Developer closes on Hermitage land
Nashville-based developer Commercial Realty Services has closed on 8 acres in Hermitage along Old Hickory Boulevard for its shopping center.
Through its Hermitage Commons LLC entity, the developer paid nearly $1.7 million for land, buying it from Lojac Enterprises. The developer will build a 12,000-square-foot shopping center, and an outparcel will have a Regions Bank. Most of the tenants will be franchises of national chains, possibly including a Fedex Kinko's. Lojac is handling the construction.
This site is part of a 20-acre tract that WalMart had selected several years ago for a WalMart Supercenter. Issues with moving a stream nixed the deal, and WalMart moved over to its current location at Andrew Jackson Boulevard and Lebanon Pike.
Lojac still owns the unused acreage, and more shopping center space is planned in a second phase. Commercial Realty Services will be the development agent for the 10-12 acres.
Airport hotel sold
Florida investors have bought the Holiday Inn Express at 1111 Airport Center Drive for $10.8 million. Wells Fargo Bank loaned the investment group, which includes Driftwood Hospitality Management based in Jupiter, Fla., $8.5 million to the new owners with the legal name CRP/Cardel Nashville Airport Hotel LLC.
According to the deed of trust documents, Washington, D.C.-based investment fund The Carlyle Group is involved in the deal. Driftwood owns or manages 35 hotels in the U.S., Bahamas and Central America. It is affiliated with Crowne Plaza, Holiday Inn, Doubletree, Radisson, Sheraton, Hampton Inn, Courtyard by Marriott, Doubletree, Wyndham Garden and Hotel Indigo.
UnitedHealthCare leases space
UnitedHealthCare has leased about 18,000 square feet in Creekside Crossing III in Maryland Farms.
Barry Smith of Eakin Partners represented United Healthcare and Coleman Aycock represented Duke Realty, Creekside's owner.
UnitedHealthCare's operation in Creekside will handle one of the two contracts TennCare awarded last July to service enrollees. Virginia-based AmeriGroup won the other contract and leased space by the Nashville airport in Lakeview III.
Nashville Lifestyles, a magazine owned by The Tennessean, is moving into a building developer Jim Caden is renovating a building on property he recently bought off Demonbreun Street and 12th Ave. South. There may also be a restaurant in the building as well, possibly a big name from Midtown.
Nashville Lifestyles is being displaced by Caden's condominium project Rhythm, just up Demonbreun next to the strip of bars, restaurants and retail.