Tennessee

NorthMarq Arranges $6.1M Acquisition Loan for Affordable Housing Community in Metro Nashville

by John Nelson January 23, 2017

MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.

January 23, 2017

Loans Seniors Housing Southeast Tennessee

SunTrust Provides $68.3M Refinancing for GoodWorks Unlimited’s Seniors Housing Portfolio

by John Nelson January 17, 2017

NASHVILLE, TENN. — SunTrust Bank has provided a $68.3 million loan to GoodWorks Unlimited LLC, a seniors housing provider with communities in Kentucky and Tennessee, for the refinancing of its portfolio. GoodWorks’ properties feature independent living, assisted living and memory care components. The organization will use the loan proceeds to refinance existing debt and expand its facilities. Currently 11 of GoodWorks’ 23 facilities are positioned for expansion. Harborview Capital Partners advised GoodWorks during the transaction.

January 17, 2017

Office Southeast Tennessee

Avison Young Brokers $20.9M Sale of Office Building in Metro Nashville

by John Nelson January 17, 2017

BRENTWOOD, TENN. — Avison Young has arranged the $20.9 million sale of Horizon Center, a four-story, Class A office building located at 9020 Overlook Blvd. in Brentwood, a suburb of Nashville. Chicago-based TRP Investments LLC purchased the 104,899-square-foot building. Built in 1999, Horizon Center was fully leased at the time of sale to tenants such as OnLife (Blue Cross Blue Shield), Cross Country Education and Aerotek. Terry Smith, Dick Fleming, Ben Burns and Henry Trost of Avison Young represented TRP Investments in the transaction. TRP has retained Avison Young to lease and manage the property.

January 17, 2017

Mixed-Use Southeast Tennessee

Monroe Investment Partners to Develop 125-Acre Mixed-Use Project in Nashville

by John Nelson January 10, 2017

NASHVILLE, TENN. — Chicago-based Monroe Investment Partners plans to develop River North Development District, a 125-acre mixed-use project situated along the Cumberland River in Nashville. The development is a public-private partnership between the Metropolitan Government of Nashville and Davidson County and Monroe Investment, which owns or controls 105 acres of the site. Phase I of the project, known as The Landings, will break ground this year. Encompassing 40 acres, The Landings will include office, retail, multifamily and hospitality components. JLL’s Nashville office is marketing The Landings for lease. Monroe Investment plans to develop some of the sites at River North Development District, but plans to sell, lease or joint venture a majority of the parcels. As part of the public-private partnership, Monroe Investment will donate about 50 acres to the Metropolitan Government for the development of a riverfront greenway system, interior site public parkland, roads and common areas. The River North Development District project team includes Hastings Architecture Associates, Civil Site Design Group and Waller.

January 10, 2017

Industrial Southeast Tennessee

Pacer Partners, Drake Acquire Two Warehouses in Memphis

by John Nelson January 10, 2017

MEMPHIS, TENN. — A joint venture between Pacer Partners and Drake Real Estate Partners has purchased Southpark Buildings D and E in Memphis. The two adjacent buildings are located at 4540 and 4600 Pleasant Hill Road and span 566,281 square feet of Class A industrial space. The buildings are fully leased to iQor Global Services LLC, a private outsourcing services company with 32,000 employees and operations in 18 countries. Pacer Partners and Drake purchased the assets from Transpacific Development Co. for an undisclosed price.

January 10, 2017

Retail Southeast Tennessee

CBL & Associates Properties to Redevelop Four Macy’s Locations in its Portfolio

by John Nelson January 9, 2017

CHATTANOOGA, TENN. — CBL & Associates Properties Inc. plans to redevelop four Macy’s anchor locations in its portfolio that will close at the end of March. The Macy’s stores were announced to be closing by Macy’s last week. The four locations include Jefferson Mall in Louisville, Ky.; Layton Hills Mall in Layton, Utah; Parkdale Mall in Beaumont, Texas; and Eastland Mall in Bloomington, Ill. CBL will replace the Macy’s at Layton Hills Mall with a new anchor retailer, which will open its new store by the end of the year. Macy’s Inc. currently owns the other three locations and will sell them to CBL for a total of $5 million. In addition to these four locations, Macy’s will close its store at River Ridge Mall in Lynchburg, Va., in which CBL holds a minority interest. The majority owner of the mall will handle the acquisition and redevelopment of this store.

January 9, 2017

Retail Southeast Tennessee

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

Alabama Multifamily Southeast Tennessee

SVN Arranges $19.8M Sale of Multifamily Portfolio in Nashville, Huntsville

by John Nelson December 21, 2016

NASHVILLE, TENN. AND HUNTSVILLE, ALA. — Andrew Agee of the SVN Multifamily group has brokered the $19.8 million sale of a three-property multifamily portfolio in Nashville and Huntsville. The communities include the 200-unit Millwood Manor in Nashville, the 110-unit Hartford House in Nashville and the 169-unit Summertree Apartments in Huntsville. A private buyer based in Nashville purchased the portfolio from Athens, Ala.-based J&J Properties for roughly $41,231 per unit. Agee represented both the buyer and seller in the transaction.

December 21, 2016

Office Southeast Tennessee

Angelo, Gordon’s Net Lease Group Acquires Office Tower in Memphis for $58.3M

by John Nelson December 13, 2016

MEMPHIS, TENN. — New York-based Angelo, Gordon & Co.’s net lease group (AG Net Lease) has purchased an office tower within International Paper Co.’s global headquarters campus in Memphis for $58.3 million. AG Net Lease’s purchase from Century Park Partners LLC includes the office building and the assumption of International Paper’s existing 10.5-year lease. Situated in the East Memphis business district, Tower III spans 214,060 square feet and is one of four office buildings on International Paper’s campus.

December 13, 2016

Loans Mixed-Use Southeast Tennessee

Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville

by John Nelson December 8, 2016

NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.

December 8, 2016

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