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Editorial Results (free)

1. 26 Industrial Properties Facing Foreclosure -

The company that purchased Farnsworth Investment Co.’s industrial portfolio in 2005 has defaulted on a $69 million loan, and now 26 of its properties are facing foreclosure, according to a first-run foreclosure notice in the Friday, Dec. 12, edition of The Daily News.

2. 26 Industrial Properties Facing Foreclosure -

The company that purchased Farnsworth Investment Co.’s industrial portfolio in 2005 has defaulted on a $69 million loan, and now 26 of its properties are facing foreclosure, according to a first-run foreclosure notice in the Friday, Dec. 12, edition of The Daily News.

3. Shelby County Commercial Sales Dip in October -

Shelby County recorded 90 commercial sales in October, down 4 percent from 94 commercial sales recorded in October 2013, according to real estate information company Chandler Reports, www.chandlerreports.com.

4. Anixter Moving Memphis Distribution Operations -

A leading supplier of communications and security products, electrical and electronic wire and cable, fasteners and other small components is relocating to a new Memphis distribution center.

Anixter International Inc., which is based in the Chicago area, has leased 100,000 square feet at 4001 Hickory Hill Road inside Memphis Distribution Center. Anixter will be relocating from 4580 S. Mendenhall Road, where DDN is expanding.

5. This week in Memphis history: November 28-December 4 -

2006: Memphis Mayor Willie Herenton and former heavyweight boxing champion Joe Frazier boxed at the Peabody Hotel in an exhibition for the Shelby County Drug Court.

6. Makowsky Ringel Greenberg Still Going Strong -

In 2008, Memphis-based Makowsky Ringel Greenberg LLC acquired land inside the Schilling Farms community in Collierville for a new high-end apartment development.

7. Hillwood to Launch Two Spec Buildings in DeSoto County -

A Texas-based development firm will start turning dirt soon on a massive new business park in DeSoto County.

Hillwood Investment Properties is expected to begin site work in around 30 days on Legacy Park, a 266-acre distribution and business park on the south side of Goodman Road, just east of Hacks Cross Road near Polk Lane.

8. Overton Square Highlights Commercial Real Estate Positives -

The old owners of Overton Square had a plan to remove existing local tenants and retailers and replace them with national retailers.

They succeeded in emptying Overton Square of tenants, but couldn’t attract new national retailers, leaving what was left to twist in the wind.

9. Commercial Sales Rise in Third Quarter -

Commercial sales were up in the third quarter when compared to the same period last year, according to real estate information company Chandler Reports, www.chandlerreports.com.

10. Events -

Cannon Wright Blount will present “Getting Started With QuickBooks: Learn from the Experts” Thursday, Nov. 6, from 9:30 a.m. to 11:30 a.m. in its boardroom, 756 Ridge Lake Blvd., suite 100. Cost is $75. Register at cannonwrightblount.com/resources or call 685-7500.

11. Events -

The Booksellers at Laurelwood will host Ally Condie, author of “Atlantia,” for a discussion and book signing Wednesday, Nov. 5, at 6:30 p.m. at the bookstore, 387 Perkins Road Extended. Visit thebooksellersatlaurelwood.com.

12. Events -

Memphis Reads, the citywide community reading program, will host Dinaw Mengestu, author of Memphis Reads selection “The Beautiful Things That Heaven Bears” Tuesday, Nov. 4, for a reading at 5:30 p.m. at the Benjamin L. Hooks Central Library, 3030 Poplar Ave. Mengestu will also speak at 8 p.m. at the University Theater on the Christian Brothers University campus, 650 East Parkway S. Both events are free. Visit cbu.edu.

13. Midtown Success Highlights Commercial Real Estate Growth -

Loeb Properties Inc. plans to build on the momentum it has created at Overton Square while turning its attention to other parts of Midtown.

