Current Projects
Spring Hill Village Marketplace
5441 Main Street, Spring Hill, TN
Major Tenants: Food Lion, Napa Auto Parts
Building Size: 44,000 square feet
Land Size: 6.96 acres, 303,098 square feet
Spring Hill Village Marketplace was acquired off-market in 2019. The property is well located adjacent to the General Motors plant, Home Depot, and the Target anchored power center, The Crossings, in one of the fastest growing cities in Tennessee. Food Lion had an unexercised option to extend the lease term, and the lease term of the then junior anchor, Family Dollar, was expiring and leaving the center. Prior to close of escrow, Blacktide Holdings was successful in securing a lease term extension from Food Lion and back-filled the Family Dollar space with a new 10-year lease to Napa Auto Parts, and secured extensions with 2 long-term shop space tenants. Net Operating Income was increased by more than 25% within 4 months of the acquisition. In February 2022, Blacktide Holdings secured a new low interest, long-term loan to further stabilize the asset.
The property was acquired off-market in 2021. Food City is located in Downtown Chattanooga and adjacent to Interstate 24. Food City has been paying a deeply discounted rent of $3.10 annually, triple net. Food City was in its final lease year with 1 5-year option. Blacktide Holdings secured a low interest rate loan along with the tenant’s lease extension providing ample time to plan for redevelopment. Blacktide Holdings has obtained a rezone allowing for a 5-story mixed-use project incorporating over 200 residential units and approximately 40,000 square feet of retail.
Food City
1600 E. 23rd Street, Chattanooga, TN
Major Tenants: K-VA-T Foods dba Food City
Building Size: 42,000 square feet
Land Size: 4.5 acres, 196,020 square feet
Port City Plaza
872 N. Ventura Road, Port Hueneme, CA
Major Tenants: Grocery Outlet
Building Size: 20,765
Land Size: 2.129 acres, 92,739 square feet
Blacktide Holdings acquired the property in 2019. The property includes the anchor space in a neighborhood market well situated at the main entrance to Naval Base Ventura County, which base supports the Pacific Fleet. The property had been acquired with a national drugstore tenant lease in place. With a change in strategy, the drugstore failed to move forward at which time Blacktide Holdings shifted and leased the vacancy to Grocery Outlet, Inc., one of the fastest growing grocery chains in the country. The Port City Plaza redevelopment commenced in May 2023 with an anticipated opening 2nd quarter 2024.
Pizza Hut
4030 Singleton Parkway, Memphis, TN
Major Tenants: Pizza Hut
Building Size: 3,509 square feet
Land Size: 1 acre, 43,560 square feet
Blacktide Holdings had been targeting the Memphis Pizza Hut for 3 years. During this period the prior land owner had listed the property for sale beginning with 6 years of remaining lease term. During the subsequent 3-year period the property had been listed by 3 different brokers and once the price had dropped by close to 40% Blacktide Holdings acquired the property. Pizza Hut had been paying an above market rent and was anticipated to close the store on lease expiration. Being well situated sharing a high traffic volume 4-way intersection with Walgreens, WalMart, Kroger, and the 246-bed Methodist North Hospital, Blacktide Holdings had planned for redevelopment upon lease expiration. In 2020 and the onset of the COVID pandemic, the tenant, NPC International, filed for bankruptcy and was purchased out of bankruptcy by Flynn Restaurant Group, who immediately exercised a 5-year lease extension at the existing rent.
Cookeville Plaza
206-212 S. Jefferson Avenue, Cookeville, TN
Major Tenants: Acorn Health, State Farm Insurance
Building Size: 7,037 square feet
Land Size: .57 acre, 24,804 square feet
Cookeville Plaza was acquired in 2022. Located in an Opportunity Zone (OZ), the property was mismanaged with significant deferred maintenance, tenant leases expiring, leases at less than 50% of market rate, and tenant’s not paying rent. Given the negotiated price point, Blacktide Holdings saw the opportunity. Using 1031 exchange dollars to acquire the OZ project, Blacktide Holdings remedied the deferred maintenance, and hired a national brokerage firm with deep local connections who identified a fast-growing national medical user to quickly lease the largest suite at market rate, stabilizing 70% of the leasable area.
