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Editorial Results (free)

1. 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.

2. 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.

3. Knowledge Tree Buys Cordova Retail Center -

8195 Dexter Road
Memphis, TN 38016
Sale Amount: $1.3 million

Sale Date: July 8, 2014
Buyer: K Tree LLC
Seller: 8195 Dexter Road LLC
Loan Amount: $1.5 million
Loan Date: July 11, 2014
Maturity Date: N/A
Lender: First Tennessee Bank NA
Details: An affiliate of the Knowledge Tree learning center has paid $1.5 million for the 28,575-square-foot shopping center at 8195 Dexter Road in Cordova.

4. 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.

5. Loeb Midtown Center Now Fully Leased -

Loeb Properties’ Belvedere Collection on Union Avenue in Midtown is 100 percent leased.

Agilitas USA Inc., operating as Results Physiotherapy, signed a new lease for 2,280 square feet in Suites 105-106 at the retail strip center.

6. 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.

7. 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.

8. 15 Vie for County Commission Seat -

Shelby County Commissioners will interview a group of 15 citizens Wednesday, Jan. 8, who want to become the newest member of the elected body.

The committee session interviews come before the full commission is to vote Monday, Jan. 13, on a replacement for Commissioner Wyatt Bunker.

9. 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.

10. 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.

11. Baptist Begins Construction on $14.1 Million Pediatric ER -

Baptist Memorial Health Care Corp. began construction this week on a new pediatric emergency department at Baptist Memorial Hospital for Women.

12. Keystone Landing Complex Sells for $4.6 Million -

4266 Ridgestone Road
Memphis, TN 38128
Sale Amount: $4.6 million

Sale Date: Sept. 12, 2013
Buyer: Keystone Landing Apartments LLC
Seller: Ridgemont Investors LLC
Loan Amount: $3.5 million
Loan Date: Sept. 12, 2013
Maturity Date: N/A
Lender: Arbor Commercial Funding LLC
Details: The 150-unit Keystone Landing apartment complex at 4266 Ridgestone Road in Raleigh has sold for $4.6 million.

13. Union Avenue Arby’s Sells for $1.3 Million -

The Arby’s restaurant site at 975 Union Ave. has sold for $1.3 million.

ARC CAFEUSA001 LLC, an entity affiliated with Dresher, Pa.-based American Realty Capital, bought the property in a July 31 special warranty deed from GE Capital Franchise Finance Corp. No financing was associated with the transaction.

14. Loeb Buys Union Avenue IHOP for $1.4 Million -

Loeb Properties Inc. has paid $1.4 million for the IHOP restaurant at 2060 Union Ave. in Midtown near Overton Square.

15. Raleigh Sam’s Club Sells for $11.4 Million -

2150 Covington Pike
Memphis, TN 38128
Sale Amount: $11.4 million

Sale Date: June 25, 2013
Buyer: Realty Income Properties 25 LLC
Seller: Dune SC Sub II LLC
Details: The Sam’s Club at 2150 Covington Pike in Raleigh has sold for $11.4 million to a California investor.

16. New York Company Buys Country Squire for $49.2 Million -

8056 Country Squire Lane Cordova, TN 38018

Sale Amount: $49.2 million

Sale Date: March 28, 2013

17. Panther Properties Buys Two Cordova Apartments -

2350 N. Houston Levee Road and 2323 N. Houston Levee Road

18. Sales Contract in Place For Nineteenth Century Club -

The historic Nineteenth Century Club building at 1433 Union Ave. was auctioned off in a sealed auction by Morris Auction Group Thursday, Jan. 24.

19. Sales Contract in Place for Nineteenth Century Club -

The historic Nineteenth Century Club building at 1433 Union Ave. was auctioned off in a sealed auction by Morris Auction Group Thursday, Jan. 24.

20. Victory Packaging Relocates to Memphis -

Victory Packaging soon will relocate its entire Southaven branch operation to the Southeast Memphis industrial submarket.

The Houston, Texas-based industrial packaging supplier and distributor inked 158,333 square feet in Shelby Air Park Building 1, 4500 Malone Road. The 475,000-square-foot building also houses Terminal Warehouse Inc.