14. Events -

Memphis Reads, the citywide community reading program, will host Dinaw Mengestu, author of Memphis Reads selection “The Beautiful Things That Heaven Bears” Tuesday, Nov. 4, for a reading at 5:30 p.m. at the Benjamin L. Hooks Central Library, 3030 Poplar Ave. Mengestu will also speak at 8 p.m. at the University Theater on the Christian Brothers University campus, 650 East Parkway S. Both events are free. Visit cbu.edu.

15. Events -

Memphis Reads, the citywide community reading program, will host Dinaw Mengestu, author of Memphis Reads selection “The Beautiful Things That Heaven Bears” Tuesday, Nov. 4, for a reading at 5:30 p.m. at the Benjamin L. Hooks Central Library, 3030 Poplar Ave. Mengestu will also speak at 8 p.m. at the University Theater on the Christian Brothers University campus, 650 East Parkway S. Both events are free. Visit cbu.edu.

16. Turner Looks to Increase Professional Advancement in Commercial Real Estate -

Bob Turner has a diverse background in real estate, including long stints in both residential and commercial development.

17. Real Estate Rally -

Commercial real estate can offer insight into the strength of the local economy. Through the office, retail, industrial and apartment developments that mark the region the economy at work in the real world can be seen.

18. Mixed-Use Project Looms for Former Lakeland Mall -

Get used to the name Lake District. You’ll probably be hearing more about it in the near future. Lake District is the new name for the revamped project being planned at the old Lakeland Factory Outlet Mall site.

19. CWCapital Sheds Willow Lake Buildings -

3900, 4100 Willow Lake Blvd.
Memphis, TN 38118
Sale Amount: $1.9 million

20. Willow Lake Sales Positive News For The Market -

The sale this week of five properties inside Willow Lake Business Park and Corporate Park for $4.2 million was welcome news for several reasons.

For one, true owners tend to take much better care of properties and market them more aggressively than special servicers like Bethesda, Md.-based CWCapital Asset Management.

21. Experts to Provide Commercial Real Estate Outlook at Seminar -

Yes, Overton Square is booming, but that may not have been the case without Memphis-based Loeb Properties Inc.

22. Acura of Memphis Owner Buys Dealership, Land -

2611 Ridgeway Road, 6055-6085 Acura Cove
Memphis, TN 38119
Sale Amount: $12.4 million

23. Three Companies Seek PILOTs for Projects -

Three companies – including a wing of Memphis-based FedEx – are considering investing more than $25 million in Memphis for new distribution operations that would create 272 new jobs.

“It's always good to see FedEx expanding and the other two projects appear to be new to Memphis,” said Kemp Conrad, principal of Cushman & Wakefield/Commercial Advisors. “This balanced growth is encouraging and we expect more good news later in the fourth quarter."

24. Olive Branch Business Park Closer to Development -

A Texas-based development firm could start turning dirt soon on a massive new business park in Olive Branch.

Hillwood Investment Properties is expected to close on a land purchase next week that will clear the way for Legacy Park, a 265-acre distribution and business park on the south side of Goodman Road, just east of Hacks Cross Road near Polk Lane.

25. Williams-Sonoma Growth Highlights DeSoto Push -

In 1999, Williams-Sonoma Inc. opened its first DeSoto County distribution center on Polk Lane in Olive Branch.

26. Real Estate Experts Look at Impact of North Mississippi -

Six years after the real estate bubble burst nationally, the recovery of the commercial and residential sectors in Memphis is slower than in other parts of the country. But they are recovering on their own new terms, say the incoming president of the Memphis Area Association of Realtors, the president of the West Tennessee Home Builders Association and a mortgage lender.

27. Cummins Eyes Memphis Site for Expansion -

Cummins Inc. is eyeing a Memphis property for a planned expansion of the company’s distribution operations, a move that would be welcome news for Memphis officials.

28. Pain Treatment Center to Open Second Locale -

Comprehensive Pain Specialists, a national player in the field of medical pain treatment centers from Nashville, has signed a lease for 4,713 square feet in Healthcare Realty Trust’s building at 8000 Wolf River Blvd.

29. Steffner Adds SIOR Role to Real Estate Resume -

Since Joe Steffner opened his own commercial real estate firm 10 years ago, the industry veteran has had a front row seat to some wild changes in the industry.