Popeye’s
4016 University Dr. NW, Hunstville, AL
Major Tenants: Popeye’s
Building Size: 2,164 square feet
Land Size: .82 acre, 35,719 square feet
4016 University Dr. NW was acquired in 2021. Located in an Opportunity Zone (OZ), the property had been operated as a local Korean quick serve restaurant for many years. With more than 45,000 cars per day travelling in front of the store on University Drive and having an existing usable facility, Blacktide Holdings saw an opportunity for significant upgrades to the building and tenancy. Acquiring the property at a discount and in an off-market transaction, Blacktide Holdings identified Popeye’s, a national tenant already open in an inferior location at the nearby intersection to relocate and sign a new 15-year lease for the property. The property is currently moving through permitting with the City of Huntsville.
VIPCare
4012 University Dr. NW, Hunstville, AL
Major Tenants: VIPCare
Building Size: 2,601 square feet
Land Size: .818 acre, 35,626 square feet
4012 University Dr. NW was acquired in 2022. Located in an Opportunity Zone (OZ), the property had been a former Wells Fargo Bank, which Wells Fargo had closed more than 3 years prior. Having in excess of 45,000 cars per day travelling in front of the store on University Drive and having an existing, well-maintained facility, Blacktide Holdings acquired the vacant property directly from Wells Fargo Bank, deeply discounted to market value. Blacktide Holdings identified Florida Medical Associates dba VIPCare, a national walk-in medical clinic, who signed a new 10-year lease for the property. After an extensive interior remodel, VIPcare opened for new patients in January, 2024.
Former Captain D’s
305 Long Hollow Pike, Goodlettsville, TN
For Lease
Building Size: 2,389 square feet
Land Size: .54 acre, 23,556 square feet
305 Long Hollow Pike was acquired in 2021. The property was operating as an existing Captain D’s seafood restaurant for 18 years. Well located with great street visibility and at a high traffic intersection, Blacktide Holdings secured a low interest rate loan from a local Community Bank and acquired the property on a cap rate with expectations for future redevelopment. In January, 2023, Captain D’s waived its lease term extension option, selecting to terminate and vacate the property by December 2023. We have identified multiple drive through users to backfill the existing building and anticipate a redevelopment and new store opening Summer 2024.
Dutch Bros. Coffee
5102 Hixson Pike, Hixson (Chattanooga), TN
Major Tenants: Dutch Bros. Coffee
Building Size: 950 square feet
Land Size: 689 acre, 30,028 square feet
Blacktide Holdings was instrumental in bringing Dutch Bros. Coffee, the Grants Pass, Oregon based quick service coffee chain, to Tennessee. Blacktide Holdings used its relationships and assembled a sophisticated team of consultants, including some of the most respected architect, engineering, and tenant rep brokerage firms in the State, to complete Dutch Bros’ initial new store roll out in Middle Tennessee and Northern Alabama. 5102 Long Hollow Pike was acquired in 2023. The property is located along the high traffic corridor of Hixon Pike and adjacent to the 820,000 square foot Northgate Mall owned by CBL Properties. Dutch Bros opened 3rd Quarter 2023.
Dutch Bros. Coffee
4314 University Dr. NW, Huntsville, AL
Major Tenants: Dutch Bros. Coffee
Building Size: 950 square feet
Land Size: .55 acre, 23,983 square feet
Blacktide Holdings was instrumental in bringing Dutch Bros. Coffee, the Grants Pass, Oregon based quick service coffee chain, to Tennessee. Blacktide Holdings used its relationships and assembled a sophisticated team of consultants, including some of the most respected architect, engineering, and tenant rep brokerage firms in the State, to complete Dutch Bros’ initial new store roll out in Middle Tennessee and Northern Alabama. 4314 University Dr. was purchased in 2022. The property is located along the high traffic corridor of University Dr. and shares an intersection with the Northern entrance to the University of Alabama, Huntsville. Dutch Bros is currently under construction and anticipates store opening in 3rd Quarter, 2023.