21. Sekisui, Circa to Relocate Spaces -

Two East Memphis restaurants soon will have new addresses. 

Sekisui is moving from its original location in the Shops of Humphreys Center, 50 Humphreys Blvd., into Circa by John Bragg’s space in Regalia Shopping Center at 6150 Poplar Ave., suite 122. Circa plans to relocate west to Chickasaw Crossing, 2855 Poplar, in the space where Ronnie Grisanti’s restaurant operated for years.

22. Bioventus Inks Deal for 40,000 Square Feet -

A Durham, N.C.-based biologics company is relocating its Memphis presence, signifying a boon to the Northeast office submarket.

Bioventus LLC has inked 38,880 square feet of office and manufacturing space in Goodlett Farms Business Campus, 1900 Charles Bryan Road, in Cordova.

23. LGSTX Services Expands Local Warehouse -

LGSTX Services Inc. is relocating and expanding its Memphis warehouse operations. The Wilmington, Ohio-based firm, which specializes in aviation support and facility services, has leased 184,680 square feet across two facilities in the Southwide Distribution area at 363 Burma Road and 410 Burma Road.

24. Lease Brings New Breed Footprint to 3 Million Feet -

New Breed Inc. is enhancing its Memphis operations with a new distribution warehouse lease in the Southeast industrial submarket.

25. Lease Takes Appling Farms to Capacity -

A distributorship of Pella Corp. has inked 11,300 square feet in Appling Farms Corporate Park, 6972 Appling Farms Parkway.

26. Red Deluxe Subleases Sullivan Space -

Two well-known Memphis advertising agencies have inked a unique Downtown office deal.

Red Deluxe Brand Development has subleased 10,400 square feet of office space from Sullivan Branding in the old Smooth Moves building at 85 Union Ave.

27. Red Deluxe Subleases Sullivan Space -

Two well-known Memphis advertising agencies have inked a unique Downtown office deal.

Red Deluxe Brand Development has subleased 10,400 square feet of office space from Sullivan Branding in the old Smooth Moves building at 85 Union Ave.

28. Snyder’s-Lance Signs Deal In Southaven -

A well-known snack food company has boosted its distribution presence in the Memphis area.

Snyder’s-Lance Inc. signed a 26,757-square-foot lease at Airways Distribution Center Building F, 8425 Airways Blvd., in Southaven.

29. Kroger Buys Union Space for Expansion -

Kroger has acquired the Belvedere Apartments in Midtown as part of a long-term project to reconfigure the grocery store’s antiquated and challenged layout.

Kroger Delta Division closed Wednesday, Sept. 12, on the 10-story apartment high-rise at 1733 Union Ave. from Belvedere Apartment Inc. The sale includes Belvedere’s attached and front parking areas.

30. Raines Road Warehouse Sells for $2.3 Million -

4049 E. Raines Road
Memphis, TN 38118

Sale Amount: $2.3 million

Sale Date: Aug. 3, 2012

31. Winbranch Apartments Financed for $2.5 Million -

The owners of Winbranch Apartments at 3595 Millbranch Road have financed the property with a $2.5 million leasehold loan through Delta Community Credit Union.

32. Owner Files $1.3 Million Loan on Cadre Building -

Cadre Realty LLC has filed a $1.3 million loan through First Alliance Bank on the Cadre Building at 149 Monroe Ave., on the southeast corner of Monroe and South Second Street.

33. Evans Joins MERI As Finance Director -

Devonya Evans has joined the Medical Education & Research Institute as director of finance. Evans, a licensed certified public accountant, will be responsible for heading MERI’s finance and information technology departments.

34. MEPPI Files $155M Permit App For Rivergate Plant, Office -

2865 Riverport Road
Memphis, TN 38109

Permit Cost: $155 million

Permit Date: Applied June 2012

35. Events -

Kiwanis Club of Memphis will meet Wednesday, June 6, from noon to 1 p.m. at The Peabody hotel, 149 Union Ave. Hattiloo Theatre founder Ekundayo Bandele will speak. Cost is $25 for nonmembers.