He experienced everything from the boom days of the early- and mid-2000s to the depths of the recession and its crushing aftermath as the decade ended.

30. Malone Center Owner Files $4.1 Million Loan -

The owner of the 23.7-acre Malone Distribution Center near the intersection of East Raines Road and Lamar Avenue in Oakhaven has filed a $4.1 million loan on the industrial property.

Cobalt Industrial REIT II filed the deed of trust with absolute assignment of leases and rents, security agreement and fixture filing July 1 through Wells Fargo Bank NA. The deed encompasses parcels at 4366 Malone Road, 4406 Malone and 4436 Malone.

31. ‘Significant Headwinds’ -

When Gov. Bill Haslam joined local economic development and civic officials at FedExForum in January to announce that Conduit Global would open a call center in Shelby County that would employ 1,000 people over the next three to five years, it provided a much-needed boost to the local office real estate sector.

32. Hollingsworth Buys Mississippi Industrial Property -

The Hollingsworth Cos., which operates a prominent industrial development company with holdings across the South, has acquired an industrial building in Senatobia, Miss.

Clinton, Tenn.-based Hollingsworth recently acquired the 198,450-square-foot building at 795 Shands Bottom Road in Senatobia from BMW.

33. Legacy Farm Owner Files $29.8 Million Loan -

1120 Winchester Road
Collierville, TN 38017
Loan Amount: $29.8 million

Loan Date: June 18, 2014
Maturity Date: July 1, 2021
Borrower: Legacy Farm LLC
Lender: CBRE Capital Markets Inc.
Details: The owner of the 368-unit Legacy Farm apartment complex at 1120 Winchester Road in Collierville has filed a $29.8 million loan on the property.

34. Kitsinger Continues Downtown Work With The Development Studio -

As an architect and planner, Andy Kitsinger worked on large projects whose scale immediately changed areas, even as they were being built.

And he’s also worked on developments and projects that are smaller – sometimes part of the ripple effect of larger projects, but no less important or influential.

35. Gestalt Schools Signs Lease in Hickory Hill -

A charter school operator has inked a lease for space on Winchester Road in Hickory Hill.

Gestalt Community Schools has leased 57,000 square feet of space at 5360 Winchester Road inside the Mendenhall Square shopping center.

36. Aren Investments Buys Winchester Haverty’s -

6870 Winchester Road
Memphis, TN 38115
Sale Amount: $1.1 million

Sale Date: June 2, 2014
Buyer: Aren Investments LLC
Seller: Kirsch Associates LP
Loan Amount: $850,000
Loan Date: June 2, 2014
Maturity Date: Nov. 15, 2015
Lender: BancorpSouth Bank
Details: Local real estate investment firm Aren Investments LLC has paid $1.1 million for the Haverty’s furniture store at 6870 Winchester Road in Hickory Hill.

37. Renovation, Expansion Underway at Saddle Creek -

The Shops at Saddle Creek has picked up a new tenant as the lifestyle center undergoes a renovation.

Marmi Shoes has leased 1,395 square feet between Vera Bradley and Madewell at Saddle Creek. St. Louis-based Marmi Shoes offers a wide variety of women’s shoe styles and sizes with a European influence. The Saddle Creek location, the first in the Memphis area and the second in Tennessee, is expected to open in the fall.

38. Shops of Wolflake Sells for $3.8 Million -

2965 N. Germantown Road
Bartlett, TN 38133
Sale Amount: $3.8 million

Sale Date: May 20, 2014
Buyer: Bartlett Interests LLC
Seller: Pref Wolflake Partners GP
Details: The Shops of Wolflake retail strip center at 2965 N. Germantown Road in Bartlett has sold for $3.8 million.

39. ‘Alive and Well’ -

The diverse crowd that typically gathers for South Main Historic Arts District Trolley Night – from hipsters in skinny jeans to residents who enjoy the monthly celebration of their neighborhood to others drawn to see what the fuss is all about – featured several hundred ghastly additions in May.

