NASHVILLE, TENN. — Grandbridge Real Estate Capital has arranged an $18.5 million first mortgage loan on a five-story, 152,216-square-foot office building in Nashville. Chris Caison and C.J. Webb of Grandbridge’s Charlotte office arranged the fixed-rate loan through one of Grandbridge’s insurance correspondent lenders. The loan is a seven-month forward financing commitment, according to Grandbridge.
MEMPHIS, TENN. — MDH Partners LLC has acquired 22 industrial properties in Memphis totaling 3.1 million square feet. The Atlanta-based investment firm purchased the portfolio from Belz Enterprises for an undisclosed sales price. The portfolio was 95 percent leased at the time of sale. The assets span the Northeast, Southeast,and Desoto County submarkets and are located in the following industrial parks: Shelby Oaks, Southridge, Democrat Square North, Meltech, and Metro (Desoto County). The acquisition marks MDH’s first investment in the Memphis market. With this transaction, MDH has now acquired 51 buildings totaling 6 million square feet since May 2014 with plans to double its assets again over the next year. Hank Hall of Colliers International arranged acquisition financing through MetLife Real Estate Investors on behalf of MDH Partners. Cushman & Wakefield | Commercial Advisors has been tapped to lead the leasing efforts, and JLL will provide property management on behalf of MDH.
NASHVILLE, TENN. — Duke Realty Corp. has signed UNARCO Material Handling Inc. to lease 155,390 square feet of industrial space in Nashville Business Center II. UNARCO is a national manufacturer and distributor of structural and roll-formed pallet racking and warehouse storage systems. The company will use the building, located at 3438 Briley Park Blvd., as a product distribution center. UNARCO’s lease brings the building to 78 percent occupancy. Nashville Business Center II is a 501,300-square-foot building that features 32-foot clear heights, 42-foot by 50-foot bay spacing and auto and trailer parking around the building. Improvements made on behalf of UNARCO include constructing a demising wall, adding a new building entrance, establishing separate electrical service and reworking the office area. Charley Hankla of DTZ represented UNARCO in the lease transaction. Duke Realty was represented internally by Lonnie Russell.
CLARKSVILLE, TENN. — Colliers International has brokered the $21.5 million sale of Renaissance at Peacher’s Mill, an upscale 216-unit apartment community in Clarksville, roughly 40 miles northwest of Nashville. PEM Real Estate Group purchased the asset from JA Murphy Group. Will Mathews, Ron Cameron and Bart Johnston of Colliers International’s Nashville office represented JA Murphy Group in the transaction. According to Colliers, the transaction is the highest price per unit trade in the history of Clarksville.
CHATTANOOGA, TENN. — Commercial real estate services firm Berkadia has opened a new office in Chattanooga. Berkadia has hired Marcus Lyons, former president and CEO of The Lyons Group Inc., to head the new office and serve as director. Lyons will collaborate with partner David Oakley of Berkadia’s Birmingham, Ala., office to generate investment sales opportunities, work directly with new and existing clients and expand the company’s economic, investment and apartment market reporting/research in the Chattanooga area. Lyons has bachelor’s degrees in Finance and Accounting from The University of Tennessee at Chattanooga.
IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.
CHATTANOOGA, TENN. — Green Real Estate Group LLC, in partnership with DEW UTC LLC, has begun development on a five-story, 68-bed student housing project, VINE 422, located in downtown Chattanooga adjacent to the University of Tennessee at Chattanooga campus. VINE 422 is scheduled to be completed for the 2016 summer semester. Throughout the building, students will reside in one-, two- and three-bedroom apartments, all featuring designer kitchens, full appliance packages with washers and dryers and large windows for natural light. Students will also have free access to EPB’s 1 Gigabit Internet services, along with water, trash removal and monthly cleaning services included in the price of rent. Located on the ground floor of VINE 422 will be a sit-down restaurant that offers food made with fresh ingredients from local farms. There will also be a second small commercial space where Green envisions a late-night food walk-up or small convenience store. Green has selected Pointe General Contractors as the builders for VINE 422. Chattanooga-based Caughman & Caughman Architects, along with Knoxville-based interior design firm McAbee Hayes, will provide the project’s design services. Berry Engineering PLLC, Advanced Energy and Engineering Design PLLC and Woods Engineering PLLC will provide all of the project’s …
MEMPHIS, TENN. — Westwood Financial Corp. (WFC) has acquired The Shops at Kirby Gate, a Kroger-anchored shopping center located at 2857 Kirby Parkway in Memphis. The shopping center is the first Tennessee property for WFC, which owns and operates more than 115 shopping centers and retail properties in 27 metropolitan markets. The shopping center was 65 percent leased at the time of sale. The property’s retail tenant roster includes Kroger and a Kroger fuel station, Subway, Cricket Wireless, Pak Mail and Hollywood Feed. Shane Soefker of Commercial Advisors represented the undisclosed seller in the transaction.
FRANKLIN, TENN. — CBL & Associates Properties Inc. has completed the redevelopment of CoolSprings Galleria, a 1.1 million-square-foot super-regional shopping development in Franklin, a suburb of Nashville. The property’s tenant roster includes The Apple Store, Ann Taylor, J. Crew and Pottery Barn and its anchor tenants are Belk, Dillard’s, JC Penney and Macy’s. CBL & Associates redeveloped the former Sears store to make way for new retailers and restaurants. Retailers now open as part of the redevelopment include American Girl, H&M and A’Gaci. These new stores join Belk Men’s & Kid’s store, which opened in March, and The Cheesecake Factory, which opened in November 2014. The development’s new restaurants coming this year include Connors Steak & Seafood, Kona Grill and King’s, a boutique bowling and entertainment venue. The new retailers coming this summer and fall include Ulta Beauty, the renovated Belk’s Women’s & Home store, Zumiez, Tilly’s and Windsor Fashions. Sephora opened in early May.
MEMPHIS, TENN. — Bass Pro Shops at the Pyramid, a new national destination experience located in downtown Memphis, is now open to the public. Located inside a massive transformed sports arena, the project includes a wilderness hotel called Big Cypress Lodge, nearly 600,000 gallons of water features, a cypress swamp with 100-foot-tall trees, the interactive Ducks Unlimited Waterfowling Heritage Center and The Lookout, a glass-floored cantilevering observation deck at the top of the steel Pyramid. Bass Pro Shops at the Pyramid represents the largest investment in size and scope that Bass Pro Shops has ever made outside of its national headquarters in Springfield, Mo., and includes a number of amenities and attractions including the first hotel located inside a Bass Pro Shops store. Standing 32 stories tall along the banks of the Mississippi River, the Pyramid is an icon of the Memphis skyline. First envisioned as a sports and entertainment venue, the complex opened in 1991 and hosted professional sports and concerts until it closed in 2004. After years of uncertainty about the Pyramid’s future, the city of Memphis invited Bass Pro Shops to establish an innovative retail destination that could revitalize the building. After four years of design and …
