Home » MHN City Pages  »  Nashville  

WP HTTP Error: A valid URL was not provided.

Viking Partners Pays $16M for Suburban Shopping Center

16 Mar 2014, 3:17 pm

By Eliza Theiss, Associate Editor

Cincinnati-based private equity real estate firm Viking Partners LLC has announced the acquisition of two high-potential shopping centers: Bluebonnet Parc in Baton Rouge, LA and Jackson Downs in Nashville, TN, spending $37.35 million.

Both properties are in accordance with Viking Partners’ acquisition strategy that targets value-add real estate assets in the $2 million to $50 million range in Midwest or Southeast locations. Furthermore, both locations are situated in affluent suburban areas with feasible demographics and stable or growing, high traffic areas.

Nashville’s Jackson Downs, purchased for $16.1 million, integrates well into this strategy. According to a company news release, Viking will seek to add value by implementing aggressive management and leasing, as well as renovating the property. The almost 135,000-square-foot shopping center could also be expanded, with development on an adjacent parcel. Located on 16 acres off Lebanon Pike, Jackson Downs is shadow-anchored by Target and Kohl’s. Its own tenant roster includes Marshall’s, Office Max, GameStop, Party City, Pier One, CATO and Dollar Tree.

The 135,367-square-foot Bluebonnet Parc in Baton Rouge was picked up for $21.25 million. As previously reported, Bluebonnet was acquired from an affiliate of Retail Properties of America Inc., a national self-managed REIT.  According to The Tennessean, Viking affiliate Viking Partners Fund II LLC  picked up Jackson Downs from entity Jackson Downs II E&A LLC.

Viking Partners has acquired, developed, leased or managed over four million square feet of commercial retail properties valued at over $450 million.

Image courtesy of Viking Partners

Luxury Assisted Living Project Proposed for Franklin

10 Mar 2014, 3:30 pm

By Eliza Theiss, Associate Editor

The Villas at Canterfield

Atlanta-based Medical Development Corp., a family-owned development and management company specializing in senior housing and hospitality, is eyeing Franklin for a luxury hotel-style assisted living center, reported the Franklin Home Page.

The $15 million facility is being proposed for Moores Lane, on an 18.35-acre site previously zoned for such a development. Dubbed Canterfield at Franklin, the development will comprise 71 assisted living units in a mostly three-story structure, with the 20-unit memory care department located in a one-story wing. Five one-story independent living villas and 8,000 square feet of commercial retail space are also included in the developer’s plans.

Although set to be developed on an appropriately zoned site, Canterfield at Franklin still has to be reviewed and approved by the Franklin Municipal Planning Commission, as it substantially differs from the project proposed in 2007, reports the Franklin Home Page. Canterfield would comprise 8,000 square feet of commercial retail space and a 67,000-square-foot assisted living facility, occupying a total of 6.5 acres with commercial development. By comparison the previous plan site consisted of a 97,000-square-foot assisted living facility and 40,000 square feet of commercial and retail space.

Most of the site, except Medical Development Corp’s project and a one-acre retail outparcel, will be left undeveloped as open space.

The developers have recently completed two similar centers: The Villas at Canterfield in Cumming, Ga and Canterfield of Oak Ridge, in Oak Ridge, TN. Both facilities offer independent living, as well as assisted living, including memory care. Both developments are 67,000 square feet in size offering 91 total units with 20 or 18 memory care units. Apartments range from studio to one- and two-bedroom units. Community amenities include fitness room, theater, beauty salon, library, formal dining room, game room, lounge, multi-purpose room and landscaped grounds.

Image courtesy of The Villas at Canterfield via Facebook

Belk to Spend $12M on CoolSprings Galleria Renovation and Expansion

3 Mar 2014, 4:05 pm

By Eliza Theiss, Associate Editor

CoolSprings Galleria

Charlotte-based Belk, Inc. has announced plans for a grand $12.6 million renovation and expansion project for one of its Nashville stores, which will turn the location into the brand’s flagship in the metro Nashville region. The project will focus on Belk’s CoolSprings Galleria store in the Nashville submarket of Franklin.

