Tennessee

Campus Advantage, Pinecrest Partners to Develop Student Housing in Knoxville

by John Nelson April 3, 2015

KNOXVILLE, TENN. — Campus Advantage is currently developing its newest project, The Knox, which will serve students attending the University of Tennessee beginning in fall 2016. Pinecrest Partners is providing equity financing for the 101-unit, 382-bed community. Located at 1505 Clinch Ave., the location puts residents less than 100 feet from the University of Tennessee campus. The Knox will feature three-, four- and five-bedroom apartments. The community consists of two buildings, a five-level building and a six‐level building, and features two levels of gated garage parking and nine floors of residential space. Amenities will include a cyber cafe, computer bar, lounge room with fireplace and large-screen televisions and a fitness center, as well as an outdoor green roof with grills, water features, hammocks and a theater area. Each fully furnished apartment features a 42-inch television in its living room, wood-style flooring in the common areas, an in-unit washer and dryer, high-end finishes, stainless steel appliances and cable and high-speed Internet. Campus Advantage worked closely with the Historic Preservation Office at the city of Knoxville, as well as the Historic Fort Sanders Neighborhood Association, to design The Knox. Ronnie Macejewski, senior vice president of development of Campus Advantage, is leading the …

April 3, 2015

Loans Seniors Housing Southeast Tennessee

NHI Obtains $78M in Fannie Mae Financing

by John Nelson April 1, 2015

MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

April 1, 2015

Retail Southeast Tennessee

SRS Real Estate Brokers $14.4M Sale of Shopping Center in Germantown

by John Nelson March 30, 2015

GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.

March 30, 2015

Industrial Market Reports Southeast Southeast Market Reports Tennessee

National, International Users are Transforming Memphis Industrial Market

by John Nelson March 30, 2015

Memphis has acquired many nicknames since its establishment in 1819: Blues City, Birthplace of Rock ‘N Roll, and Bluff City just to name a few. However, one name that has managed to work its way to the top of the list in recent years is America’s Distribution Center. Metropolitan Memphis, located in the southeast corner of Tennessee, northwest Mississippi and eastern Arkansas, contains approximately 4,598 square miles and is inhabited by approximately 1.3 million people. As one of the few MSAs to include three states, the Memphis region plays an integral role as the cornerstone of the Mid-South area. With a central location and rich transportation infrastructure, Memphis transformed into the regional and national distribution and logistics hub. Memphis’ transportation infrastructure is comprised of the four Rs: runway, rail, river, and road. Memphis International Airport was named the largest air-cargo airport in the United States for 18 consecutive years. It is now tied for first in the world with Hong Kong International Airport. Memphis is one of only three cities in the US that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corp., Norfolk Southern and Canadian National Railroad (CN). The …

March 30, 2015

Retail Southeast Tennessee

The Shopping Center Group Leases Retail Center Underway in Memphis

by John Nelson March 27, 2015

MEMPHIS, TENN. — The Shopping Center Group is the leasing agent for a new retail center under construction at 6450 Poplar Ave. in east Memphis. Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing the 29,000-square-foot retail center, which is adjacent to International Paper’s world headquarters. The building shell is expected to be complete in April.

March 27, 2015

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Strong Job, Population Growth Drives Flourishing Multifamily Market in Nashville

by John Nelson March 23, 2015

Nashville has quickly become one of the most active Southeast markets for multifamily, both in terms of development and sales. Driven by tremendous job growth, strong population increases, a pro-business climate and an educated workforce, Nashville’s remarkable multifamily growth is not overstated. From 2014 to 2017, more than 12,300 units are projected to enter the market, with another 9,000 that are planned or proposed. Concerns have arisen that Nashville’s supply will outpace the demand in the medium term. However, job growth indicators, sales activity and lease-up velocity indicate the contrary. Nashville’s economy has surpassed the $100 billion mark with a 5.1 percent unemployment rate and a 4.2 percent GMP growth rate that is double that of the rest of the nation. Notable recent expansions include General Motors (1,800 jobs), Under Armour (1,500 jobs), Magna International (357 jobs), and FedEx (347 jobs) — all of which were announced in the second half of 2014. In addition, Bridgestone America has announced that it will consolidate its operations in Nashville adding 600 jobs. These expansions combined with immense foreign direct investment continue to fuel the area’s growth. According to IBM’s 2014 Global Location Trends Report, Tennessee ranks first in the nation in terms …

