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Tennessee

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DevelopmentMixed-useNewsTennessee

Urban Story Ventures to Redevelop 160,000-Square-Foot Retail Center in Metro Chattanooga

by Hayden Spiess

East Ridge, Tenn. — Urban Story Ventures will redevelop a 160,000-square-foot retail center located in East Ridge, roughly 10 miles outside Chattanooga. The developer purchased the property — which features a 38,000-square-foot space formerly occupied by Food City, five retail outlet buildings and parking — last year. A roster of food-and-beverage, professional services and apparel retailers currently occupy a portion of the center. Plans call for a combination of renovations to existing suites, as well as new construction. Urban Story Ventures will reposition the property as a mixed-use development and plans to …

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Sewart's-Landing_Smyrna-Tenn
DevelopmentMixed-useNewsTennessee

Equitable to Develop 44-Acre Mixed-Use District in Smyrna, Tennessee

by Hayden Spiess

Smyrna, Tenn. — Equitable Property Co. has purchased 44 acres in Smyrna, with plans to develop a mixed-use district dubbed Sewart’s Landing. The project will comprise 250,000 square feet of ground-level retail space, in addition to two medical office buildings (MOBs) totaling 400,000 square feet; a 240-room hotel; and 75 for-sale townhomes. The groundbreaking is scheduled for next month, with completion of Phase I expected in the first quarter of 2025. Tenants at the development’s first phase will include Starbucks Coffee, Wawa and Jonathan’s Grille. Equitable acquired the land for the …

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Wolftever-Crossing_Ooltewah-Tenn
Investment salesNewsTennessee

Marcus & Millichap Brokers $5.6 Million Sale of Shopping Center Near Chattanooga, Tennessee

by Hayden Spiess

Ooltewah, Tenn. — Marcus & Millichap has brokered the $5.6 million sale of Wolftever Crossing Shopping Strip, a 12,040-square-foot shopping center located in Ooltewah, roughly 20 miles outside Chattanooga. Tenants at the property, which was built in 2017, include AT&T, Supercuts, Salsarita’s, Firehouse Subs and a standalone AFC Urgent Care. Harrison Creason and Andrew Margulies of Marcus & Millichap arranged the sale on behalf of the seller, a South Carolina-based partnership, and procured the buyer, a California-based private investor. Jody McKibben assisted in closing the transaction as the firm’s broker of …

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Investment salesNewsTennessee

Marcus & Millichap Brokers $4.7 Million Sale of Marketplace at Milan in Tennessee

by Hayden Spiess

Milan, Tenn. — Marcus & Millichap has brokered the $4.7 million sale of Marketplace at Milan, a 39,726-square-foot retail center located in Milan in western Tennessee. The property was 96 percent leased at the time of sale. Austin Sweet, Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, an undisclosed partnership. The team also secured and represented the buyer, a private investor. Jody McKibben assisted in closing the sale as the Tennessee broker of record. 

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Whataburger
Investment salesNewsRestaurantsTennessee

Quantum Brokers $2.3 Million Sale of Whataburger Ground Lease in Tennessee

by Hayden Spiess

Millington, Tenn. — Quantum Real Estate Advisors has brokered the $2.3 million sale of a new single-tenant property in Millington. Whataburger will occupy the building on a ground-lease basis. The property is currently under construction. Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, a Southeast-based developer, in the transaction. 

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Alcoa-Commons
Investment salesNewsTennessee

SRS Arranges $7.2 Million Sale of Alcoa Commons Retail Center in Alcoa, Tennessee

by Hayden Spiess

Alcoa, Tenn. — SRS Real Estate Partners has arranged the $7.2 million sale of Alcoa Commons, a newly built retail center located in Alcoa, a city roughly 14.5 miles south of Knoxville. The property, which comprises 13,890 square feet, was fully leased at the time of sale. Tenants at the center include Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased …

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LeasingNewsTennessee

Nordstrom Rack to Open 24,000-Square-Foot Store in Metro Nashville

by Hayden Spiess

Franklin, Tenn. — Nordstrom Rack will open a 24,000 square foot store in Franklin, roughly 20 miles outside Nashville, marking the fifth location for the brand in the state. Scheduled to open in fall 2024, the store will be situated within Cool Springs Market. Other tenants at the retail center include Dick’s Sporting Goods, Kroger and DSW. Kite Realty Group Trust is the landlord at the property. 

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Tanger Factory Outlet
DevelopmentNewsTennessee

Tanger Completes 290,000-Square-Foot Outlet Mall in Nashville

by Hayden Spiess

Nashville, Tenn. — Tanger Factory Outlet Centers (NYSE: SKT) has completed Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. The property is Tanger’s first new development since 2019.  The open-air development consists of seven retail buildings and The Green, a central outdoor community space for programming and activations. The mall is currently 96.5 percent occupied by 60 retailers and restaurants, including Nike, Polo Ralph Lauren, Coach, Ulta Beauty, Michael Kors, Pottery Barn, Under Armour, Crocs, American Eagle, Journeys, Old Navy, Victoria’s Secret and Adidas.  The property also features 15 murals …

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FinanceNewsTennessee

JLL Secures $125 Million Refinancing for The Avenue Murfreesboro in Metro Nashville

by Hayden Spiess

Murfreesboro, Tenn. — JLL Capital Markets has secured a $125 million loan for the refinancing of The Avenue Murfreesboro, an 846,467-square-foot retail center located in Murfreesboro, roughly 35 miles outside Nashville. Built in 2007, the property was 93.1 percent leased at the time of financing. Tenants at the center include Best Buy, Belk, Dick’s Sporting Goods, Haverty’s Furniture, Burlington, Barnes & Noble, Off-Broadway Shoe Warehouse, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Cost Plus World Market, Ulta Beauty, Hollister, Buckle, Torrid and Sephora. Chris Drew, Brian Dawson and Matt Casey of …

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Starling_Nashville
LeasingNewsRestaurantsTennessee

Portman Adds Retrograde Coffee, Social Cantina to Starling Apartment Tower Underway in Nashville

by Hayden Spiess

Nashville, Tenn. —Portman has signed two new food-and-beverage tenants to the 17,000-square-foot commercial space at Starling, an apartment tower currently under development in Nashville. The new tenants include Retrograde Coffee, a neighborhood coffee shop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffee shop will be the first café to front the Cumberland River Greenway, which Portman is expanding to connect directly to Starling tower. The Social Cantina location will feature an outdoor patio.

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