Regional real estate powerhouse Crye-Leike has opened a property management office on Broad Street in Murfreesboro and moved four-year employee Laurie Reardon from its Brentwood location to run it. The outpost is Crye-Leike's third Middle Tennessee property management office and its 14th across the Southeast.
Recently released figures show Rutherford County hotels generated a $6 million increase in revenue on total rooms sold in 2013 compared to 2012 figures.
According to a Smith Travel Research annual report, the county experienced an increase in all categories across the board, including hotel occupancy, revenue per available room, average daily rate, room revenue and rooms sold. The increase in each category was well above the national average as well as the average for the state of Tennessee, the report said. Over the past two years, the number of rooms sold has increased 16.2 percent.
STR does not disclose total revenue figures.
“These increased numbers mean that more people are traveling to Rutherford County and staying in our local hotels, while visiting local attractions, shopping in our retail outlets and dining in our restaurants,” Barbara Wolke (pictured), interim vice president of the Rutherford County Convention & Visitors Bureau, said in a release. “With the additional hotel supply in Murfreesboro and Smyrna (four hotels were added between 2008 and 2010), overall tourism and demand has increased to help fill these additional rooms. We hope to continue this upward trend.”
Blue-chip retailers Bed Bath & Beyond and Gap are relocating their Murfreesboro stores into the Avenue shopping center adjacent to Interstate 24. Also moving into the 811,000-square-foot Avenue in the coming months are Gap Kids and Soma Intimates, a concept under the Chico's Brands umbrella.
The operators of an ambitious fast-casual pizza restaurant chain based in Athens, Ga., want to open more than 80 restaurants across the Southeast in the next two years and say Middle Tennessee is a big part of those plans. Your Pie, which opened its first location in 2008, this summer received an equity investment from Georgia Oak Partners — looks like it was $1.5 million — and is targeting Nashville, Atlanta, Charlotte, Charleston, Tampa and Birmingham for growth. The company already runs a restaurant on Medical Center Parkway in Murfreesboro.
Of significance to potential single-unit operators is that Your Pie can accommodate smaller real estate sites due to its pizza oven being the only major piece of equipment, French said. The chain is starting to attract more attention from shopping center developers, who are beginning to understand fast-casual pizza more, he added.
Dollar General will recognize the opening of its 11,000th store — located in Murfreesboro — on Saturday, Oct. 5.
The store is located at 2144 N. Thompson Lane.
Officials who will attend the event include Rick Dreiling (Dollar General chairman and CEO), Greg Sparks (Dollar General executive vice president, store operations) and Ron Washington (Murfreesboro vice mayor).
The Goodlettsville-based company (Ticker: DG) has more U.S. locations than any other retailer.
Cole Capital and its Cole Corporate Income Trust, Inc., has acquired for $386.1 million 12 single-tenant office and industrial properties, including the Murfreesboro facility from which Amazon operates a regional distribution center.
Phoenix-based real estate investment trust Cole Real Estate Investments, Inc., with assets of $7.9 billion, is the parent of Cole Capital.
In addition to Tennessee, the facilities Cole has purchased are located in North Carolina, Virginia, Texas, New Jersey, Nevada, Arizona, California and Colorado.
Read more here.
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.
POSTDATA: WARRANTY DEEDS