Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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24 • October 2016 • Southeast Real Estate Business www.REBusinessOnline.com T E N N E S S E E & K E N T U C K Y HILLWOOD TO DEVELOP 924,325 SF INDUSTRIAL COMPLEX IN TENNESSEE 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 sub- urb of Nashville, the property has ac- cess 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. HREC BROKERS SALE OF HOLIDAY INN NASHVILLE AIRPORT HOTEL NASHVILLE, TENN. — HREC Invest- ment Advisors has brokered the $31.6 million sale of the Holiday Inn Nash- ville Airport, a 383-room hotel located in Nashville. The hotel is situated two miles east of Nashville International Airport and eight miles from down- town Nashville. An affiliate of Fair- wood Capital LLC purchased the ho- tel 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. MILLER-VALENTINE BREAKS GROUND ON APARTMENT COMMUNITY IN LEXINGTON LEXINGTON, KY. — National de- veloper Miller-Valentine Group has begun construction on WaterStone at Hamburg, a 264-unit apartment com- munity in Lexington. Located near the intersection of Man O' War and Polo Club boulevards, the upscale apartment community will be situ- ated adjacent to Hamburg Place, the largest shopping and dining area in central Kentucky spanning more than 2 million square feet of retail space. The first units are expected to deliver during the first quarter of 2017. Rents start at $990 per month for a one- bedroom apartment, $1,175 for a two- bedroom apartment and $1,365 for a three-bedroom apartment. The design team includes architect BSB Design, interior designer Mitsch Design and general contractor Miller-Valentine Construction. HYATT, SOUTHWEST VALUE PARTNERS TO DEVELOP HYATT REGENCY ON LIFEWAY CAMPUS IN NASHVILLE NASHVILLE, TENN. — Hyatt Hotels has entered into a franchise agree- ment with Southwest Value Partners to develop a new Hyatt Regency ho- tel 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 cor- ner of Broadway and 10th Avenue, sold to Southwest Value Partners in November 2015 for $125 million. Hy- att 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. CAROLINA HOLDINGS TO DEVELOP HOBBY LOBBY, TJ MAXX AND FIVE BELOW IN METRO NASHVILLE SMYRNA, TENN. — Carolina Hold- ings 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 design team for the re- tail 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 Be- low will open shortly thereafter. MORGAN CONSTRUCTION BREAKS GROUND ON $12.9 MILLION DISTRIBUTION CENTER IN TENNESSEE SOUTH PITTSBURGH, TENN. — Chattanooga-based Morgan Construc- tion Co. has begun construction on a $12.9 million, 202,000-square-foot dis- tribution 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 Con- struction expects to deliver the dis- tribution center in March 2017. The project will feature an F-min 75 floor system. Used to measure the flatness and levelness of concrete floors, the high-level grade for the defined-traffic floor is used in only 1 percent of exist- ing commercial and industrial floors in the United States. THINK LEBANON Fst E C O N O M I C D E V E L O P M E N T Cedar City Lebanon sits in the heart of Middle Tennessee and is one of the South's most beautiful residential areas. Located just minutes East of Nashville on Interstate 40, providing you easy access to everywhere. We are committed to fostering a positive business environment with a "Business Concierge Program," which strives to provide you with an unmatched level of personalized service. GROW WITH US Sarah Haston Economic Development Director 615.443.2839 Ext. 2120 www.lebanontn.org Units at WaterStone at Hamburg will feature private balconies and patios, laundry rooms, dark wood cabinets, stainless steel appliances and quartz countertops.

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