NASHVILLE, TENN. — Crescent Communities has selected Doster Construction Co. to build Crescent Bellevue Apartments, a 377-unit, garden-style multifamily community in Nashville. The property will be situated on an 87-acre lot that was once home to Bellevue Center Mall. The community will feature 18 two- and three-story wood-framed apartment buildings with a leasing office, clubhouse and amenities housed in one of the buildings. Preston Partnership is Crescent Bellevue Apartments’ architect of record. The multifamily community will be delivered in the winter of 2017.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living. The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years. NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator. The acquisition was funded with available cash and borrowings on the company’s revolving credit facility. “We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI. National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s stock price …
BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …
LEBANON, TENN. — The city of Lebanon has approved the extension of Legends Drive near Cumberland Center, a 165-acre mixed-use project situated along I-40 East. Upon completion, Cumberland Center will feature retail shops, Class A offices, restaurants, hotels and possibly apartments. Phase I of Cumberland Center includes a Logan’s Steakhouse and a Boot Barn. The extension of Legends Drive is estimated to last roughly 18 months and cost about $4.6 million. Legends Drive will be extended about three-fourths of a mile and will connect Highway 231 and Highway 70. The road will also connect to Briskin Lane, which is scheduled for improvements.
NASHVILLE, TENN. — Terwilliger Pappas Multifamily Partners plans to build Solis North Gulch, a $64 million, 271-unit apartment community located in Nashville’s North Gulch district. Construction will start within 30 days, with the first apartments and amenities targeted for a late 2017 delivery. The five-story multifamily community will be built atop a two-level parking deck. Terwilliger Pappas is partnering with Clarion Partners on the development, and Citizens Bank of Providence, Rhode Island provided construction financing. Amenities will include a rooftop clubroom and terrace, resort-style swimming pool, club-grade fitness center and a pet park. Units will feature stainless steel appliances and quartz countertops. The project team includes architect and interior design firm Preston Partnership, landscape architect and civil engineer Littlejohn and general contractor Construction Enterprises Inc.
MEMPHIS, TENN. — IKEA plans to install Tennessee’s largest solar rooftop system atop its Memphis store set to open in the fall. The 271,000-square-foot IKEA Memphis will be situated on 35 acres in the Wolfchase Corridor along the southwestern side of I-40 near the Germantown Parkway exit. The store will feature approximately 800 parking spaces. Atlanta-based Hannah Solar is installing the 250,675-square-foot solar array beginning this summer. Linkous Construction is managing the site work and building the store, which will represent the 44th solar project for IKEA. The Swedish-based retailer plans for its stores to be energy independent by 2020.
LEBANON, TENN. — HSA Commercial Real Estate has partnered with Boston-based Great Point Investors LLC to co-develop a 652,000-square-foot speculative industrial building at Commerce Farms Business Center in Lebanon, a suburb of Nashville. Situated on 41 acres at the junction of State Route 840 and Highway 109, the distribution center will feature 32-foot clear heights, 116 truck docks, two drive-in doors and parking for 84 trailers and 257 cars. The partnership is scheduled to break ground on the facility later this month, with delivery planned in the first quarter of 2017. HSA Commercial and Great Point Investors have retained NorthStar Real Estate Advisors to oversee the marketing and leasing of the distribution center. The design team includes Chicago-based general contractor Premier Design + Build and architect Harris Architects Inc. HSA Commercial previously partnered with Great Point Investors to build a 220,000-square-foot distribution center near Indianapolis and a 218,500-square-foot spec industrial facility in north suburban Chicago.
NASHVILLE, TENN. — The Boulder Group has brokered the $6.9 million sale of a single-tenant store triple net leased to Walgreens at 5555 Edmondson Pike in Nashville. The 15,680-square-foot store is located at the intersection of Old Hickory Boulevard and Edmondson Pike. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual based in Chicago, in the transaction. The buyer was a Midwest-based family office. There are 13 years remaining on the recently extended Walgreens lease, which expires in April 2029.
MORRISTOWN, TENN. — CBL & Associates Properties Inc. has announced that Dick’s Sporting Goods and Ulta Beauty will be joining College Square Mall in Morristown. The two new stores will be situated in the former J.C. Penney location. Construction on both stores is set to begin in early May with anticipated openings prior to the 2016 holiday season. Other tenants at College Square Mall include Belk, Kohl’s, American Girl, Carmike Cinemas, Longhorn Steakhouse and T.J. Maxx.
NASHVILLE, TENN. — GBT Realty Corp. plans to develop Belcourt Park, a $20 million, 76-unit multifamily development located in Nashville’s Hillsboro Village. The new property is designed for Nashville’s workforce population in need of affordable housing. Situated on a 0.7-acre site on Belcourt Avenue, the new apartment community will replace a building that most recently housed the Belmont Nursing Home, which closed in 2015. GBT Realty will develop the four-story property consistent with Nashville’s T4 Neighborhood Plan that outlines the need for more live/work/play developments in the city. The property will feature an onsite leasing and management office, concealed 84-space parking structure, limited street parking, bike racks and common amenities including a Wi-Fi workspace, espresso bar, fitness facility and a landscaped patio area with cabanas and fire pits. Floor plans will include studio, one- and two-bedroom residences, each equipped with complimentary Google Fiber and NEST Learning Thermostats. GBT Realty is not seeking public funding or concessions for the project. The Brentwood, Tenn.-based developer purchased the site for Belcourt Park in 2015 for $3.4 million. GBT Realty is also developing the $45 million Village 21 at Regions Park, which will be located roughly two blocks west of Belcourt Park. The development …