SMYRNA, TENN. — Carolina Holdings Inc. has closed on a 10-acre site along Sam Ridley Parkway in Smyrna between Academy Sports + Outdoors and Lowe’s Home Improvement. Three retailers — Hobby Lobby, TJ Maxx and Five Below — will occupy the site. The development team for the retail development includes Nashville-based civil engineer Ragan Smith, Nashville-based general contractor Crain Construction and Greenville, S.C.-based architect COR3 Design. United Community Bank provided construction financing for the project. Hobby Lobby is expected to open in the spring, and TJ Maxx and Five Below to open shortly thereafter.
NASHVILLE, TENN. — HREC Investment Advisors has brokered the $31.6 million sale of the Holiday Inn Nashville Airport, a 383-room hotel located in Nashville. The hotel is situated two miles east of Nashville International Airport and eight miles from downtown Nashville. An affiliate of Fairwood Capital LLC purchased the hotel from FelCor Lodging Trust. Monty Levy, Bill Murney and Scott Stephens of HREC represented FelCor in the transaction. Fairwood Capital plans to rebrand the hotel.
CHATTANOOGA, TENN. — Dougherty Mortgage has arranged a $21.2 million Fannie Mae loan for the acquisition of The District at Hamilton, a 300-unit, market-rate apartment complex located in Chattanooga. The gated, pet-friendly property features a swimming pool, sundeck, grilling area, business center, athletic center and two lighted tennis courts. The interiors include Whirlpool appliances, window coverings, decks or sunrooms and built-in microwaves. Dougherty Mortgage’s Nashville office arranged the 15-year loan with a 30-year amortization schedule on behalf of the borrowers, Calhoun Shores LLC, Fremount House LLP and Hamilton Place CAG LLC.
NASHVILLE, TENN. — Hyatt Hotels has entered into a franchise agreement with Southwest Value Partners to develop a new Hyatt Regency hotel in Nashville. The hotel will help anchor the 15-acre site in downtown Nashville that formerly housed the Lifeway Christian Resources campus. The site, located at the northwest corner of Broadway and 10th Avenue, sold to Southwest Value Partners in November 2015 for $125 million. Hyatt Regency Nashville will feature 60,000 square feet of meeting space and event facilities, a Hyatt StayFit gym and an outdoor pool. The 540-room hotel is set to open in 2019.
SMYRNA, TENN. — Hillwood plans to develop two industrial facilities totaling 924,325 square feet within Airport Business Park. Situated on 75 acres in Smyrna, a southeastern suburb of Nashville, the property has access to rail and three interstates. The project will feature 32- to 36-foot clear heights, ESFR fire protection, T5 or LED lighting, cross-dock loading and 130- and 185-foot truck courts. Kurt Nelson of Hillwood’s Memphis office is overseeing the development of the project. Hillwood has selected Brian Camp of ProVenture to lease both buildings.
FRANKLIN, TENN. — Hilton Worldwide has opened the 105-room Home2 Suites by Hilton Nashville Franklin Cool Springs located at 107 International Drive in the Nashville suburb of Franklin. Owned and managed by Vision Hospitality Group, the pet-friendly hotel features fully equipped kitchens in each suite, complimentary internet, community spaces, a combined laundry and fitness area known as Spin2 Cycle, complimentary breakfast, convenience store known as Home2 MKT, boardroom, indoor saline pool, outdoor patio, firepit and grill area.
SOUTH PITTSBURGH, TENN. — Chattanooga-based Morgan Construction Co. has begun construction on a $12.9 million, 202,000-square-foot distribution center in South Pittsburgh. The tilt-wall project is a build-to-suit for Lodge Manufacturing, a cast iron skillet and cookware manufacturer. The design team includes River Street Architects, A.D. Engineering and Structural Services Inc. Morgan Construction expects to deliver the distribution center in March 2017.
GOODLETTSVILLE, TENN. — Cohen Financial has closed a $19 million acquisition loan for two industrial parks totaling 13 buildings and 980,000 square feet in Goodlettsville, a suburb of Nashville. The properties, Space Park North and Old Stone Bridge, are situated a mile apart along I-65. The assets are currently leased to more than 50 tenants combined. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the fixed-rate, 10-year, CMBS loan through Morgan Stanley on behalf of the borrower, an affiliate of Chicago-based Kaufman Jacobs.
MEMPHIS, TENN., AND ATLANTA — Mid-America Apartment Communities (NYSE: MAA) has agreed to acquire Post Properties (NYSE: PPS) in an all-stock deal that values Post, a developer and operator of upscale multifamily communities, at nearly $4 billion. The merger will create a Sunbelt-focused, publicly traded multifamily REIT. The acquisition brings together two multifamily portfolios totaling approximately 105,000 multifamily units in 317 properties. The combined company plans to focus on urban and suburban locations in large and secondary markets within the Sunbelt region, which stretches from coast to coast along the southern United States. The combined company’s 10 largest markets by unit count will be Atlanta; Dallas, Fort Worth, Austin and Houston, Texas; Charlotte and Raleigh, N.C.; Orlando and Tampa, Fla.; and Washington, DC. Each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock, per the agreement. Former MAA equity holders will maintain about 67.7 percent of the combined company’s equity, while former Post equity holders will hold the remaining 32.3 percent on a pro-forma basis. The all-stock merger is intended to be a tax-deferred transaction. The combined company is expected to have a pro-forma equity market capitalization of about $12 billion, as …
FRANKLIN, TENN. — Boyle Investment Co. has formed a joint venture with Northwood Ravin to develop a 45-acre, $270 million mixed-use project in Nashville’s Cool Springs submarket in the city of Franklin. Located at the site historically known as Northside at McEwen, the development will include 750,000 square feet of Class A office space, more than 100,000 square feet of retail and restaurants, a 150-room hotel and 580 upscale residential units. The Boyle development team will submit the infrastructure plan to the city of Franklin this month, which details plans for the development and a new traffic light for West McEwen Drive, to be shared with the Whole Foods-anchored Southside at McEwen. Boyle and Northwood Ravin plan to deliver all components of the development by mid-2018. Northwood Ravin, a privately held operating platform of Denver-based Northwood Investors, is a multifamily development and management firm with a portfolio spanning 18 projects in the Southeast worth roughly $2 billion. Boyle Investment Co. is a Memphis-based mixed-use developer with a 3 million-square-foot portfolio and an additional 5 million square feet in the development and planning stages.