Memphis, Tenn. — Marie Pizano of MVP3 Entertainment Group and Darnell Stitts of ATWEC Technologies have broken ground on MVP3 Studios, a 40-acre mixed-use entertainment project located in Memphis. The project is expected to cost $50 million and is predicted to create 600 jobs, according to WREG Channel 3 News. The co-developers purchased the 80,000-square-foot Malco Majestic Cinema theater and the surrounding 18 acres to redevelop the property for MVP3 Studios. The site will eventually house production sound stages, radio studios, music recording studios, a TV network and movie theaters. …
Shelbyville, Tenn. — Stan Johnson Co. has brokered the sale of Shelbyville Square, an 18,900-square-foot shopping center located at 1020 North Main St. in Shelbyville. Shelbyville Square was fully leased at the time of sale to eight tenants including Petsense and Pizza Hut. Doug Clyburn and Julie Clyburn of Stan Johnson Co. represented the 1031 exchange buyer, a private investor from Dacula, Georgia. Sofran Partners, an Atlanta-based developer, sold the property for $4.6 million, reflecting a 7.99 percent cap rate.
Antioch, Tenn. — SRS Real Estate Partners has brokered the sale of the Shoppes at Hickory Hollow, a 144,469-square-foot, Kroger-anchored shopping center in Antioch. The sellers, Mishorim USA Inc., Park One USA Inc. and Gold Investments USA Inc., sold the property to an entity doing business as FNRP CV LLC for $18 million. The center is situated at 5319 Mount View Road next to Mount View and Bell roads in metro Nashville. Built in 1986 on approximately 12.9 acres, the center is roughly 97 percent leased to tenants such as …
Nashville, Tenn. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc. sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930, the three-story property has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems.
Nashville, Tenn. and Reno, Nev. — Ron Reese of NorthMarq has secured financing for two retail properties in Tennessee and Nevada through Genworth Financial. The first property, Nashville West Outparcels, consists of seven parcels with 14 buildings totaling 77,275 square feet. The property was refinanced for $21.5 million. Nashville West Outparcels is 93 percent leased to tenants including McDonalds, Firestone, Starbucks Coffee, Chipotle Mexican Grill, Outback Steakhouse and GameStop. The second retail property, Pavilions Retail Center in Reno, received a 20-year, $11.5 million financing. The 76,954-square-foot center is home to …
Nashville, Tenn. — Brookfield Properties has opened the retail and dining component of Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s …
Hermitage, Tenn. — Ziff Real Estate Partners has acquired Jackson’s Courtyard, a 41,439-square-foot retail center in Hermitage, for an undisclosed price. The property is located at 3441 Lebanon Pike, 13 miles east of downtown Nashville. At the time of sale, the property was leased to tenants including Co. Capelli Salon & Spa, Subway, Hermitage Dance Academy and Mirage Nails Salon. The seller was not disclosed.
Signal Mountain, Tenn. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net …
Nashville, Tenn. — Burger Republic has launched its “Defend Heroes” gift card promotion. For every $50 spent on a gift card, the Nashville-based burger chain will donate one meal to a frontline worker or first responder in the Music City. The promotion will run through Dec. 31. The gift cards can be purchased online or in-person at any of the four locations in metro Nashville. Drew Jackman, who partnered with Jeff Warne to create Burger Republic in 2012, says the “Defend Heroes” promotion was shaped in May during a buy …
Chattanooga, Tenn. and Philadelphia — Against headwinds brought on by the COVID-19 pandemic, CBL & Associates Properties Inc. andPennsylvania Real Estate Investment Trust (PREIT) filed for Chapter 11 bankruptcy protection on Sunday, Nov. 1. PREIT Philadelphia-based PREIT owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business …