridor at 7444 Winchester Road in Memphis. An entity known as TOP11 – 7444 Winchester RD LLC purchased the property at foreclosure in February 2014 for $3.1 million, according to the Memphis Daily News.

October 16, 2015

Brookwood Terrace Apartments Murfreesboro Tennessee

Loans Multifamily Southeast Tennessee

Walker & Dunlop Originates $4.7M HUD Loan for Apartment Community in Tennessee

by John Nelson October 12, 2015

MURFREESBORO, TENN. — Walker & Dunlop has originated a $4.7 million loan for Brookwood Terrace Apartments located at 2743 S. Rutherford Blvd. in Murfreesboro. Built in 2009, the apartment community features one-, two- and three-bedroom apartment residences with fully equipped kitchens, washer and dryer units and ceramic tiled bathrooms and foyer. Common area amenities include free Wi-Fi, a clubhouse and a business center. All of the residential units are at 60 percent or less of the Area Median Income. David Strange and Keith Melton of Walker & Dunlop structured the loan as a 223(a)(7) HUD refinance of an existing 221(d)(4) HUD loan. The 40-year, fully amortizing loan has a fixed interest rate.

October 12, 2015

Newer Posts

Older Posts