A Houston-based property investor said one of its real estate investment trusts has bought the The Avenue Murfreesboro shopping center — along with a center in Jacksonville, Fla. — for a whopping $163 million. Hines Global REIT takes over ownership of the six-year-old, 747,497-square-foot project from Faison & Associates and Cousin Properties. Avenue is 89 percent leased to 93 retailers and counts Belk, Dick’s Sporting Goods, Haverty’s and Barnes & Noble as anchors. David Hocker & Associates of Owensboro will manage the center on behalf of Hines Global REIT.
Minneapolis-based ABRA Auto Body & Glass announced today the opening of a repair center in La Vergne.
The Tennessee facility, located at 280 Tech Park Drive, is ABRA’s 17th repair center in the state. The facility will also serve Smyrna and surrounding communities. The La Vergne facility brings the number of ABRA corporate and franchise repair centers nationwide to 175 in 17 states.
“We are creating a powerful market presence in Tennessee,” Tim Adelmann, ABRA executive vice president of business development, said in a release. “Not only is ABRA becoming a household name, but we’re a premier multi-shop operator with the expertise, talent, and industry-leading processes that allows us to be a best-in-class collision repairer.”
Read more here.
Elmington Capital Group announced today the acquisition of Stones Creek Apartments in Murfreesboro for an undisclosed sum.
The Kirkland Company, a Nashville-based real estate brokerage company specializing in the sale of apartment communities, represented seller Carter Haston.
“With the close proximity of Stones Creek to large employers including Amazon, Middle Tennessee State University, Middle Tennessee Medical Center and Nissan, the need for quality cost-effective housing will be critical for continued job growth in the area,” Cary Rosenblum (pictured), president of Nashville-based Elmington Capital, said in a release.
Elmington Capital will provide both interior and exterior updates to the apartment complex. The company did not note what it plans to spend on the improvements.
Elmington Capital has been busy of late.
In January, the company bought four apartment communities in Louisville, Ky., for $22 million.
In June, the Nashville Business Journal reported Elmington Capital has the popular Demonbreun Street retail strip home to, among others, Tin Roof and located near the Music Row Roundabout under contract for $17.6 million. At the time, Ben Brewer, the company’s senior vice president, acknowledged to the NBJ the firm has a piece of Demonbreun property under contract but declined to disclose its location.
The Business Education Partnership Foundation in Murfreesboro has named Amelia Bozeman its new executive director. Bozeman, a longtime public relations pro, takes over from Lee Rennick, who had led the BEP nonprofit since 2001. She has in the past been involved with other educational initiatives and last year was campaign manager for state Rep. Dawn White.
Murfreesboro-based Just Love Coffee Roasters has announced it has started producing single-cup packaging for its most popular varieties of hand-roasted coffees. The new packaging carries the name Love Ones and will be available online and through retailers starting Aug. 1. Read more here.
A group of Murfreesboro investors wants to build a single-screen drive-in movie theater north of town near the intersection of Interstate 24 and Highway 840. The project, which would reuse some old airport buildings, also calls for an indoor theater and play areas.
However, neighbors already have concerns - mainly the traffic that the theater would bring. The developer says moving the entrance to Florence Road would help.
"It's a three-lane road. It is well suited to handle traffic from this. And also the ticket booths are going to be 40 to 80 cars deep into the property," Goodman said.
Captain D's franchisee Bill Townsend, who runs a location in Murfreesboro and two in Alabama, has signed up to open four more locations for the growing restaurant chain in the next five years, including in Murfreesboro. Townsend, whose family has been in the restaurant business for three generations, has been in the Captain D’s system for 11 years and is a part of the company's President’s Advisory Council.
Murfreesboro-based craft brewer Mayday Brewery will double its current brewing production to 6,500 gallon per year from 2,600 gallons annually.
The addition of two fermentation tanks will allow the six-month-old brewing company to increase capacity.
Nashville-area bars and restaurants that carry Mayday beer include, among others, Broadway Brewhouse 100, Husk and Villager Tavern.
The Murfreesboro Post has more here.