Kicking off in October 2014, the first phase of the project will include the construction of a new 50,000-square-foot men’s and children’s store on the first level of a former Sears building at CoolSprings Galleria. Set to be complete in March 2015, the move will increase selling space and merchandise variety. Phase two will kick off in February 2015 and will entail the complete renovation and upgrade of the main store. Set to wrap up by October 2015, this phase will also entail the relocation of Belk’s home merchandise department, currently set up in two separate stores in the mall. The home merchandise department will take up 18,000 square feet in the main store’s second floor. The relocation of the menswear and children’s department will also free up a significant amount of space in the store’s main location, which in turn will allow for expansions and upgrades at the women’s apparel, accessories and cosmetics department. Upon completion, Belk, the mall’s anchor tenant, will boast a total of 185,000 square feet at the mall. Belk acquired the CoolSprings Galleria store in 2006.

CoolSprings Galleria is owned by CBL & Associates Properties, Inc. and TIAA-CREF and features 1,117,125 square feet of gross leasable area in a catchment area of over 891,000. Opened in 1991, the mall underwent renovation in 2006. CBL also purchased the former Sears building in mid-2013 with the intent to redevelop and expand the space for high-end retailers. The deal included two Sears stores: one at CoolSprings Galleria in Franklin, TN and one at the Fayette Mall in Lexington, KY, two of CBL’s most profitable malls.

Photo courtesy of CBL Properties via Facebook

Three New Apartment Projects Rumored in Nashville

20 Feb 2014, 4:48 pm

By Eliza Theiss, Associate Editor

2300 at Berry Hill

Nashville’s apartment boom continues with proposals and plans for new projects popping up all over the city. This should come as no surprise as Music City’s employment growth is expected to outpace the national average for its fifth consecutive year with a 2.4 increase or roughly 20,000 new jobs, according to market forecasts by Marcus & Millichap.

One of the most recent projects to hit the rumor mill is a 171-unit, four-story apartment development in the Sylvan Park commercial district. According to the Nashville Post, the unnamed project pursued by Stonehenge Real Estate Group will comprise 80 percent one-bedroom apartments and 20 percent two-bedroom units. It could also have a retail building with five spaces as a new neighbor, if a development proposed by Austin Ray and Spiva Hill Investments is approved. Stonehenge is also developing the upscale one- and two-bedroom apartment project 23Hundred at Berry Hill which offers amenities such as an oversized pool, fitness club with personal trainers, summer outdoor chef’s kitchen and bike racks.

Other developers eyeing Nashville’s hot apartment scene include Texas-based Forestar Group and Phoenix Property Co.  According to The Tennessean, Littlejohn Engineering Associates is pursuing site approval on behalf of Phoenix Property for 1.22 acres off 16th Avenue South and McGavock Street in the Music Row area. The developer is eyeing the site for a 194-unit apartment project that would include a two-story above-grade parking garage, live-work units and onsite leasing. While Phoenix Property’s project remains unnamed, Forestar has dubbed its 230-unit development Music Square Flats. According to The Tennessean, Music Square Flats would be five stories tall and feature a two-level parking garage. Local engineering firm Civil Site Design Group is involved in the project.

Image courtesy of 23Hundred at Berry Hill via Facebook 

Chart courtesy of Marcus & Millichap

State Funds Community College Expansions in Metro Nashville

13 Feb 2014, 3:50 pm

By Eliza Theiss, Associate Editor

Columbia State Community College new campus rendering

As part of its Drive to 55 program, the state of Tennessee will provide over $100 million in community college projects throughout the state, including $65.4 million to two Metro Nashville community colleges, announced Gov. Bill Haslam in his recent State of the State address.