40. Perkins Hotel Sells After Foreclosure -

2700 S. Perkins Road
Memphis, TN 38118
Sale Amount: $2.2 million

Sale Date: May 23, 2014
Buyer: HC Memphis LLC
Seller: Douglas M. Alrutz, successor trustee
Details: The Inn at Thousand Oaks hotel at 2700 S. Perkins Road in Parkway Village has sold for $2.2 million following a first-run foreclosure notice filed earlier this year.

41. Titan Medical Buys Bartlett Warehouse -

An affiliate of Titan Medical Manufacturing LLC has paid $2.2 million for the 50,635-square-foot warehouse at 7580 Bartlett Corporate Drive in Bartlett.

42. Dykes Joins Family Safety Center as Controller -

Janet Dykes has joined the Family Safety Center, Memphis and Shelby County’s center for victims of domestic violence, as controller. In her new role, she is responsible for all finance, accounting and human resources functions, in addition to providing leadership and coordination in the organization’s administrative, business planning, accounting and budgeting efforts.

43. Shelby Farms Files $25 Million Permit for Lake Expansion -

500 Pine Lake
Memphis, TN 38134
Permit Cost: $25 million

Project Cost: $52 million
Permit Date: Applied May 2014
Completion: June 2016
Owner: Shelby Farms Park Conservancy
Tenant: Shelby Farms Park Conservancy
Architect: james corner field operations
Contractor: Montgomery Martin Contractors LLC
Details: The Shelby Farms Park Conservancy has filed a $25 million permit with the city-county Office of Construction Code Enforcement to expand Patriot Lake.

44. Kyocera Inks ProLogis Park Lease Renewal -

ProLogis has landed a major renewal at one of its industrial parks.

Kyocera Document Solutions America Inc., which manufactures and markets network-ready digital copiers and printers, laser printers, color copiers and printers, digital laser facsimiles and multifunctional, wide-format imaging products, has renewed its lease for 300,000 square feet at 5510 Getwell Road in Memphis.

45. Bourland Heflin to Expand, Renovate Poplar Home -

A Memphis law firm is expanding its East Memphis office and improving public areas for clients and visitors.

Bourland Heflin Alvarez Minor & Matthews PLC renewed and expanded its lease in the 5400 Poplar Ave. office building.

46. Real Estate ‘Titans’ Share Industry Advice -

In the 1980s Dan Wilkinson and Robert Snowden were deeply involved in developing Memphis International Airport Center.

47. Tile Shop Inks Lease for First Area Store -

A specialty retailer of high-quality tile will open its first location in Memphis later this year.

The Tile Shop is in the final stages of negotiating a roughly 20,000-square-foot lease at 1245 Germantown Parkway, between Cordova Road and Autumn Creek Drive, in the Germantown Square Shopping Center in Cordova, according to company representative Lindsey Rose.

48. Area Industrial Market Poised for Solid Year -

All signs are pointing toward a strong year for the Memphis-area industrial market.

The Memphis market closed the first quarter with 897,829 square feet of absorption and the total vacancy rate for the Memphis market – 10.8 percent - is the lowest the market has experienced in 14 years, according to CB Richard Ellis Memphis.

49. Eastgate Set for Possible Makeover -

A venerable shopping center in East Memphis could be getting a significant makeover, according to a recent retail market report from CB Richard Ellis Memphis.

Eastgate Center LLC, the owner of Eastgate Shopping Center at Park Avenue and White Station Road in East Memphis, could make significant aesthetic improvements to the retail center beginning this year.

50. Commercial Real Estate Sales Up 6.1 Percent In March -

Shelby County recorded 208 commercial real estate sales in the first quarter, according to real estate information company Chandler Reports, www.chandlerreports.com.

51. Pahlow Wins Broker of the Year -

After enduring early struggles in his commercial real estate career, Scott Pahlow has reached the top of his industry.

Pahlow, an executive vice president with Newmark Grubb Memphis, was named Commercial Broker of the Year Thursday night at the Memphis Area Association of Realtors Commercial Council’s 13th annual Pinnacle Awards gala.

