Tennessee

Marcus & Millichap Brokers $58M Sale of Hampton Inn in Downtown Nashville

by John Nelson March 17, 2016

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.

March 17, 2016

Retail Southeast Tennessee

CBL & Associates to Begin Multi-Million Dollar Renovation of CoolSprings Galleria in Metro Nashville

by John Nelson March 14, 2016

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.

March 14, 2016

The Streets of Indian Lake Hendersonville

Retail Southeast Tennessee

U.S. Properties Group Acquires Lifestyle Shopping Center in Metro Nashville

by John Nelson March 14, 2016

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.

March 14, 2016

Vanderbilt University Dialysis Nashville

Healthcare Southeast Tennessee

Stan Johnson Co. Brokers $3M Sale of Vanderbilt Dialysis Clinic in Nashville

by John Nelson March 11, 2016

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.

March 11, 2016

Hospitality Southeast Tennessee

Windsor Aughtry Brokers $6.3M Sale of Hampton Inn Johnson City

by John Nelson March 3, 2016

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.

March 3, 2016

Pinebrook Pointe Apartment Homes Memphis

Loans Multifamily Southeast Tennessee

KeyBank Provides Two Loans Totaling $20M for Apartment Complexes in Metro Memphis

by John Nelson February 25, 2016

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.

February 25, 2016

Retail Southeast Tennessee

BC Wood Properties Sells Shopping Center in Tennessee for $9M

by John Nelson February 25, 2016

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.

February 25, 2016

Multifamily Southeast Tennessee

Southeastern Development Associates Brokers $49.6M Sale of Apartment Complex in Metro Nashville

by John Nelson February 16, 2016

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.

February 16, 2016

Restaurant Southeast Tennessee

Moonshine Flats to Open 38,000 SF ‘Honky Tonk’ Venue in Nashville

by John Nelson February 11, 2016

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.

February 11, 2016

Multifamily Southeast Tennessee

Spirit Bascom Ventures, Oaktree Buy Multifamily Portfolio in Nashville MSA

by John Nelson February 9, 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.

February 9, 2016

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