BRISTOL, TENN. — KeyBank Real Estate Capital has arranged a $27 million CMBS first mortgage for Pinnacle at Bristol, a 217,846-square-foot lifestyle retail center located in Bristol. The property’s tenant roster includes Belk, Dick’s Sporting Goods, Marshalls and Bed Bath & Beyond. The center is shadow-anchored by Bass Pro Shop. Scott Bois and Ken Broussard of KeyBank arranged the non-recourse financing.
KNOXVILLE, TENN. — SRS Real Estate Partners’ Southeast investment sales team has brokered the $15.3 million sale of Windsor Square, a 299,329-square-foot shopping center located at 101-245 N. Seven Oaks Drive in Knoxville. The property’s anchors include Burlington Coat Factory, Big Lots and Old Time Pottery. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction.
NASHVILLE, TENN. — Colliers International has arranged an 18,569-square-foot office lease at Gulch Crossing, an office building located at 1033 Demonbreun St. in Nashville. Vickie Saito of Colliers represented the tenant, Industrious NSH Gulch Crossing LLC, in the lease transaction. Industrious is a Chicago-based company that develops working environments with features such as glass-walled offices, coffee bars and relaxation rooms. Industrious has offices in several cities and at each location leases space as a locally established limited liability company. The company has previously developed office space for high-profile tenants such as Pinterest and Instacart. The company plans to be operational at Gulch Crossing by spring 2016.
NASHVILLE, TENN. — GBT Realty Corp. has acquired a one-acre site in Hillsboro Village, a historic Nashville neighborhood, from Regions Bank with plans to develop a $45 million mixed-use project. The site is located at the corner of 21st Avenue South and Wedgewood Avenue. The plans for the development, known as Village 21 at Regions Park, include 22,000 square feet of retail space and 101 Class A apartment residences. Regions Bank will operate a 3,800-square-foot bank branch in the retail portion, which will also include a two-story, 6,000-square-foot restaurant. Regions will occupy a temporary, on-site facility during construction, which is scheduled to wrap up in spring 2017. The multifamily portion of Village 21 will feature a courtyard deck that includes a pool, outdoor grilling area and fire pit. Other amenities will include a fitness center, yoga lawn, clubroom and surface and below-grade parking totaling 250 spaces. The development team includes EOA Architects, Yates Construction, Littlejohn Engineering and Waller Law Firm.
Chattanooga is situated at a U-turn of the Tennessee River amidst forests and mountains, hence the community’s nickname, Scenic City. Two of Chattanooga’s largest employers are Volkswagen, which has a plant here, and Amazon, which runs a distribution center in the city. Insurance firm Unum Group, a Fortune 500 Company founded in 1848, is headquartered here and is one of the larger occupiers of downtown office space. Long-known for its natural resources and as a tourism destination, Chattanooga is experiencing a real estate boom fueled by urbanization trends and its proximity to Atlanta (2 hours south) and Nashville (1.5 hours northwest), as well as its growing recognition as one of the South’s top tourism and entertainment venues. Key to the urban renewal is the conversion of dozens of properties — mostly from office uses to residential, retail or hotel uses. The combination of the Great Recession and a 2009 move by BlueCross BlueShield into a new $229 million downtown facility has led to the relatively high vacancy rate of 17.5 percent that persisted up until early 2014. Most of the 600,000 square feet of facilities vacated by BlueCross BlueShield were not suitable for multi-tenanted office use and the spaces would …
KNOXVILLE, TENN. — Rockport Mortgage Corp. has provided $17 million for the acquisition and rehabilitation of Pinnacle Park Apartments, a 200-unit low- and moderate-income multifamily property in Knoxville. The community was originally developed under the Section 236 Program in the early 1970s. In 1994, the property was preserved as affordable housing under The Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) for a term of 50 years, and was recapitalized in 2004 using Low Income Housing Tax Credits (LIHTCs). Dan Lyons of Rockport Mortgage utilized the HUD 221(d)(4) program for the loan, which was structured using 4 percent LIHTCs, short-term tax-exempt bonds and multiple tranche financing. Working with Rockport and HUD, the borrower was able to obtain a Section 8 rent increase and approval of the creative financing structure under the Section 221(d)(4) Substantial Rehabilitation Program.
CHATTANOOGA, TENN. — Capstone Apartment Partners has brokered the $6.5 million sale of Forest on Frazier, a newly constructed, 30-unit apartment community located at 207 Delmont St. in Chattanooga’s NorthShore neighborhood. Enclave Holdings purchased the fully occupied asset from Boehm Real Estate & Investment Co. for $215,200 per unit, the highest price per unit sale in Chattanooga’s history. Built in 2014, the apartment community is located a couple blocks from the Tennessee River and offers views of Lookout Mountain and the downtown Chattanooga skyline. Adam Klenk and Eric Conklin of Capstone’s Nashville office, along with Andrew Klenk of Capstone’s Raleigh-Durham office, represented the seller in the transaction.
CHATTANOOGA, TENN. — Berkadia has brokered the sale of six apartment communities in Tennessee totaling 1,110 units for a combined $96.4 million. Marcus Lyons of Berkadia’s Chattanooga office led the investment sales team in representing the sellers with help from other Berkadia offices. The transactions include Quarry Trail in Knoxville, which sold for $42 million to an investment group based in Atlanta; a trio of Middle Tennessee State University apartment communities that sold for $32.1 million to another Atlanta-based investment group; King’s Crossing and Tara’s Place in Murfreesboro, a combined 184 units, which sold for $11.3 million; and Waterview, a 160-unit property in Henderson that sold for $10.9 million. The Berkadia team for the transactions includes Kevin Larimer, David Oakley, Aaron Hargrove, Eric Taylor and Royce Emerson.
MEMPHIS, TENN. — Colliers International has arranged the $21.5 million refinancing of Poplar Plaza, a 351,419-square-foot shopping center in Memphis. A 85,000-square-foot Kroger anchors the center, which comprises 50 tenants, five restaurants and a 40,000-square-foot fitness center. The property is currently 95.4 percent leased to tenants such as Petco, Old Navy and Dollar Tree. Jeff Black of Colliers International’s Boston office secured the 10-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of Boston-based Finard Properties LLC.
OAK RIDGE, TENN. — Adobe Properties has purchased Centennial Village Apartments, a 252-unit, Class A apartment community in Oak Ridge, roughly 25 miles northwest of Knoxville. The property sits on the shores of Melton Hill Lake and features a saltwater swimming pool, fitness center and cyber café. The apartment community is also adjacent to the Oak Ridge National Laboratory, which employs more than 4,400 scientists and engineers. Abode Properties is a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company.
