NASHVILLE, TENN. — San Diego-based Moonshine Flats has entered the final stages of lease negotiations for a new 38,000-square-foot “honky tonk” music venue and bar in downtown Nashville. The venue will be a country rock-themed establishment with four levels of bars, live music and DJs, barbecue, amusement rides, an open-air rooftop and floor-to-ceiling LED screens. Owner Ty Hauter expects to open the new Moonshine Flats in 2016.
NASHVILLE AND HERMITAGE, TENN. — Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, and funds managed by Oaktree Capital Management LP have closed on the purchase of two apartment communities in Nashville totaling 838 units. The portfolio includes the 560-unit Bellevue West at 100 Ridgelake Parkway and the 278-unit Highlands at the Lake at 100 Arbor Lake Blvd. in Hermitage, a suburb of Nashville. Vincent Lefler of JLL represented the seller in the transaction. Brian Eisendrath and Annie Rice of CBRE Capital Markets arranged acquisition financing through San Francisco-based ACORE Capital.
KINGSPORT, TENN. — Pure Foods, a specialty snack company, has opened its global headquarters and a manufacturing plant at Gateway Commerce Park in Kingsport. The $22 million project will house 50 to 75 employees, with room to grow to 275 employees over the next five years. The 88,000-square-foot manufacturing facility will be where Pure Foods produces its healthy snacks, which are sourced from non-GMO fruits and vegetables. The opening ceremony of the headquarters and manufacturing plant was attended by Tennessee Gov. Bill Haslam; Lt. Gov. Ron Ramsey; John Dreyzehner, commissioner of the Tennessee Department of Health; Miles Burdine, president and CEO of the Kingsport Chamber of Commerce; Kingsport Mayor John Clark; and Sullivan County Mayor Richard Venable. As part of the opening, Pure Foods has also announced its acquisition of the Guiltless Gourmet brand from Manischewitz Co.
NASHVILLE, TENN. — Colliers International has arranged the $2.8 million sale of a historic four-story office building located at 227 2nd Ave. North in downtown Nashville. Built in 1911, the fully renovated property is located adjacent to the upcoming 21c Museum Hotel. The buyer, Tennessee-based 227 2nd Avenue North LLC, plans to repurpose the property as apartment residences with ground-floor retail space. Vickie Saito of Colliers International’s Nashville office represented the seller, local real estate investor Scott Chambers, in the transaction.
SPRINGHILL, TENN. — Trillium Capital Resources (TCR) has arranged a $29 million loan for Grand Reserve Springhill, a newly constructed, 290-unit apartment community located in Springhill. Trillium arranged the 12-year, non-recourse, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, a Columbus, Ga.-based developer. The borrower will use the proceeds of the financing to take out an existing construction loan.
MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.
GREENSBORO, N.C. — Bell Partners Inc. has completed the sale of three multifamily communities in late December 2015 for a cumulative sale price of $123.9 million. The properties include Bell BridgeMill in metro Atlanta, Bell Midtown in Nashville and Bell Wheeler Hill in metro Boston. Atlantic Pacific Real Estate Group purchased Bell BridgeMill, Olympus Property purchased Bell Midtown and CBRE Global Investors purchased Bell Wheeler Hill. In 2015, Bell Partners sold 24 properties for $800 million and acquired nine properties comprising 3,218 units for $670 million. This marks the second consecutive year that the Greensboro-based apartment investment and management firm was a net seller.
MEMPHIS, TENN. — Los Angeles-based CBRE Group Inc. has acquired CBRE | Memphis, a commercial real estate services firm that has served as CBRE’s affiliate firm in Memphis since 1996. The firm has more than 100 employees on staff and leases and/or manages roughly 14 million square feet of commercial property in the metro Memphis area, as well as Arkansas and Jackson, Miss. CBRE | Memphis and CBRE’s existing corporate staff in the Memphis region totals more than 500 employees. After acquiring affiliate firms in Charleston, Columbia, Greenville and Louisville, CBRE Group now has 14 offices in the Southeast totaling more than 3,200 employees.
MEMPHIS, TENN. — In-Rel Properties has purchased iBank Tower, a 276,226-square-foot office building located at 5050 Poplar Ave. in Memphis. According to media outlets, In-Rel Properties purchased the property from an affiliate of Gemini-Rosemont Realty LLC for $19.2 million. In-Rel Properties owns the neighboring Clark Tower and plans to create an 18-acre office campus comprising the two office towers. The Lake Worth, Fla.-based investor will spend up to $1 million on capital improvements to iBank Tower, in addition to the $6 to $7 million investment for Clark Tower’s renovations. The two towers will have shared amenities, parking, security and color schemes. Phil Dagastino Jr., Bentley Pembroke and Anna Tranum of Cushman & Wakefield | Commercial Advisors will lease both towers on behalf of In-Rel Properties.
CHATTANOOGA, TENN. — Preferred Apartment Communities Inc. (PAC) has acquired The Overlook at Hamilton Place, a 213,000-square-foot grocery-anchored shopping center in Chattanooga. The center is located at the intersection of Gunbarrel and Shallowford roads across the street from Hamilton Place, the primary super regional mall in the Chattanooga MSA. The Overlook at Hamilton Place is currently 99 percent leased and is anchored by The Fresh Market, Hobby Lobby, Best Buy and Petco. PAC acquired this asset through its wholly-owned subsidiary, New Market Properties LLC. PAC financed the acquisition utilizing a 10-year, 4.19 percent first mortgage loan from Transamerica Life Insurance Co.
