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Editorial Results (free)

1. East Memphis Office Market Continues To Tighten -

Class A office space in East Memphis continues to be a strong performer thanks to the convenience and quality of buildings radiating from the Poplar/Interstate 240 intersection.

“East Memphis is a real bright spot regionally because if you look at the overall Memphis market it is a bit flat,” said Kemp Conrad, president of Cushman & Wakefield/Commercial Advisors Asset Services. “The East submarket, especially with Class A space, is very strong and dynamic, with strong tenants and strong institutional ownership.”

2. East Memphis Office Market Continues to Tighten -

Class A office space in East Memphis continues to be a strong performer thanks to the convenience and quality of buildings radiating from the Poplar/Interstate 240 intersection.

“East Memphis is a real bright spot regionally because if you look at the overall Memphis market it is a bit flat,” said Kemp Conrad, president of Cushman & Wakefield/Commercial Advisors Asset Services. “The East submarket, especially with Class A space, is very strong and dynamic, with strong tenants and strong institutional ownership.”

3. Breaking the Mold -

When Rosemarie Fair was named Broker of the Year in investment sales at last year’s Pinnacle Awards, she became the first woman ever to do so.

Before Fair founded One Source Commercial Inc. in 1993, she worked with Carlisle Corp. in the early 1980s on Beale Street Landing Downtown. She remembers often what her mentor Gene Carlisle taught her – “Somebody will take care of the big stuff, it’s the nickels and dimes that make the difference.”

4. J-Line Pump Growing in Collierville -

A local pumping equipment manufacturer is increasing its presence in the Collierville market. 

J-Line Pump Co., doing business as American-Marsh Pumps, bought the 81,260-square-foot warehouse on 12.4 acres at 550 E. South St. for $1.4 million. This will be in addition to the adjoining 110,000-square-foot warehouse at 185 Progress Road the company has occupied since 1999.

5. Lehman Examiner Hires Duff & Phelps as Adviser -

An investigator in the Lehman bankruptcy case can hire its own financial adviser to examine the flow of money in the case, a judge ruled Wednesday.

The investigator, Anton Valukas of the Jenner & Block law firm, chose financial advisory firm Duff & Phelps. Among the firm’s specialties is forensic accounting and dealing with distressed companies.

6. Court OKs Sale of Neuberger Berman to Employees -

NEW YORK (AP) - A bankruptcy judge Monday approved the sale of Lehman Brothers Holdings Inc.'s prized investment management unit to a group of managers and employees.

7. Investors Group to Discuss Economic Development - How does the rest of the country view the Memphis real estate market? Larry Jensen, president and CEO of Commercial Advisors LLC, admits it can be a mixed bag, namely because the message Memphians send differs from the one they should be sending.

Jensen, a 30-year real estate veteran, will address that question – and provide a few different views – as guest speaker at the Memphis Investors Group’s monthly meeting Oct. 9 at 7 p.m. at the Germantown Athletic Club, 1801 Exeter Road.

The biggest problem, Jensen noted, is the city’s leaders don’t spend enough time focused on job creation, the biggest economic impact for a metropolitan area. Without that, companies hesitate to invest here.

“We don’t have enough priority in our community thinking about jobs creation – not just attracting new businesses here but making it an attractive place for existing businesses to expand,” Jensen said. “Is our welcome mat out in the community?”

Moreover, he said the city isn’t as “business friendly” as it once was, a huge detriment to attracting new companies or helping existing companies expand.

“I’m not so sure right now that we are (business friendly) as a community,” he said. “I think that’s one of the biggest problems – our reputation in the country.”

Focus on the positives

But the city’s problems aren’t the messages he wants to convey to attendees at next week’s Memphis Investors Group (MIG) meeting. Instead, Jensen wants to focus on the ABCs of the Memphis economy. For Jensen, it’s important for Memphis business leaders, especially real estate professionals, to focus on the fundamentals of the city’s economy.

That starts with the “A” for aerotropolis, the idea of building an economy around Memphis International Airport, a $22 billion engine.

“It’s really putting a bow around what we really have,” Jensen said. “We’re sitting as one of the major, major, major nodes in the rail intermodal (industry) and with the airport. You put those two things together and there are a lot of communities around this country that would be mighty happy and mighty proud of having that in place.”

Beyond that, Jensen touted the city’s other assets. “B” is for biosciences industry, “C” is for its community assets like Shelby Farms Park and “D” is for its diversity. All those factors are keys to making Memphis more attractive to companies looking to expand their operations here, and the city – its governmental, business and cultural leaders – have to be on track with them for Memphis to thrive.