March 23, 2015

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Global, National Brands Heat Up Nashville’s Industrial Market

by John Nelson March 16, 2015

Jack Daniels, FedEx and Gibson Guitar are a few international brands that already call Tennessee home, and the list has expanded over the past two years, as major brands have chosen to grow their operations in Middle Tennessee. Recent industrial relocations including Under Armour, Beretta and Hankook Tire are a few notable companies that chose Nashville over other major markets in the U.S. In addition, existing companies such as General Motors, FedEx and Nissan continue to expand their footprint in the region, creating more jobs and building larger facilities. All of this activity has created the demand for more site-ready properties that can accommodate build-to-suit projects and be delivered quickly. Nashville’s continued evolution as the South’s leading auto manufacturing hub, as well as its favorable central location, has bode well for the industrial market over the last few years. Favorable Fundamentals Nashville’s industrial market vacancy rate of 7.1 percent at the end of fourth-quarter 2014 is the lowest it has been since the fourth quarter of 2008, and the 2014 total net absorption has reached more than 2.25 million square feet, the highest absorption since 2006. This year is projected to be a banner year for new construction with multiple …

March 16, 2015

Retail Southeast Tennessee

Sterling Organization Acquires Stones River Mall in Metro Nashville

by John Nelson March 12, 2015

MURFREESBORO, TENN. — Sterling Organization has purchased Stones River Mall, a 594,688-square-foot enclosed regional mall in Murfreesboro, a suburb of Nashville. Sterling purchased 497,691 square feet at the mall, which was developed in 1992 and renovated in 2008. The company acquired the asset through its institutional fund: Sterling Value Add Partners II LP. Anchored by Dillard’s, Sears and J.C. Penney, other tenants include Aeropostale, Books-A-Million, Electronic Express, Hancock Fabrics, Chuck E. Cheese’s, PacSun, Bath & Body Works, Shoe Carnival, Versona, Bink’s Outfitters, Hibbett Sports and Victoria’s Secrets. The mall’s outparcel restaurants include TGI Fridays, Olive Garden and Buffalo Wild Wings.

March 12, 2015

Industrial Southeast Tennessee

DCT Industrial Trust Sells 2.3M SF Industrial Portfolio in Memphis

by John Nelson March 10, 2015

MEMPHIS, TENN. — DCT Industrial Trust has sold a portfolio of six Class A industrial properties in Memphis totaling 2.3 million square feet for an undisclosed sales price. Built between 1998 and 2001, the six properties were fully leased to 11 tenants at the time of sale. The portfolio comprised Eastpark I at 5300 Hickory Hill Road; Eastpark II at 5405 Hickory Hill Road; Chickasaw A at 5950 Freeport Ave.; Chickasaw H at 6190 Freeport Ave.; Southpoint IV at 4800 Pleasant Hill Road; and Southpoint XIX at 5166 Pleasant Hill Road. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented DCT in the transaction. Cushman & Wakefield also arranged acquisition financing on behalf of the buyer, Welsh Property Trust. Mike Ryan, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s equity, debt and structured finance team arranged the financing. Additionally, Shane Soefker and Jacob Biddle of Cushman & Wakefield/Commercial Advisors provided market expertise for the transaction.

March 10, 2015

Market Reports Office Southeast Southeast Market Reports Tennessee

Thriving Economy Fuels New Class A Office Development in Nashville

by John Nelson March 9, 2015

Nashville is now an established growth leader regionally and nationally. The city was a national trailblazer as the U.S. economy recovered from the Great Recession. That head start positioned Nashville to take advantage of broader growth trends and stay ahead of the pack as the remainder of the region and country started to grow again. Moody’s Analytics places Nashville firmly in an expansion phase, with fourth quarter employment growth 330 basis points ahead of the prior year, in-migration driving single-family housing permits up 13 percent last year and accelerating wage growth. Quoting Moody’s, “With the commercial real estate market tightening quickly, the pace of hiring will soon be contingent on how quickly new offices can be built or renovated. Yet there is still a good chance office-using employment could beat expectations, especially after 2016.” Class A buildings continue to dominate growth. Overall absorption for 2014 totaled 666,639 square feet, while Class A absorption was 689,009 square feet. Absorption exceeded construction by over 200,000 square feet, and Class A vacancy dropped from 5 percent at the beginning of the year to 3.5 percent at year-end. Vacancy that low inhibits movement, as is obvious in Brentwood with only 45,000 square feet vacant, …

March 9, 2015

Newer Posts

Older Posts