36. Southland Sells Parcels To Bank For $1 Million -

A Downtown property that real estate investor Terry Lynch once planned for residential and retail space was sold back to the lender for slightly less than $1 million.

37. Sullivan Inks Lease For Toyota Ctr. -

Sullivan Branding has finalized its lease in the Toyota Center, where it will move about two-thirds of its workforce by the end of the week.

About 40 of Sullivan Branding’s 65 Memphis employees will relocate from 400 Union Ave. to occupy approximately half of the sixth floor of the 175,000-square-foot, eight-story Downtown office building at 175 Toyota Center, near the intersection of Third and Union.

38. Sullivan Branding Inks Toyota Center Deal -

Sullivan Branding has finalized its lease in the Toyota Center, where it will move about two-thirds of its workforce by the end of the week.

About 40 of Sullivan Branding’s 65 Memphis employees will relocate from 400 Union Ave. to occupy approximately half of the sixth floor of the 175,000-square-foot, eight-story Downtown office building at 175 Toyota Center, near the intersection of Third and Union.

39. Askew Nixon Ferguson Announces Promotions -

Askew Nixon Ferguson Architects has announced a trio of promotions in its Memphis office, 1500 Union Ave.

40. That's a Wrap -

If the grand sweep of 2011 could be captured on celluloid and presented to an audience on the big screen, all the components of a great film would be readily apparent.

There was drama, in the form of a deluge and historic flooding that led the Mississippi River to crest at nearly 48 feet early in the year. One of the year’s big surprises saw President Barack Obama give the commencement address for the Booker T. Washington High School class of 2011 at the Memphis Cook Convention Center.

41. CRE Activity Stays Strong During 2011 -

Despite hard times, local commercial real estate firms were able to ink plenty of deals in the past 12 months.

Memphis’ industrial leasing activity kicked off in January when Buena Park, Calif.-based Pacific Logistics Corp. signed a 60,000-square-foot lease in ProLogis Park DeSoto for its first Memphis-area location.

42. Stonebridge Apartments Sells for $22 Million -

9135 U.S. 64 and 9225 U.S. 64
Memphis, TN 38016

Sale Amount: $21.9 million

Sale Date: Dec. 6, 2011

Buyer: AB Merion Stonebridge LLC

43. Union Holiday Deli & Ham Adds Drive-Thru, Parking -

Holiday Deli & Ham Co. is in the midst of adding parking and a drive-thru to its high-volume Midtown store.

44. Dunkin’ Donuts Franchisee to Open East Memphis Store -

Dunkin’ Donuts is entering the prime East Memphis trade area with the sixth store in the Memphis area.

Franchisee Akshar Mendenhall Inc., doing business as Dunkin’ Donuts/Baskin Robbins, has signed a 2,700-square-foot lease at 5150 Poplar Ave. on the northwest corner of Poplar and Brookhaven Circle East. This will be his fifth store.

45. Dunkin’ Donuts Franchisee to Open East Memphis Store -

Dunkin’ Donuts is entering the prime East Memphis trade area with the sixth store in the Memphis area.

Franchisee Akshar Mendenhall Inc., doing business as Dunkin’ Donuts/Baskin Robbins, has signed a 2,700-square-foot lease at 5150 Poplar Ave. on the northwest corner of Poplar and Brookhaven Circle East. This will be his fifth store.

46. Nissan North America Renews Lease In SE Shelby -

Nissan North America Inc. has renewed its 413,000-square-foot lease in Southeast Shelby County.

47. Agents Moonlight to Cope With Slump -

In tough times, many local real estate agents seek secondary sources of income to compensate for the market’s instability.

J. Tucker Beck has been selling real estate with Crye-Leike Commercial for 18 years. But when the market dried up in the fall of 2007, he turned to an old fraternity brother to help him line up a job at Huey’s.

48. Midtown Vacancy -

Memphis hospitality professional Tony Westmoreland hopes someone can breathe new life into a beleaguered, empty Midtown building that operated as a hotel for more than four decades.

