By Adam Sichko – Senior Reporter, Nashville Business Journal
Sep 11, 2020, 1:20pm EDT
Welcome to Deal Dash, our weekly roundup highlighting some of the commercial real estate dealmaking across the region. We aim to highlight a cross-section of recent property sales, proposed developments, construction loans, leases and other activity.
Construction has reached peak height on the first of three timber office buildings at the Nashville Warehouse Co. mixed-use development (seen below) in Wedgewood-Houston. Instead of concrete or steel, the building’s floors, roof and frame are made from laminated timber, sourced from Canada and Austria. The technique, which involves pressing or gluing wood panels together, is new to Nashville. Live Nation Entertainment Inc. is leasing 40,000 square feet of space at the development, which will also include 305 apartments, a music venue, and the guitar scoreboard from former Greer Stadium. The team includes developer AJ Capital Partners, project manager CapEx Cumming, and DPR Construction. Tenants are set to move in around mid-2021.
Nuveen Global Investments LLC, the Chicago-based investment arm of the TIAA pension fund, paid $92 million for the Dwell at McEwen apartment complex in Cool Springs. It’s adjacent to the 45-acre McEwen Northside mixed-use development where Mitsubishi Motors has opened its North American headquarters. Nuveen bought the Dwell property from Crow Holdings. Earlier this year, Nuveen bought three Brentwood office buildings.
Murfreesboro-based Front Street Partners LLC landed a $45 million construction loan from Wilson Bank & Trust to build about 300 apartments at 7114 Charlotte Pike, in West Nashville. Six months into the pandemic, developers now have secured more than half-a-billion dollars of construction loans for projects across Davidson County.
Brentwood’s Creekside Crossing office complex is for sale. The quartet of buildings in Maryland Farms contain 484,000 square feet combined; 85% of the space is currently leased, at rent north of $30 per square foot, according to marketing materials from brokerage firm Cushman & Wakefield, which has the listing. Starwood Capital Group bought the complex in 2015 for $107 million.
Phoenix-based Alliance Residential Co. is seeking Metro approval for a seven-story apartment building at the OneCity mixed-use development off Charlotte Avenue. The building would contain 261 units. The Metro Planning Commission is set to review the proposal at its Oct. 22 meeting.
New Orleans-based developer HRI Properties has formally signed a lease for the 0.7-acre Christ Church Cathedral parking lot downtown, at 127 Rosa L. Parks Blvd. HRI aims to build a dual-branded hotel with 426 rooms, within a 23-story tower. The land lease has an initial term of 99 years, with the option for HRI to potentially purchase the property.
California-based Magma Equities paid $27 million for the 194-unit Charleston Hall Apartments in Smyrna, in an off-market deal. Magma Equities entered the Greater Nashville market in 2018 and now owns 557 apartments. Kirkland Cos. represented the seller.