52. Industrial Portfolio Sells for $43 Million -

4550 Swinnea Road6005 Freeport Ave., 3399 E. Raines Road
Memphis, TN
Sale Amounts: $10.1 million; $14.8 million; $18 million

53. Industrial Portfolio Sells for $43 Million -

Affiliates of Plymouth Meeting, Pa.-based Exeter Property Group have paid a combined $42.9 million for a Memphis industrial portfolio.

The companies, in three separate special warranty deeds, bought the Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven for $10.1 million, the warehouse at 6005 Freeport Avenue for $14.8 million and the warehouse at 3399 E. Raines Road for $18 million.

54. Georgian Woods Apartments Sell for $3.9 Million -

118 St. Agnes Drive
Memphis, TN 38112

Sale Amount: $3.9 million

Sale Date: March 14, 2014

Buyer: Georgian Woods Property Owner LLC

55. Shelby County CRE Sales Up 14 Percent in February -

Shelby County recorded 49 commercial real estate sales in February, according to real estate information company Chandler Reports, www.chandlerreports.com.

56. Galvanizing Company Files Permit for Facility -

3328 Fite Road
Millington, TN 38053
Permit Cost: $1.9 million

Project Cost: N/A
Permit Date: Applied March 2014
Completion: N/A
Owner: 3328 Fite LLC
Tenant: 3328 Fite LLC
Architect: N/A
Contractor: N/A
Details: An affiliate of Columbus, Ohio-based “hot dip galvanizing” company Voigt & Schweitzer LLC plans to construct a 63,120-square-foot facility near Millington.

57. Exeter Property Group Acquires Industrial Portfolio -

Exeter Property Group has acquired a 4.4 million-square-foot industrial portfolio – including four properties in Memphis – for $132 million.

Exeter recently acquired the properties located in Memphis, Nashville and Columbus, Ohio, from LNR Property LLC, a special servicer appointed to the portfolio upon its transfer from London-based Strategic Realty Advisors Ltd. in June 2013.

58. Galvanizing Company Files Permit for Facility -

An affiliate of Columbus, Ohio-based “hot dip galvanizing” company Voigt & Schweitzer LLC plans to construct a 63,120-square-foot facility near Millington.

59. ‘Never a Dull Moment’ in CRE for Hackmeyer -

After beginning the pursuit of a career as a pilot after graduating from the University of Alabama, Tanis Hackmeyer switched gears and delved into the world of commercial real estate.

“I believe that was one of the hardest decisions I’ve ever had to make and one of the best decisions I’ve ever made,” said Hackmeyer, managing partner at Hackmeyer Properties. “There were a few years where I still felt like I should be doing some flying, but I really was happy from the start that I made my decision.”

60. MalmoMemphis Completes Three Law Firm Leases -

Three Memphis law firms represented by MalmoMemphis Real Estate Inc. have renewed their office leases or leased new spaces.

61. Orpheum Files Permit For Performing Arts Center -

225 S. Main St.
Memphis, TN 38103

Permit Cost: $10.2 million

Project Cost: $14.5 million

62. Industrial Portfolio Sells for $17 Million -

An affiliate of Boston-based Taurus Investment Holdings LLC has paid close to $17 million for a 650,000-square-foot industrial portfolio on South Mendenhall Road in Hickory Hill.

63. Net Leases – Explained -

Many retail and industrial leases are structured as net leases, but what does “net lease” mean?

A “net lease” is a lease transaction in which the landlord receives a monthly payment composed of two items: first and foremost is the rent, net of the property operating expenses and secondarily a portion of real estate taxes upon the property, casualty/liability insurance upon the property and common area expenses for the property.

64. 13th Annual Pinnacle Awards On the Horizon -

Planning is well underway for the Memphis Area Association of Realtors Commercial Council’s 13th annual Pinnacle Awards ceremony, an evening dedicated to bringing commercial real estate industry professionals together and honoring them for their accomplishments in the previous year.