49. New York Co. Buys Medical Office Buildings -

1333 Poplar Ave.
Memphis, TN 38104
Sale Amount: $2.9 million

Sale Date: Aug. 26, 2011

50. Atlanta Investment Group Buys Holiday Inn Select -

5795 Poplar Ave.
Memphis, TN 38119
Sale Amount: $7.5 Million

Sale Date: July 19, 2011

51. Driver Services Center Site Sells for $1.6M -

An Omaha, Neb.-based real estate investment firm has acquired a single-tenant office building near Poplar Avenue and the Union Avenue crossover.

Circo Enterprises LLC purchased the 10,180-square-foot Department of Safety & Homeland Security building at 3040 Walnut Grove Road for $1.6 million.

52. MBIN Signs New Lease At Bellbrook Park -

A Memphis-based wholesaler of collectable items has signed a new industrial lease in the Southwest submarket.

MBIN Global Inc. has signed a new lease for 26,250 square feet at Bellbrook Industrial Park, 1004 Brooks Road.

53. CRE Sales Up, Outlook Still Dour -

February’s mixed bag of commercial real estate sales serve as evidence of the sluggish speculative market, which doesn’t appear to be staging a comeback in the foreseeable future.

Shelby County saw 48 CRE sales last month, a 41 percent increase from 34 sales in February 2010, but also a 16 percent decrease from 57 in January, according to the latest information from real estate information company Chandler Reports, www.chandlerreports.com.

54. WPG Americas Signs Lease in Southaven -

A San Jose, Calif.-based worldwide electronics distributor is entering the Memphis area with full force.

WPG Americas Inc. has signed a 54,000-square-foot lease at Airways Distribution Center, 481 Industrial Drive, in Southaven. The project – a relocation of the WPG America’s New York facility – represents a $1.5 million investment by the company and will create 60 jobs over the next three years.

55. Family Dollar Signs 2 Leases for Stores -

Family Dollar has signed a 12,000-square-foot lease at 2754 Lamar Ave. Shawn Massey, partner with The Shopping Center Group LLC, represented the tenant. Harold Blockman with Keller Williams Realty Inc. represented the landlord, Chong K and Dul S. Pae.

56. Regal Group Joins First National Realty -

Yet another set of local real estate firms are joining forces, further proof that reposition is vital amid current economic times.

Memphis-based The Regal Group LLC has announced its office will become First National Realty East – a division of Memphis-based First National Realty Inc., which also has offices in Jackson, Tenn., Jackson, Miss., Nashville and Little Rock with about 300 agents collectively.

57. Yogurt Craze Continues with TCBY Store -

A TCBY franchise has signed a 1,225-square-foot lease in University Center, 3445 Poplar Ave., at the southwest corner of Poplar and Highland Street.

58. Interstate Brands Renews, Expands Lease -

Interstate Brands Corp. has renewed and expanded its lease in the Germantown Park - Kimbrough Building in Cordova, more than doubling its footprint.

59. Eastgate Sells for $31.5 Million -

The Eastgate Shopping Center on Park Avenue in East Memphis has sold to a Dallas-based entity for $31.5 million from Belz Enterprises Inc., according to documents filed with the Shelby County Register of Deeds.

60. Eastgate Sells for $31.5 Million -

The Eastgate Shopping Center on Park Avenue in East Memphis has sold to a Dallas-based entity for $31.5 million from Belz Enterprises, according to documents filed with the Shelby County Register of Deeds.

61. Menlo Deal Tops Noteworthy Leases -

The Daily News in September launched a new weekly column called “Inked” to spotlight Memphis’ commercial leasing landscape.

Despite tough times, local commercial real estate firms were able to ink plenty of deals in the past four months. Here’s a rundown of some of the most noteworthy commercial leases since Inked’s debut:

62. Magnolia Homes to Build New Style in Winstead Farms -

Four Lots In Winstead Farms
Loan Amount: $971,250

Loan Date: Dec. 7, 2010
Maturity Date: Dec. 10, 2011
Borrower: Magnolia Homes Inc.
Lender: Regions Bank NA

63. Menlo Bolsters Local Presence With New Lease -

Menlo Worldwide Logistics LLC is expanding its Memphis-area operations with a new 181,000-square-foot lease in ProLogis Park DeSoto in Olive Branch.

