Real estate notes: Entity reinventing ex-Sears space lands loan
Also: Ballpark-area apartment project shelved indefinitely; Cushman & Wakefield report show office vacancy dip
AUTHORS Staff Reports
Brentwood-based real estate investment firm Crestview Funds has landed an approximately $19.13 million loan related to its planned reinvention of the former Sears property in Antioch.
First Tennessee Bank is providing the loan.
Crestview, which in May this year closed on the $5 million purchase of the ex-Hickory Hollow Mall property, has created CV Hickory Hollow LLC to own the property and to undertake the update work.
“We purchased the Sears property because of its proximity to a large labor pool that extends along the Interstate 24 corridor and the available parking the asset provides for potential high-density office use,” said Tom Corcoran, Crestview Funds founder and managing partner.
The 17-acre property includes the 175,000-square-foot building previously home to Sears (pictured). Prior to the now-underway renovation of the ex-mall site, the Sears building was one of the two last unsold big-box retail structures at the mall site.
Bridgestone will be the tenant for the top floor of the Sears building, occupying approximately 77,000 square feet of space.
“This is the first construction loan we have secured from First Tennessee Bank,” Corcoran said. “We are thrilled to work with them and look forward to concluding the renovation of the Sears building in the year ahead.”
Crestview also purchased the building formerly home to a 175,000-square-foot Macy’s department store and plans to have that property occupied by year’s end.