65. PILOT Reform -

Nike is in the midst of a $301 million expansion of its Northridge plant in Frayser, a project that means the Beaverton, Ore.-based company will create 250 new jobs and retain 1,600 existing local jobs.

66. FedExForum Area Targeted for Apartments -

Nashville-based Elmington Capital Partners apparently likes the apartment market in Downtown Memphis.

An Elmington-affiliated company plans on building a 64-unit apartment complex at 362 S. Second St., south of FedExForum.

67. City Council Reviews Raleigh Springs Mall Plan -

Memphis City Council members get their first public detailed look Tuesday, Feb. 4, of an “urban renewal” plan for the Raleigh Springs Mall.

The council meets at 3:30 p.m. at City Hall, 125 N. Main St. Follow the meeting @tdnpols, www.twitter.com/tdnpols.

68. Office Occupancy Ends 2013 on High Note -

An unusually strong fourth quarter helped push the overall Memphis office market occupancy rate into positive territory for 2013, according to year-end commercial real estate market reports.

The Memphis market recorded absorption of 225,338 square feet in the fourth quarter – the largest positive absorption the market has experienced during any quarter in more than 10 years – to end the year with positive net absorption of 40,558 square feet, according to CB Richard Ellis Memphis.

69. LeSaint Logistics Expands Memphis Footprint -

Less than a year after arriving in Memphis, LeSaint Logistics is already expanding its operations here.

LeSaint entered the market in July when it leased an initial 57,285 square feet at 3300 Jet Cove inside Memphis International Airport Center. LeSaint is expanding its footprint by 34,015 square feet, a 60 percent increase.

70. Industrial Park Expansions Gaining Momentum -

Economic development officials should know the final scope of a planned expansion of Presidents Island within the next 30 days while the proposed growth of nearby Frank C. Pidgeon Industrial Park is moving forward.

71. Industrial Park Expansions Are Gaining Momentum -

Economic development officials should know the final scope of a planned expansion of Presidents Island within the next 30 days while the proposed growth of nearby Frank C. Pidgeon Industrial Park is moving forward.

72. Call Center ‘Gratifying’ for Local Office Sector -

Conduit Global’s announcement this week that it is locating a call center in Shelby County that will employ 1,000 people was a breath of fresh air for local office real estate professionals.

73. New Life -

When Rob Clark and his wife moved into their home in the historic Evergreen neighborhood in 1993, catalog and distribution operations were still active at the Sears Crosstown building.

That soon changed, and for roughly two decades the hulking property stood as a towering, painful reminder of the area’s faded glory.

74. New Life -

When Rob Clark and his wife moved into their home in the historic Evergreen neighborhood in 1993, catalog and distribution operations were still active at the Sears Crosstown building.

That soon changed, and for roughly two decades the hulking property stood as a towering, painful reminder of the area’s faded glory.

75. KBM Group Growing at Clark Tower -

A digital marketing agency is expanding at Clark Tower in East Memphis.

KBM Group, which is part of Wunderman/WPP, one of the world’s largest marketers, is expanding at Clark Tower less than a year after moving into the East Memphis office building, 5100 Poplar Ave.

76. Collierville Fred’s Sells for $1.5 Million -

450 U.S. 72
Collierville, TN 38017
Sale Amount: $1.5 million

Sale Date: Dec. 20, 2013
Buyer: Collierville Realty Holdings LLC
Seller: Washington Square Properties (a Tennessee general partnership composed of Thomas W. Taylor, trustee of the Thomas W. Taylor Revocable Living Trust dated April 27, 2000, and Thomas W. Hart)
Loan Amount: $793,000
Loan Date: Dec. 20, 2013
Maturity Date: Dec. 20, 2016
Lender: First Capital Bank
Details: The 19,152-square-foot fred’s retail store at 450 U.S. 72 in Collierville has sold for $1.5 million.

77. Midtown Medical Office Building Sells for $2.6 Million -

A partnership of two Utah-based companies has acquired a medical office building on Union Avenue near Overton Square.

