With an extension until February from Metro to line up financing, Developers Inland Western and GBT Realty on Friday rolled out some details about what they plan to do with the former Bellevue Center, where only Sears remains. The highlights: • The enclosed mall section of the property will be cleared and replaced with a central boulevard lined by retailers and restaurants large and small. • The project is expected to open in early 2013, with construction penciled in to start next summer. • A public library is still part of the plan. • The project may have to be re-approved by the Planning Commission.
Oct 1, 2010 5:12 PM
The vacancy rate in Nashville's office market dipped back below 14 percent during the third quarter, helped by various good mid-sized lease signings in various parts of town. Local rental rates fell 9 cents — about 0.5 percent — in the third quarter to $18.64 per square foot. They've held steady in a small range since the middle of 2008, but the pros at CB Richard Ellis say it's likely they'll have to come down just a bit more to get a greater number of companies to bite on new leases. For more from the CBRE research team, click here.
Oct 1, 2010 12:38 PM
Associated Estates Realty, a Cleveland, Ohio-based REIT, has bought a majority stake in the Vista Germantown development conceptualized by local firm Bristol Development Group. Vista, which Bristol had wanted to get started on two years ago, will have 242 units and is expected to open in about 18 months.
"We have identified Nashville as a market where we want to grow," said John Shannon, Senior Vice President of Operations. "It is an exciting town which has provided remarkable support to Associated Estates and Merit during the pre-development process. The diverse economic base and solid demographic trends in Nashville should bode well for the apartment market for years to come. Merit will be able to provide important construction efficiencies for this urban infill development," Shannon added.
Sep 30, 2010 7:51 AM
Anheuser-Busch distributor Ajax Turner plans to relocate its main offices and logistics hub from Visco Drive near downtown Nashville to La Vergne. The decision means 250 jobs will move permanently down Interstate 24. Ajax Turner's site was slammed by May's flooding but officials had expected to rebuild near the river.
Sep 27, 2010 8:02 AM
Blake Farmer has the info on a $1.9 million grant from the National Park Service that will help the Civil War Preservation Trust acquire 84 acres in Spring Hill from General Motors, which is selling the property at a discount. The land in question was the site of much of the Battle of Spring Hill in late 1864.
Sep 24, 2010 12:08 PM
Two local attorneys have been given top industry honors for their work in real estate and trial law, respectively. First up is Bradley Arant Boult Cummings' Ann Peldo Cargile, who has been elected to the Anglo-American Real Property Institute, an invitation-only not-for-profit limited to just 50 individuals from both the United States and the United Kingdom.
“We congratulate Ann on this distinct honor from a respected and prestigious industry organization,” said firm chairman Beau Grenier. “As her colleagues, we already know the level of knowledge and experience she brings to her work. It is nice to see this recognized in such a prominent way.”And veteran trial attorney Randall Kinnard last month became the first Nashville-area representative on the prestigious Inner Circle of Advocates, a group of the 100 best trial attorneys in the country.
“Randall Kinnard has been inducted into the Inner Circle of Advocates because of his extraordinary career and remarkable successes in the courtroom,” said attorney Mark Davis of Honolulu, President of the Inner Circle of Advocates. “He is universally respected by his peers and one of the great trial lawyers in the United States.”
Sep 21, 2010 9:21 AM
The mayor of Portland, Ore., has asked his citizens to provide input on how to choose the manager of some key downtown garages — a job he awarded this spring to Central Parking. There's enough political jockeying going on to suggest Nashville-based Central Parking would be better off devoting its business development budget elsewhere.
Last month, the consortium sued in Multnomah County Court to force Jay out of its group. Jay said in an interview that he joined Central as an individual, not in his role as president of the African American Chamber of Commerce, so there is no conflict of interest. "Your guess is as good as mine," Jay said when asked why there's tension. "I was the one that brought everyone to the table. When they had no hope in the past, I was the one who brought everyone together from the African American chamber and put together this consortium."SEE ALSO: Local politics loom over Central Parking Portland deal
Sep 20, 2010 7:07 AM
Healthcare Realty Trust has paid $30 million for three Denver medical office buildings totaling about 150,000 square feet. The acquisition of the properties near the former Lowry Air Force Base east of downtown comes three months after the Nashville-based REIT (Ticker: HR) committed $50 million to an MOB joint venture on the other side of town.
Sep 16, 2010 10:26 AM
CB Richard Ellis brokers Mark Woolwine and Bill Neill have taken over as leasing agents for the Highland Ridge I & II buildings near Nashville International Airport. The properties, which have a combined 340,000 square feet of space, are owned by USAA Realty and American Realty, which paid $42 million for them in 2006.
Sep 14, 2010 8:31 AM
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS