Real estate notes: Deals and market chatter

Apartment deal closes, Belle Meade Town Center underway with loan, Fresh Market instead of Publix for Hill site, and other deals

Email | Print By Richard Lawson

West End-area apartments sold

The Westmont Apartments at 111 Acklen Park Drive have been sold for $7.8 million.

Jim Crossman, owner of Jim Crossman Realty, and local real estate investor and accountant David Rawlings yesterday sold the 121-unit apartment to a group of unnamed local investors. The deed has yet to be recorded.

The apartment community, built in the 1960s, is undergoing renovations.

Belle Meade Theater redevelopment underway

Giarratana Development recently obtained a $23.7 million loan through Wachovia Bank on the Belle Meade Town Center project, which the developer is doing in partnership with PGM Properties of Brentwood.

J.E. Crain & Son began construction on Monday to convert the former theater into retail shopping anchored by a Harris Teeter grocery along with some residential.

Fresh Market instead of Publix?

There is some chatter that Fresh Market, not Publix, is angling for the H.G. Hill store on Harding across from the Belle Meade Theater. Apparently, Fresh Market would take the existing building rather than require a new larger one, which would mean dealing with environmental issues such as the flood plain.

Publix had been the rumored gorcery store for the site. In July, H.G. Hill Realty had gotten past one government hurdle with plans to tear down the existing building and construct a new one.

Fresh Market has a history with taking existing H.G. Hill space. It took the H.G. Hill grocery space in Brentwood a couple of years ago.

Home builder and developer buy west Nashville land

Beazer Homes and Brooklands Development, a company owned by developers Tom Smith and Nelson Crowe, bought 24.6 acres recently at Charlotte Pike and Old Hickory Boulevard.

Beazer bought 22.86 acres for residential development and Brookland bought 2.5 for commercial development. They paid a total of $2.4 million to the Louis McRedmond Investment Group. Pete Greenfield, Charley Hankla and Chad Tuck, all brokers with Colliers Turley Martin Tucker, handled the transaction.

The land is near the Newton Oldacre McDonald's Nashville West shopping center development, which will consist of 550,000 to 750,000 square feet of retail. Construction has started on Costco, Target, Dick's Sporting Goods and Best Buy stores.

Distribution company goes to Space Park South

USA Carriers Inc., based in Fort Wayne, Ind., recently leased 14,400 square feet in Space Park South, an industrial park off Antioch Pike owned by real estate investment trust ProLogis.

Wes Thomas, a broker with Grubb & Ellis/Centennial, represented USA Carriers, Christian Weber, a leasing agent with ProLogis, represented the landlord.