Trivalis LLC and Novalis LLC, both based in Utah, acquired the medical office building built in 1967 at 2076 Union Ave., next door to the IHOP restaurant, for $2.6 million. The property, at the corner of Union Avenue and Florence Street, was appraised at $1.3 million in 2013, according to the Shelby County Assessor of Property’s office. The sellers, Missouri-based Roundabout Real Estate LLC and Visual Projects LLC, acquired the property in 2008 for $2 million.

78. Oakhaven Warehouse Sells for $1.2 Million -

4300 Air Trans Road
Memphis, TN 38118
Sale Amount: $1.2 million

Sale Date: Dec. 17, 2013
Buyer: Chob Realty LLC
Seller: Tenn Trans LLC
Loan Amount: $950,000
Loan Date: Dec. 19, 2013
Maturity Date: N/A
Lender: BankPlus
Details: The 109,626-square-foot warehouse at 4300 Air Trans Road in Oakhaven has traded hands for $1.2 million.

79. New Owner of Holmes Properties Files Loan -

The new owner of the Memphis Logistics I and II buildings at 5510 E. Holmes Road and 5540 E. Holmes Road has filed a $28.9 million loan on the properties.

80. Industrial Uptick Seen in Outer Counties -

The Memphis industrial market saw the return of speculative development in 2013 and an uptick in tenants seeking blocks of 500,000 square feet or more.

After suffering through a prolonged slump in industrial construction activity following the economic collapse and resulting recession, industrial development outside of Shelby County in the Memphis market roared back to life in 2013.

81. Cordova Creek Apartments Sell for $12.5 Million -

1175 N. Germantown Parkway
Memphis, TN 38016
Sale Amount: $12.5 million

82. MAA Chairman Joins Board of Miss. Real Estate Trust -

Eric Bolton, chairman and CEO of Memphis-based MAA, has been elected to the board of directors for a Mississippi-based real estate investment trust focused on industrial properties.

83. Industrial Portfolio Sells for $40.1 Million -

Three Class A warehouses totaling close to 1.9 million square feet in Southeast Memphis have been sold for a combined $40.1 million.

The Memphis Logistics I and II buildings at 5510 E. Holmes Road and 5540 E. Holmes Road and the warehouse at 4880 Tuggle Road were sold in two separate deeds in lieu of foreclosure that closed Dec. 16.

84. MAA Chairman Joins Board of Mississippi Real Estate Investment Trust -

Eric Bolton, chairman and CEO of Memphis-based MAA, has been elected to the board of directors for a Mississippi-based real estate investment trust focused on industrial properties.

85. Ruby Tuesday Sells Bartlett Lots for $1.1 Million -

8348 U.S. 64
Bartlett, TN 38133
Sale Amount: $1.1 million

Sale Date: Dec. 5, 2013

Buyer: 64 Kate Hyde Partners

86. MRG Sees Flurry of Activity at Marion Center -

In 2008, Memphis-based Makowsky Ringel Greenberg LLC developed The Shops of Angelos Grove retail center in Marion, Ark.

87. Fresh Market, Whole Foods Seek Approval From Boards -

Two planned high-profile grocery stores will be seeking regulatory approval in the coming weeks.

The Fresh Market is applying for a special-use permit from the Land Use Control Board Dec. 12 to convert the existing Ike’s store on Union Avenue into one of the chains upscale grocery stores.

88. Embassy Suites Memphis Sells for $24.8 Million -

1022 S. Shady Grove Road
Memphis, TN 38119
Sale Amount: $24.8 million

Sale Date: Nov. 15, 2013
Buyer: 1022 South Shady Grove LLC
Seller: 1022 Shady Grove LLC
Loan Amount: $22.6 million
Loan Date: Nov. 15, 2013
Maturity Date: N/A
Lender: Great American Life Insurance Co.
Details: An affiliate of Chicago-based hotel asset manager Lodging Capital Partners LLC has paid $24.8 million for the Embassy Suites Memphis hotel at 1022 S. Shady Grove Road in East Memphis.