64. Bartlett Applebee’s Sells to Arizona Investment Company -

2890 Bartlett Blvd.
Bartlett, TN 38134
Sale Amount: $1.9 Million

Sale Date: Oct. 8, 2010
Buyer: Cole AP Bartlett TN LLC
Seller: DBAPPLEF LLC

65. Colliers Sells Property to Union Forklift -

Colliers International recently sold an 18,750-square-foot building in the Perimeter Point Business Park, 2188 Spicer Cove.

66. Shoppes at Misty Meadows Sells to Hariom Enterprise -

3810 Hacks Cross Road
Memphis, TN 38125
Sale Amount: $1.9 Million

Sale Date:Sept. 22, 2010
Buyer:Hariom Enterprise Inc.
Seller:The Bank of New York Mellon Trust Co. NA, as trustee for Morgan Stanley Capital I Inc. commercial mortgage pass-through certificates, series 2007-IQ14
Loan Amounts:$950,000; $760,000
Loan Dates:Oct. 8, 2010
Maturity Dates:Oct. 8, 2020; April 8, 2011
Lender:Landmark Community Bank

67. Developers Run With Midtown Dunkin’ -

Editor’s note: “Inked” is a new column by real estate reporter Sarah Baker on Memphis’ commercial leasing landscape. It will appear each Friday in The Daily News and also in our weekly publication, The Memphis News.

68. Galloway Gardens Apartments Sells for $1.1 Million -

1565 Galloway Ave.
Memphis, TN 38112
Sale Amount: $1.1 Million

Sale Date: Aug. 27, 2010
Buyer: Galloway Gardens LLC
Seller: Steve Benetti and Virginia Benetti
Loan Amounts: $200,000; $200,000; $916,937 (assumption)
Loan Date: Aug. 27, 2010
Maturity Dates: Aug. 27, 2011 ($200,000); Sept. 15, 2015 ($200,000); Sept. 10, 2013 ($916,937)
Lender: Regions Bank

69. Gill Enterprises Sells Land to CVS for Cordova Pharmacy -

786 N. Germantown Parkway
Cordova, TN 38018
Sale Amount: $2.2 Million

Sale Date: July 28, 2010
Buyer: CVS 6628 TN LLC
Seller: Gill Enterprises GP

70. Ohio-Based Company Buys Land Slated for Strayer University Campus -

7275 Appling Farms Parkway
Memphis, TN 38133
Sale Amount: $603,788

Sale Date: July 6, 2010
Buyer: Se Testa Memphis LLC
Seller: Belz Investment Co. LP

71. Cal Western Buys South Third Headquarters -

Vegetable oil packager and supplier Cal Western Packaging Co., working under the name HHTP Leasing Co. LLC, has bought its headquarters at 2070 S. Third St. from Union Realty Co. GP for $1.1 million.

72. CVS Inks Deal for Former MAHBA HQ -

CVS has chosen a busy stretch of Germantown Parkway in Cordova for its next area pharmacy.

The company’s regional developer, Redd Realty Services Inc., has inked a deal with Gill Properties to build a retail store on the site of the former Memphis Area Home Builders Association headquarters at 776 N. Germantown Parkway.

73. Mabon Joins Leadership Memphis As Marketing Coordinator -

Lauren Mabon has joined Leadership Memphis as marketing coordinator.

Prior to joining Leadership Memphis, Mabon served as a marketing executive in the marketing and communications department at Primacy Relocation.

74. Crye-Leike Considers Options for Midtown -

When Harold Crye and Dick Leike bought the former Anderton’s seafood restaurant at 1895 Madison Ave. in 2007, the founders of the state’s largest realty firm had big plans for the property.

75. Local CRE Market Falters in February -

All the talk about commercial real estate’s doldrums is bolstered by Shelby County’s latest numbers, which underscore how much the sector is still hurting.

Because of tightened lending guidelines and companies’ hesitance to make real estate moves, the numbers continue to shrink with each month of the recession.

