MEMPHIS, TENN. — Sealy & Co. has purchased a 600,000-square-foot warehouse/distribution facility situated on more than 25 acres at 4221 Pilot Drive in Memphis. This acquisition is the third investment in the Memphis market on behalf of the company’s investment offering, Sealy Strategic Equity Partners. The property features modern warehouse attributes, rail service and additional trailer parking. Located in Memphis’ Southeast submarket, the property is in close proximity to Memphis International Airport and the BNSF Rail intermodal.
NASHVILLE, TENN. — Olympus Property, a multifamily owner and operator based in Fort Worth, Texas, has purchased Midtown, a 170-unit, Class A apartment community in downtown Nashville. Built in 2010, Midtown’s amenities include a media lounge with billiards and Wi-Fi, Zen garden, 24-hour sky bridge fitness studio, elevator access, electronic building access, parking garage and valet dry cleaning services. Unit interiors include black energy star appliances, granite countertops, walk-in closets, 9-foot ceilings, wood flooring, designer cabinetry, under-mount sinks, washers/dryers and patios/balconies with Nashville skyline views. Midtown is Olympus Property’s third acquisition in Tennessee and fourth acquisition for its WW Olympus Property V LLC investment fund.
MEMPHIS, TENN. — The U.S. Green Building Council (USGBC) has awarded One Commerce Square in downtown Memphis LEED Gold certification. The office building is the first property in downtown Memphis to earn the distinction. Built in 1972, the 29-story office building is located at 40 S. Main St. Memphis-based Looney Ricks Kiss spearheaded the renovation, which resulted in 45 percent in energy savings, or roughly $138,000 per year. The office building has also experienced 33 percent water savings over the LEED baseline and features a 20 percent parking rebate offered to building patrons who have a qualified low-emitting or fuel-efficient vehicle. Cushman & Wakefield | Commercial Advisors leases and manages the building. Memphis Commerce Square Partners LLC, which is managed by Worthington Hyde Partners, owns the office tower.
ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.
LEBANON, TENN. — Communications Test Design Inc. (CTDI), an engineering, repair and logistics company serving the communications industry, has signed a 403,750-square-foot industrial lease at Eastgate Distribution Center I in metro Nashville. The building is located at 7800 Eastgate Blvd. in Lebanon. John Ward of Cushman & Wakefield represented the landlord, Pattillo Industrial Real Estate, in the lease deal. Terry Smith of Colliers International represented CTDI. David Mackey and John Morrissey of Jackson Cross Partners assisted in representing CTDI.
NASHVILLE, TENN. — Bluerock Growth Fund has sold Artisan on 18th, a Class A, 153-unit apartment community in downtown Nashville, for $35.2 million. The property was delivered in June and was completely occupied at the time of sale. A joint venture between Stonehenge DCM LLC, which oversaw development of the property, and affiliates of Bluerock Real Estate purchased the development. Artisan on 18th features a landscaped courtyard with a sundeck, outdoor grilling area and fireplace, fitness center, cyber clubroom with a coffee bar and business center, pet park and a parking garage. Unit interiors feature granite countertops, high-end flooring, designer cabinetry, full-size washer/dryer units, private balconies and nine-foot ceilings.
MURFREESBORO, TENN. — GBT Realty Corp. plans to develop The Shoppes of Northgate, a $16 million shopping center located along Memorial Boulevard in Murfreesboro. GBT Realty acquired the 13.1-acre site across from the Walmart Supercenter in November for $2.4 million. The new shopping center will feature a 30,000-square-foot Sprouts Farmers Market, as well as a PetSense, Liquor Barn and Newk’s Eatery. The new Sprouts store will be the fourth Sprouts that GBT Realty has developed this year. Construction on The Shoppes of Northgate is expected to begin this month, with store openings set for spring 2016. GBT Realty currently has $161 million of commercial space under development in the Nashville region.
FRANKLIN, TENN. — An affiliate of Next Realty LLC has acquired a 64,000-square-foot, two-tenant retail property at 1735 Galleria Blvd. in Franklin, roughly 15 miles south of Nashville. The property is situated within the 350,000-square-foot Cool Springs Crossing shopping center, which is located adjacent to the 1.1 million-square-foot Cool Springs Galleria mall. H.H. Gregg occupies 29,596 square feet at the property, and JumpStreet, an indoor trampoline park, occupies 34,404 square feet at the former Whole Foods Market location.
CHATTANOOGA, TENN. — The University of Tennessee at Chattanooga has broken ground on a new 600-bed, $70 million housing complex. The 231,959-square-foot development on the west side of campus will also include classrooms, a bookstore outlet, dining facility and a demonstration kitchen to help students transition to apartment living. The structure will feature 648 new parking spaces for cars and 22 motorcycle parking spaces. Each room will be wired for gigabyte service, as well as wireless connectivity. The facility is projected to open in fall 2018.
KNOXVILLE, TENN. — Marcus & Millichap has brokered the $11.9 million sale of Farragut Pointe, a 71,406-square-foot office building located at 11132 Kingston Pike in Knoxville. Formerly a retail building, the office property was 100 percent leased at the time of sale to office and medical office tenants. Gary Lee, Paul Johnson, Korey Prefontaine, Don McMinn, Zachary Taylor and Tyler Fish of Marcus & Millichap represented the seller, an unnamed private partnership, in the transaction. Jason Yukins of Marcus & Millichap’s Fort Lauderdale, Fla., office secured and represented the buyer, a limited liability company. Michael Fasano is Marcus & Millichap’s broker of record in Tennessee.