Columbia State Community College is set to receive $36.7 million in state capital investments, to fund the development of a brand new campus, which will rise on Liberty Pike in the booming Cool Springs submarket of Nashville. Columbia State has already received some state funding for its new campus: it acquired the 36-acre campus site with $6.5 million in state funding. An additional $1.7 million were also provided for architect and planning services. While the bulk of the money is being provided by the state, according to the Franklin Home Page, the community also has to chip in with $4 million or about 10 percent of the costs, as the development is a community college capital project. A silent fundraising is ongoing with a second one set to kick off after the summer 2014 groundbreaking of phase one.

The initial phase of the campus will accommodate 2,200 students, 40 percent more than Columbia State’s current capacity. It will consist of a student support and enrollment center, an arts and humanities building, a science, technology, engineering and mathematics facility and a tower. Future phases will include a health sciences and technology facility, wellness and student life center, economic and workforce development building, a baccalaureate and master’s university center, an academic and outreach/technology center as well as a fine arts center and theater, which will bring the student body to about 6,000 students.

Nashville-based Bauer Askew Architecture and Birmingham, Alabama-headquartered Hoar Construction have been contracted for the project. According to the Franklin Home Page, the current Columbia State campus will be redeveloped, but details on that have yet to be released.

Wallace South Health Sciences building riboncutting at Vol State

Volunteer State Community College in Gallatin, TN will also receive $28.7 million to construct a new classroom building. Vol State recently inaugurated a $10 million state-of-the-art health sciences building.

The Drive to 55 program aims to boost the ranks of Tennesseans holding high-education degrees, as estimates show that in 11 years, 55 percent of the population will need a degree to be employable. Currently only 32 percent of the state’s population meets that criteria.

Images courtesy of Bauer Askew Architecture and Volunteer State Community College

Private Sector to Take Over Nashville’s Senior Housing Assets

7 Feb 2014, 3:13 pm

By Eliza Theiss, Associate Editor

Metro Nashville is looking to get out of the senior housing business, giving its two senior housing facilities over to private operators in a move that would result in a third private-sector senior living community. According to The Tennessean, Mayor Karl Dean’s plan would see Louisville-based Signature Healthcare take over the 419-bed Bordeaux Long Term Care located on County Hospital Road, while Vision Real Estate Investment Corp. affiliate Assisted Living Partners would take over the 100-bed Knowles Home Assisted Living on Camilla Caldwell Lane. If approved by Metro Council, the move would save $10.5 million in city subsidies.

Signature Healthcare will take over the management and operation of Bordeaux for a 10-year term, receiving a $1.3 million payment from Nashville. According to the Nashville Post, the company would operate 260 licensed beds at Bordeaux, where it would invest $250,000 in capital improvements. Signature will also operate a 168-bed skilled nursing home set to be developed near Skyline Medical Center. The $18 million facility will be developed by Ed. Street Co. and is expected to have a three-year development period, due to state certification requirements.

Assisted Living Partners would also enter a 10-year lease agreement with the city, but would end up purchasing the facility for $500,000, and spend $300,000 on renovations, reports The Tennessean. Vision will also have the option to acquire 44.6 acres from the Bordeaux grounds, developing several other housing options worth over $34 million, such as senior apartments, nursing facilities, town homes and affordable housing.  A further 400 acres of the Bordeaux campus could be turned into public park space.

Image courtesy of Bordeaux Long term Care

$65M New Nashville Ballpark Breaks Ground

30 Jan 2014, 2:35 am

By Eliza Theiss, Associate Editor

Groundbreaking Ceremony at New Nashville Ballpark

New Nashville Ballpark, the future home of the Nashville Sounds minor league baseball team, has officially broken ground.  The new stadium, which is expected to open in spring 2015, will rise on the site of the original Nashville Stadium, known as Sulphur Dell, which opened in 1870 and operated until 1963. The stadium will replace the Sounds’ current home, the Herschel Greer Stadium.