89. Olymbec Acquires 13-Building Bellbrook -

Olymbec USA LLC has snatched up two more key Memphis properties, including the 1.8 million-square-foot Bellbrook industrial park.

90. Olymbec Acquires Bellbrook Industrial Park -

Olymbec USA LLC has snatched up two more key Memphis properties, including the 1.8 million-square-foot Bellbrook industrial park.

91. Commercial Real Estate Market Reawakens -

After suffering through a prolonged slump, the Memphis commercial real estate market this year began to shake off the rust that gathered during the “Great Recession,” and brighter days could be ahead for the prime markets in the apartment, retail, office and industrial sectors, according to local experts.

92. ‘Pro-Business’ -

The explosive population growth and business-friendly environment in DeSoto County have combined to transform its formerly sleepy suburbs into thriving retail and industrial development centers.

Today, Goodman Road looks more and more like a busy commercial strip in Memphis, and DeSoto County has become the favored location for large industrial developers.

93. ‘Pro-Business Environment’ -

The explosive population growth and business-friendly environment in DeSoto County have combined to transform its formerly sleepy suburbs into thriving retail and industrial development centers.

Today, Goodman Road looks more and more like a busy commercial strip in Memphis, and DeSoto County has become the favored location for large industrial developers.

94. Apartment, Retail Markets Holding Steady -

The Memphis area multifamily and retail markets continue to chug along, with the newer, more upscale products in each sector propping up both overall markets.

Those trends and others in commercial real estate will be the subject of discussion Thursday, Nov. 7, during the 2013 Commercial Real Estate Review & Forecast, one of six seminars in The Daily News’ 2013 Seminar Series.

95. Experts to Provide CRE Outlook at Seminar -

Class A office space in East Memphis reigns supreme, which should continue to drive up rental rates, while industrial developers are ramping up activity outside the city of Memphis.

Those trends and others in commercial real estate will be the subject of discussion Thursday, Nov. 7, during the 2013 Commercial Real Estate Review & Forecast, one of six seminars in The Daily News’ 2013 Seminar Series.

96. East Memphis Retail Center Sees Positive Lease Activity -

The Shops at Chickasaw Gardens, on Polar Avenue near the Benjamin L. Hooks Central Library, has seen good leasing activity recently.

Shark’s Fish and Chicken, an Arkansas-based restaurant chain, signed a lease for 2,330 square feet at 3183 Poplar Ave., taking the former Back Yard Burgers space. David’s Frames & Art renewed its lease for 3,080 square feet at 3151 Poplar Ave. Create A Cig, an electronic cigarette shop, will open soon at 3175 Poplar Ave.

97. Industrial Revolution -

Frank C. Pidgeon Industrial Park was completed in 1967, but it’s only now, four-plus decades later, that the property is finally realizing its full potential.

The 3,500-acre industrial park was developed when Memphis and Shelby County paid roughly $4.5 million to buy the land in the late 1950s after city, county and Port Commission leaders saw the need for a large industrial park following the creation of Presidents Island.

98. Panattoni’s Speculative Warehouse Underway -

In industrial development news, construction on Panattoni Development Co.’s speculative industrial building in Marshall County, Miss., is progressing.

99. Airport Center Signs Two New Tenants -

Memphis International Airport Center in Southeast Memphis has recently experienced positive leasing activity.

Lansing Building Products, a major supplier of building products such as siding, windows, gutters, trims, railings, columns and stone, renewed its 24,524-square-foot lease at 3510 Winchester Road.

100. Nike Files $4.3 Million Permit for Frayser Facility -

3100 New Frayser Blvd.
Memphis, TN 38128
Permit Cost: $4.3 million

Project Cost: $301 million
Permit Date: Applied September 2013
Completion: TBA
Owner: Nike Inc.
Tenant: Nike Inc.
Architect: N/A
Contractor: Wynright Corp.
Details: Nike Inc. has filed a $4.3 million building permit with the city-county Office of Construction Code Enforcement for work on its North Memphis distribution center at 3100 New Frayser Blvd.