Tennessee

Marcus & Millichap Arranges $12.4M Sale of Medical Office Building in Metro Nashville

by John Nelson September 19, 2016

MURFREESBORO, TENN. — Marcus & Millichap has arranged the $12.4 million sale of the Saint Thomas Health medical office building in Murfreesboro, about 34 miles south of Nashville. The 32,400-square-foot property is under construction and expected to open in December. Located at the intersection of Highway 99 and St. Andrews Drive, the asset will serve as an extension of the Saint Thomas Rutherford Hospital. Justin Sturdivant, S. Regan Holcombe and Kat Butler of Marcus & Millichap represented the seller in the transaction. Georgia Krewson, Wes Tiner, Kelley Deibler and Zach Moore of Marcus & Millichap procured the buyer.

September 19, 2016

Retail Southeast Tennessee

Carolina Holdings to Develop Hobby Lobby, TJ Maxx and Five Below in Metro Nashville

by John Nelson September 15, 2016

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.

September 15, 2016

Hospitality Southeast Tennessee

HREC Brokers $31.6M Sale of Holiday Inn Nashville Airport Hotel

by John Nelson September 12, 2016

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.

September 12, 2016

Loans Multifamily Southeast Tennessee

Dougherty Mortgage Closes $21.2M Fannie Mae Loan for Apartment Community in Chattanooga

by John Nelson September 12, 2016

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.

September 12, 2016

Hospitality Southeast Tennessee

Hyatt, Southwest Value Partners to Develop Hyatt Regency on Former Lifeway Campus in Nashville

by John Nelson September 6, 2016

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.

September 6, 2016

Industrial Southeast Tennessee

Hillwood to Develop 924,325 SF Industrial Complex in Metro Nashville

by John Nelson August 31, 2016

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.

August 31, 2016

Hospitality Southeast Tennessee

Hilton Worldwide Opens Home2 Suites by Hilton Nashville Franklin Cool Springs

by John Nelson August 29, 2016

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.

August 29, 2016

Industrial Southeast Tennessee

Morgan Construction Breaks Ground on $12.9M Distribution Center in Tennessee

by John Nelson August 26, 2016

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.

August 26, 2016

Industrial Loans Southeast Tennessee

Cohen Financial Secures $19M Acquisition Loan for Industrial Portfolio in Metro Nashville

by John Nelson August 17, 2016

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.

August 17, 2016

Georgia Multifamily Southeast Tennessee Top Stories

Mid-America Apartment Communities to Acquire Post Properties in $4B Multifamily REIT Merger

by Nellie Day August 15, 2016

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 …

August 15, 2016

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