76. The Cost of Progress -

The development of Norfolk Southern Corp.’s $112 million intermodal yard on a former cattle ranch in Fayette County has polarized the community for more than a year.

77. Moore Ascends To MAAR Presidency -

When Glenn Moore was growing up in the Longview Heights community of South Memphis, he and his dad would spend Sunday afternoons driving around the city checking out new housing developments.

78. Events -

Wheeler Homes with Larry Ohrberg of Signature Realty will host an open house today from 11:30 a.m. to 1:30 p.m. at the Trinity Park subdivision, 8551 N. Trinity Park Drive in Olive Branch. The event will feature model homes, food catered by Natural Born Grillers and giveaways. For more information, visit www.wheelerhomes.net or call 496-9863.

79. Conwood Buys Hickory Hill Facility For Planned $133 Million Expansion -

5106 Tradeport Drive
Memphis, TN 38141
Sale Amount: $19.3 Million

Sale Date: Nov. 5, 2009
Buyer: Conwood Co. LLC
Seller: Chickasaw and Goodman Realty Holding Co.
Details: Conwood Co. LLC on Nov. 5 formally acquired the 787,500-square-foot facility at 5106 Tradeport Drive in Hickory Hill South for $19.3 million. Conwood earlier this year announced plans to buy the building, where it will expand its manufacturing operation of the smokeless tobacco products Kodiak and Grizzly.

80. Cypress Buys T-Mobile’s Union Avenue Store -

Memphis-based Cypress Realty Holdings Co., a private real estate investment trust managed by Joe Jarratt and Price Ford, has bought the retail/billboard site at 1860 Union Ave. in Midtown for $950,000. Operating in the transaction as Cypress Realty Holdings Co. II LLC, the company acquired the property Nov. 10 from Louisville, Ky.-based Elvi Partners LLC.

81. Lit Refrigeration Set to Bring ‘Jr.’ Version of Store to Whitehaven -

1665 Winchester Road
Memphis, TN 38116
Sale Amount: $500,000

Sale Date: Aug. 18, 2009
Buyer: Noble Partners Winchester LLC
Seller: Remark Chism
Loan Amount: $400,000
Loan Date: Aug. 18, 2009
Maturity Date: N/A
Lender: SunTrust Bank

82. Loeb Realty Buys Poplar Retail Center -

Loeb Realty Co. Inc. has bought the 9,740-square-foot retail strip center at 2847 Poplar Ave. in the University of Memphis area’s 38111 ZIP code for $490,000. The seller was H & H Properties of Memphis LP, and the transaction closed Aug. 19.

83. UT’s Hathaway Named To Ruth Neil Murry Endowed Chair -

Dr. Donna Hathaway has been named to the Ruth Neil Murry Endowed Chair in Nursing at the University of Tennessee College of Nursing.

84. Permit Filed For Owens Corning Alteration -

693 Corrine Ave.
Memphis, TN 38107
Permit Cost: $600,000

Permit Date: Applied March 2009
Owner: Belz Union Realty Co. GP
Tenant: Owens Corning Corp.
Contractor: Southern Integrated Services Inc.

85. Permit Filed for Alterations at Owens Corning Corp. -

An industrial building permit for $600,000 has been filed with the city-county Office of Construction Code Enforcement for property at 693 Corrine Ave. The owner of the property is Belz Union Realty Co. GP, and the tenant is listed as Owens Corning Corp.

86. Transformation of 109-Year-Old Downtown Building Moves Forward -

59 S. Main St.
Memphis, TN 38103
Permit Amount: $1.5 Million

Project Cost: $2 million
Permit Date: Applied March 2009
Completion: Varies
Owner: Frix Properties
Tenant: Mixed (Frix-Jennings Clinic, coffee shop, apartments)
Contractor: Frix Properties

87. UTMG Renovation To Begin at Midtown Tower -

Investec Realty Services Inc., manager of the 1407 Union Ave. building in Midtown, has filed a $501,000 permit application with the city-county Office of Construction Code Enforcement to renovate 80,000 square feet on seven floors of the building for the University of Tennessee Medical Group Inc.

88. Commercial Real Estate Hangs on for Dear Life -

The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.