According to The Tennessean, the New Nashville Ballpark will feature 8,500 seats and hold a total of 10,000 fans. The development of the new ballpark will be funded by $65 million in bond revenue released by Metro Nashville to cover the $37 million in construction costs, $5 million of capitalized interest during construction and $23 million in land acquisition costs, comprised of $18 million payment towards the state for a new 1,000-acre parking facility and a $5 million payment towards the state for an underground parking garage planned nearby.

As a result of footing the bill for the development, Metro Nashville will own the ballpark and lease it to the Sounds, on 30-year terms at a cost of $700,000 per year, which will go towards repaying financing debt. Further sources of debt repayment will come from an estimated yearly 650,000 in sales tax revenue generated by the stadium, $520,000 in tax-increment financing, $345,000 from Metro Nashville’s yearly operating budget, as well as funds from Metro Nashville’s current operating agreement with the Sounds for Herschel Greer Stadium. Rounding of the necessary yearly $4.3 million in debt repayment will be $675,000 of property taxes paid by a $37 million, 250-unit residential project by San Antonio-based Embrey Development Corp. set to rise near the stadium’s home plate. A further $750,000 in property taxes will come from a $50 million mixed-use retail development planned by the Sounds ownership near the new stadium.

Early rendering for New Nashville Ballpark

Design is being handled by local firm Gobell Hays and national firm Populous, reported the Nashville Post. According to The Tennessean, Bell & Associates Construction was selected for the construction contract.

Advertised as a $152 million public private partnership, the project is expected to be an economic shot in the arm for North Nashville, the area north of downtown, which has seen little activity in the past years.

Images courtesy of Nashville Sounds via Facebook


Luxury Apartments Headed for Record-Breaking Sales, $50M Westmont Apartments Set to Break Ground

24 Jan 2014, 5:59 pm

By Eliza Theiss, Associate Editor

Vista Germantown

Following the recent $51.25 million sale of the 244-unit West End Village, it looks like record-breaking is in the air for Nashville’s apartment market. According to the Nashville Business Journal, the 331-unit Elliston 23 and the 242-unit Vista Germantown luxury apartment developments have been put on the market and are expected to surpass West End Village’s $210,000 per unit sale price. In fact, Elliston 23’s per-unit is speculated to hit the high $200,000s.

According to the Nashville Business Journal, Ohio-based Associated Estates Realty Corp.’s Vista Germantown had a $32 million development price tag when it opened in early 2012. The high-end community at 515 Madison Street comprises one- and two-bedroom apartments between 603 and 1,165 square feet, renting at monthly rates ranging between $1,205 and $2,645. Community amenities include state-of-the-art fitness center, club area with game-room, kitchen and lounge, salt water pool, grilling areas, outdoor firepit and TV area, three courtyards, garage parking and a high-end restaurant. Green features include electric car charging stations, a bike storage area and onsite recycling center.

Elliston 23

Southern Land’s Elliston 23, located at 2312 Elliston Place, comprises studio, one- and two-bedroom apartments between 554 and 1,363 square feet, with rents starting at $1,220 and exceeding $2,800. Community amenities include a 2,000-square-foot heated saltwater pool, grilling stations, outdoor cabanas with flat screen TVs, 24-hour fitness center, 24-hour conference room, 24-hour Wi-Fi Café , game room, controlled access building and parking, landscaped courtyard and concierge services. The LEED Silver registered community also boasts 15,000 square feet of street-level retail with tenants including a spa, fitness studio, salon and several eateries.

Elliston 23’s West End neighborhood will soon become one apartment community richer with the 320-unit Westmont Apartments project set to be developed in four phases by Texas-based Forestar Group, reported the Nashville Business Journal. The company recently filed permits just short of $50 million. Set to break ground in early 2014 on the site of a recently demolished apartment complex, the project will comprise two five-story and two four-story buildings as well as a six-story 414-car parking garage.

