Memphis (No longer used)
Ashford Hospitality, HFF Reveal Details of Marriott Financing
By Liviu Oltean, Associate Editor Marriott Memphis East A month after Ashford Hospitality Trust Inc. closed on the $43.5 million purchase of the Marriott Memphis East Hotel, the REIT and its advisor, HFF, have revealed details of the acquisition financing. Dallas-based Ashford reported in late March that it had obtained a $33.3 million floating-rate mortgage pegged […]
IRT Acquires Memphis, Raleigh Apartment Communities
In two separate deals, Independence Realty Trust Inc. has acquired The Walnut Hill Apartments in Memphis and Lenoxplace at Garner Station Apartments in Raleigh.
Hillwood Expands into Memphis
Commercial developer Hillwood will open a new office in Memphis that will be led by industry veteran Kurt Nelson.
Dan Walker Proceeds with Plans in 7.6-Acre Business Park in Memphis; Tennessee Plans $70M Veterans’ Nursing Home for Shelby County
Memphis-based Dan Walker Associates Inc. is moving ahead with plans for the development of a new large office building park, according to the Memphis Business Journal.
Hotel Equities Celebrates Reopening of 96-Room Courtyard by Marriott Memphis East
In recent news, Hotel Equities (HE) held a ribbon cutting ceremony to celebrate the reopening of the Courtyard by Marriott Memphis East, a recently renovated 96-room hotel. Owned by Batra Hospitality Group Inc., the asset was purchased for roughly $4.2 million in June, 2013. In December of the same year, Hotel Equities had been appointed as manager of the asset.
Apartment Complex Breaks Ground Next to University of Memphis; Germantown Welcomes New $4.1M Medical Office Building
California-based Rael Development Corp. recently began the construction of an $8 million apartment complex near the University of Memphis. The company hired Montgomery Martin Contractors LLC to build the four-story complex, and has recently requested a $200,000 building permit for the laying of the foundation of the property.
Carroll Organization Purchases Memphis’ Largest Multifamily Community for $46.5 Million
Atlanta-based Carroll Organization has increased its Southeastern footprint with the acquisition of an off-market, multifamily portfolio composed of Colonial Village at Inverness in Birmingham, Al; Greenbrook in Memphis, TN; and Colonial Village at Charleston Place in Charlotte, NC. The three assets, totaling at approximately 1,800 apartment units, will be rebranded as ARIUM Inverness, ARIUM Shelby Farms, respectively, ARIUM McAlpine Creek.
Lone Star Funds Acquires Office Building for $53/SF; University of Memphis Launches $40M Campaign for New Music Center
Lone Star Funds, LP, a Dallas-based private equity firm, recently purchased the four-story Lakecrest III office building for $6.9 million, according to the Memphis Business Journal. Acquired from Management & Research LLC, the office building spans across 130,593 square feet, from which, 48,000 square feet aren’t leased.
Exeter Affiliates Buy $43M of Industrial Space in Memphis
The Memphis industrial market recently became red-hot with the $43 million sale of an industrial portfolio.
E-Commerce, Technology Push Industrial Rents Upwards
As the e-commerce revolution becomes more mainstream in retail and in people’s buying habits, the need for faster delivery nationwide is spiking demand in warehouse distribution centers, indicating a likely increase in industrial rents for 2014.