From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

89. Tight Credit Put Squeeze On ‘08 Commercial Real Estate Sales -

As with the residential sector, 2008 was a year to forget in commercial real estate, which suffered declining sales and endured a nationwide credit crunch throughout the year.

“The big storyline in ’08 was that lenders weren’t lending,” said Johnny Lamberson, senior vice president at CB Richard Ellis Memphis. “It put a real tightening on deals getting done. If deals weren’t highly leveraged, as the year went on it became harder and harder to get transactions closed because nobody was lending money.”

90. 100 South Main Partners Secure Project Financing -

100 S. Main St.
Memphis, TN 38103
Loan Amount: $9.5 Million

Loan Date: Dec. 23, 2008
Maturity Date: N/A
Borrower: 100 South Main Partners
Lender: SunTrust Bank

91. Chicago Firm Buys Another Memphis Warehouse -

4219 Air Trans Road
Memphis, TN 38118
Sale Amount: $8.4 Million

Sale Date: Nov. 5, 2008
Buyer: Memphis Air Trans LP
Seller: TC Air-T Industrial LLC
Loan Amount: $6.7 million
Loan Date: Nov. 5, 2008
Maturity Date: N/A
Lender: Union Bank of California NA

92. Commercial Real Estate Sales Bleak in October -

Commercial real estate’s downward spiral continued in October, with sales falling by a third compared to the same month a year ago.

Just 64 commercial deals occurred in Shelby County last month, a 33.3 percent decline from 96 in October 2007, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

93. Sept. Commercial Sales Drop 18% -

Shelby County’s commercial real estate market was highlighted by a wide variety – but a low volume – of transactions in September, revealing a continued slowdown because of the credit crisis and overall economic slowdown.

94. Central Gardens Condominiums Under Renovation -

1676 Central Ave.
Memphis, TN 38104
Loan Amount: $ 750,000

Loan Date: Sept. 18, 2008
Maturity Date: Sept. 17, 2009
Borrower: Belvedere Central LLC
Lender: BancorpSouth Bank

95. Highwoods Properties Acquires PennMarc Building -

Highwoods Properties Inc., operating as Highwoods Realty LP, has bought the PennMarc office building at 6401 Poplar Ave. for $14.5 million.

96. Carwashes, Oil Change Shops Sell for $2.9M -

Mark C. Johnson and Timothy A. Michelotti have sold the remainder of their oil change/carwash portfolio to Sunshine Carwash Partners LLC for $2.9 million. This latest round of transactions included the GTX 10-Minute Oil Change shops at 1675 Union Ave. and 6975 U.S. 64 (Stage Road). Both locations also had Sunshine Carwash franchises on site.

97. Lightman Buys Back Land To Bolster Retail Center -

Three acres in Centennial Commons
Memphis, TN 38125
Sale Amount: $2 Million

Sale Date: Sept. 12, 2008
Buyer: Michael A. Lightman Sr.
Seller: Winsouth Hotel Partnership

Details: Michael Lightman Sr. has bought back a three-acre parcel of land in Centennial Commons retail center that he sold to Winsouth Hotel Partnership nine years ago for $1.4 million. The land is on the southwest corner of the Centennial site, which is north of Winchester Road, east of Germantown Road and near Tenn. 385.

98. Commercial Real Estate Tumbles -

After a prolonged and prosperous ride, commercial real estate stumbled in the past year with no signs of regaining its balance anytime soon.

Just 998 commercial sales were made in Shelby County from August 2007 through July 2008, down 17.6 percent from 1,211 sales during the previous 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

99. U of M Names Slater Emergency Preparedness Coordinator -

Shelby L. Slater has been hired at the University of Memphis as its first emergency preparedness coordinator.

Slater will assess, develop and maintain the university’s crisis management plan, facilitate integration of the Incident Command System into emergency planning activities and evaluate emergency communication needs.

100. Jones Ascends to High-Level Position At Army Corps of Engineers -

Carol Winfield Jones has been selected as chief, project development branch and assistant to the deputy district engineer for project management for the U.S. Army Corps of Engineers, Memphis District.