Jensen said he doesn’t want to sound overly Pollyanna, but he noted that to attract more investment in the city, whether it’s in retail, industrial, office or residential real estate, the city’s good points have to be on display.

“If you’re comfortable with a place,” Jensen said, “then you’ll invest your money there.”

Different parameters

Kevin Peck, owner of the local investment firm Kevron Properties and MIG secretary, is comfortable investing his money in Memphis real estate and sees why the city, with its undervalued property values, has drawn interest from outside capital.

“We’re a little bit better off,” Peck said. “Prices have dropped here somewhat, just not cataclysmically as they have in other areas of the country.”

Peck is looking specifically at the residential side of investing, where everyday people from Memphis and from outside are looking to buy city houses on the cheap with hopes of flipping or renting. But with credit so tight these days, even the real estate investment gig is evolving.

“You can’t flip that house anymore because folks can’t get credit to buy (and sell), but if you’ve got credit to buy and hold, then you’re good to go,” said Peck, noting that a large segment of the population was “wiped away” from getting a mortgage because of the fallout. “On the flip side, that (situation) created renters, so if you’re buying and holding for rent, then some things are OK. We buy and hold and rent, and we’re finding that we’re doing OK. You can invest in real estate here and make it have good cash flow.”

Ultimately, Peck said, that’s why city homes will continue to be bought even during this economic and real estate slump.

“You can still buy a property for a good price, and if you’re smart about it, you can make it cash flow and make some money,” he said. “I think that’s why Memphis is attractive to folks.”

In addition to Jensen’s talk, the MIG monthly meeting begins with an “early bird” session at 6 p.m. This month’s topics include “Networking 101," "Getting Started Right in Real Estate" and "Investing in Your Self-Directed IRA.”

...

8. Office Market Fares Well in Tough Times -

In another case where numbers don’t paint the entire picture of the real estate market, consider the latest office statistics for Memphis compiled by the local branch of CB Richard Ellis (CBRE).

While the city’s office sector registered a disappointing 234,330 square feet of negative absorption during the second quarter (April through June), it doesn’t indicate any single employer’s mass exodus from the city. Instead, that figure resulted from FedEx shifting a large share of its employees in the airport area to its owner-occupied world headquarters at Hacks Cross and Winchester roads, vacating 255,067 square feet in the process.

9. Legacy Center Buildout Closer to Completion -

1661 Aaron Brenner Drive
Memphis, TN 38120
Permit Amounts: $1 million total

Project Cost: $11.3 million

10. Archived Article: Real Briefs - The Memphis Certified Commercial Investment Member

The Memphis Certified Commercial Investment Member monthly luncheon is 11:45 a.m. today at the former Disney Store in Hickory Ridge Mall, 6075 Winchester Road. The luncheon focus is Retail Market...

11. Archived Article: Office Starts St - By SUZANNE THOMPSON Office construction booms in first quarter By SUZANNE THOMPSON The Daily News The value of office construction starts during the first quarter nearly doubled to $26.28 million from $13.74 million in the fourth quarter of 1998. &q...

12. Archived Article: Real Briefs - The Memphis Area Association of Realtors is sponsoring a course Wednesday and Thursday titled Building Wealth Through Residential Real Estate Investments The Memphis Area Association of Realtors is sponsoring a course Wednesday and Thursday titled &...

13. Archived Article: Benchmark - Sidney Mendelson vs Sidney Mendelson vs. Tanner Investment Co., L.L.C., formerly known as Tanner-Peck, L.L.C., and W.B.T. Media, L.P. A Shelby County man is suing his former employers for breach of contract and damages. According to the suit, on Mar...

14. Archived Article: Tanner Lj - lj 10/5 cates Tanner acquires 183 acres for Cordova development By LAURIE JOHNSON The Daily News As part of a master plan to acquire about $15 million in real estate holdings in the area, Memphis entrepreneur William B. Tanner recently closed a $2.9...

15. Archived Article: Peck Chg - 5-17 chg peck Strict underwriting, downsizing keeping office construction down By CAMILLE H. GAMBLE The Daily News The Memphis industrial real estate market should remain strong during the next few years, but the chances of any new large office buil...

16. Archived Article: Real Briefs - 05-14 Real briefs Photographs and renderings featuring the embassy buildings of the 18 previously honored Memphis in May countries will be displayed in the Peabody Place grand lobby through May 30. Included is the Canadian embassy by Cass Gilbert, t...

17. Archived Article: Calendar - 04-22 Calendar April 22 Memphis Area Association of Realtors will sponsor a seminar on equal opportunity housing from 2 p.m. to 5 p.m. in the MAAR education center. Attorney and MAAR member Kathy Webb will conduct the seminar. For information, call ...