Tennessee

Timberland Partners Acquires Multifamily Portfolio in Nashville Area for $57.5M

by John Nelson December 8, 2016

LEBANON, CLARKSVILLE AND COLUMBIA, TENN. — Minneapolis-based Timberland Partners has acquired a three-property multifamily portfolio totaling 548 units in metro Nashville for $57.5 million. The communities include the 210-unit Falls at 109 in Lebanon, the 184-unit Fountains at Meadow Wood in Clarksville and the 154-unit Lakes of Columbia in Columbia. As part of the transaction, Timberland Partners assumed three existing HUD loans. Steve Massey and Russ Oldham of CBRE’s Nashville office represented the undisclosed seller in the transaction. Timberland Partners now owns and manages five multifamily assets in the Nashville area totaling 960 units.

December 8, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Arranges $28.8M Acquisition Loan for Shopping Center in Metro Nashville

by John Nelson December 7, 2016

SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.

December 7, 2016

Industrial Southeast Tennessee

Premier Design + Build to Construct 650,000 SF Spec Distribution Facility in Metro Nashville

by John Nelson November 30, 2016

LEBANON, TENN. — Premier Design + Build Group LLC plans to construct Commerce Farms V, a 650,000-square-foot spec distribution facility situated within the 145-acre Commerce Farms Industrial Park in Lebanon, a suburb of Nashville. Premier Design + Build is building the property on behalf of the developer, HSA Commercial Real Estate. The facility will sit on 41 acres at Highway 109 and feature 32-foot clear heights, 144 truck dock positions, four drive-in doors, a parking lot with 184 trailer stalls and a TPO roofing system. Joe Ahrens is the project manager and Johnathan Nelsen is the field superintendent from Premier Design + Build. Harris Architects will deliver architectural services for the project, and Joe DeLemos of NorthStar Real Estate Advisors is leasing the building.

November 30, 2016

Office Southeast Tennessee

Avison Young Brokers $26M Sale of Two Office Buildings in Metro Nashville

by John Nelson November 29, 2016

BRENTWOOD, TENN. — Avison Young has brokered the $26 million sale of Gateway Plaza I and Maryland Park Center in Brentwood, a suburb of Nashville. Gateway Plaza I is a three-story, 82,848-square-foot office building located at 5409 Maryland Way. The property was fully leased at the time of sale to tenants such as Foundations Recovery Network, Henderson Financial Group, The Layton Cos. and Right Management. Maryland Park Center is a three-story, 43,696-square-foot office building located at 115 East Park Drive. The building was fully leased at the time of sale to tenants such as Vulcan Construction Materials, Nashville Sleep Medicine, Maxim Healthcare Services and CareSpot. Don Albright, Lisa Maki, Mike Jacobs and Ashley Albright of Avison Young represented the seller, Sun Life Assurance Co. of Canada. The acquisition is the first purchase in Brentwood for the buyer, Albany Road Real Estate Partners.

November 29, 2016

Loans Multifamily Southeast Tennessee

Financial Federal Arranges $16.1M Loan for New Apartment Community in Metro Memphis

by John Nelson November 10, 2016

ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.

November 10, 2016

Hospitality Southeast Tennessee

Elvis Presley Enterprises Opens $92M Resort at Graceland Campus in Memphis

by John Nelson October 31, 2016

MEMPHIS, TENN. — Elvis Presley Enterprises has opened a new $92 million, 450-room resort at Graceland, a tourist destination and home of Elvis Presley’s Graceland Mansion in Memphis. The project, known as The Guest House at Graceland, is the largest hotel project in Memphis in 90 years and is expected to create 200 jobs. The hotel will feature a 464-seat theater, outdoor pool, conference rooms, outdoor meeting space known as The Lawn at The Guest House and an 11,000-square-foot ballroom. Dining options at the resort include Delta’s Kitchen, E.P.’s Bar & Grill, The Lobby Bar and the Shake, Rattle & Go coffee bar. The resort is the first phase of Graceland’s expansion, which also includes the addition of a 200,000-square-foot entertainment complex known as Elvis: Past, Present & Future, set to open in March 2017. The resort’s development team includes construction manager DreamCatcher Hotels and architect Hnedak Bobo Group. Boston-based Pyramind Hotel Group manages The Guest House at Graceland on behalf of Elvis Presley Enterprises, a corporate entity founded by The Elvis Presley Trust.

October 31, 2016

Multifamily Southeast Tennessee

PointOne Holdings Acquires Apartment Complex in Chattanooga for $31M

by John Nelson October 26, 2016

CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.

October 26, 2016

Loans North Carolina Southeast Student Housing Tennessee

NorthMarq Capital Arranges $49.8M in Financing for Student Housing Assets in North Carolina, Memphis

by John Nelson October 21, 2016

GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.

October 21, 2016

Retail Southeast Tennessee

Tractor Supply Acquires Petsense in $116M Transaction

by John Nelson October 4, 2016

BRENTWOOD, TENN. — Brentwood-based Tractor Supply Co., a rural lifestyle retail chain with 1,575 stores in 49 states, has purchased Petsense LLC, a pet supply retailer with 136 stores in 25 states. The transaction price was $116 million, including estimated future tax benefits of $29 million. Petsense will operate as a subsidiary of Tractor Supply Co. from Petsense’s current headquarters in Scottsdale, Ariz., and will continue to be led by members of Petsense’s senior management team. Tractor Supply plans to continue to grow the Petsense store base at a target rate of 15 percent to 20 percent annually and will convert its two existing HomeTown Pet stores to Petsense stores. Peter J. Solomon Co. acted as exclusive financial advisor and Bass, Berry & Sims PLC acted as legal advisor to Tractor Supply Co. William Blair & Co. acted as exclusive financial advisor and Jenner & Block acted as legal advisor to Petsense.

October 4, 2016

Healthcare Southeast Tennessee

Marcus & Millichap Arranges $12.4M Sale of Medical Office Building in Metro Nashville

by John Nelson September 19, 2016

MURFREESBORO, TENN. — Marcus & Millichap has arranged the $12.4 million sale of the Saint Thomas Health medical office building in Murfreesboro, about 34 miles south of Nashville. The 32,400-square-foot property is under construction and expected to open in December. Located at the intersection of Highway 99 and St. Andrews Drive, the asset will serve as an extension of the Saint Thomas Rutherford Hospital. Justin Sturdivant, S. Regan Holcombe and Kat Butler of Marcus & Millichap represented the seller in the transaction. Georgia Krewson, Wes Tiner, Kelley Deibler and Zach Moore of Marcus & Millichap procured the buyer.

September 19, 2016

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