Images courtesy of Vista Germantown and Elliston 23 via Facebook

LaSalle Investment Management Buys West End Village for $51M

16 Jan 2014, 8:21 pm

By Eliza Theiss, Associate Editor

The recently completed 244-unit West End Village, a high-density luxury apartment community in Nashville’s West End has been sold for $51.25 million, or $210,000 per unit, reports the Nashville Business Journal. Chicago-based buyer LaSalle Investment Management Inc. acquired the newly finished asset from Atlanta-based developer The Residential Group LLC, which put the property up for sale late in the summer of 2013. The sale price seems to have brought a good profit for The Residential Group, as West End Village construction permits valued the development at $32.8 million. The property was marketed by Jones Lang LaSalle, according to a previous Nashville Business Journal report.

Located at 221 31st Avenue near the intersection of 31st Avenue and Long Boulevard, West End Village is comprised of two structures—one three-story and one five-story—featuring studio, one- and two-bedroom apartments. Units range between 517 square feet and 1,369 square feet and rent at rates between $1,265 and $2,572 per month. Residences come outfitted with washer and dryer, stainless-faced appliances, granite countertops, European style cabinets with modern hardware and nine- to ten-foot ceilings. Community amenities include gated, covered parking, bike storage, additional storage, high-tech conference center, state of the art fitness facility, outdoor pool with lounge area, grill area clubroom complete with coffee bar and cyber café, gaming room featuring a dry bar, private screening room with flat screen TVs and card room. Sustainable features include Energy Star appliances and light fixtures, high-performance windows and insulation, low VOC-emitting paints, carpets and sealants.

The community is in close proximity to Vanderbilt University, HCA, Country Music Hall of Fame, Second Avenue, the historic Ryman Auditorium, the 132-acre Centennial Park, five hospitals, fashionable restaurants and shopping.

West End Village was developed by a partnership comprised of The Residential Group, PPD Holdings, EDGE Principal Advisors and BBVA Compass Bank.

Image courtesy of West End Village via Facebook

Southern Land Scales Down Project, Moves Ahead With 16 Stories

10 Jan 2014, 5:06 pm

By Eliza Theiss, Associate Editor

4000 Hillsboro at 22 stories

Nashville-headquartered Southern Land Co. has announced it will be moving forward with its mixed-use Green Hills project, albeit in a scaled-down version, reported the Nashville Post. The project—which landed the company in hot water with area residents, after it supersized its initial plans from a 14-story tower to 22 levels—was recently withdrawn from the Metro Planning Department, and it will be redesigned to a 16-story height.

According to the Nashville Business Journal, Southern Land is targeting a late spring or early summer groundbreaking and a 2016 completion. In its downsized version, 4000 Hillsboro Pike will feature 285 apartment units, including 20 penthouses, 600 parking spaces and 60,000 square feet of multi-level office space located atop 15,000 square feet of street level retail. Two restaurants are also included in the project. Residential amenities include a fitness center, swimming pool, sky lounge, teaching kitchens, events plaza and a dog park. Although the cost of the project has yet to be released, the site, comprised of three parcels, had a price tag of $13.5 million. According to the project’s website the developers, a joint venture between Southern Land and Redwood Capital LLC, will also invest over a million dollars in area infrastructure improvements. The project is expected to be a success due to its location between Nashville CBD and Brentwood/Franklin, the area’s strongest Class A office and retail markets, as well as its adjacency to the wealthy Belle Meade neighborhood, where single family homes start at $750,000 and can even hit eight figures. Green Hills, the neighborhood of 4000 Hillsboro, is also an affluent area, and lacks rental housing.

Other area multifamily projects by Southern Land include the $60 million 331-unit Elliston 23 in Nashville’s West End, Tennessee’s first LEED Silver-certified multifamily property and the 370-unit Dwell at McEwen in Franklin’s Cool Springs area.

Rendering courtesy of Southern Land