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Editorial Results (free)

1. Box Scores Reveal Grizzlies’ Strengths -

Two box scores. In one, right there in black and white, is the proof that the Memphis Grizzlies hit 11-of-16 three-point shots (68.8 percent). In the other is the evidence of an 0-for-6 night from three-point range, which even a math-challenged sports writer can figure out is 00.0 percent.

2. Destination King Wins Two Awards -

The Association of Destination Management Executives International honored Memphis-based Destination King during the annual ADMEI Achievement.

The ADMEI honored Destination King for Best Innovative Event (Under $50,000) for the Siemens Distribution Center grand opening and Destination Management Professional of the Year for Kevin Brewer, co-founder and chief operating officer of Destination King.

3. 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.

4. FDA Cites 1,200 Tobacco Retailers -

RICHMOND, Va. (AP) – The Food and Drug Administration said Thursday it has issued about 1,200 warning letters to retailers in 15 states for violating federal tobacco regulations since beginning inspections under a 2009 law giving it authority to regulate the industry.

5. Popular Burger Chain Moves Into Memphis -

After years of Five Guys Burgers and Fries having a presence in the Nashville and Knoxville areas, the chain is setting up shop in one of Memphis’ most densely populated areas.

Jubilee Restaurant Group LLC, owner of the franchise, signed a 2,882-square-foot lease in Primacy Place, 1615 Ridgeway Road.

6. Vista Inn, Felicia Suzanne’s On Tap at DRB Meeting -

Design items related to two Downtown businesses are on tap for the Center City Commission Design Review Board meeting today.

The Vista Inn & Suites at 265 Union Ave. is asking permission to replace a pole sign and outside board, and Felicia Suzanne’s at 80 Monroe Ave. is proposing to install a wall sign on the parking garage at 20 S. Front St., according to today’s DRB agenda.

7. Oak Hall Renovation Begins Monday - After lengthy financing delays from a shaky real estate market, the group planning to renovate the old Oak Hall building at 555 S. Perkins Road Extended is finally ready to move forward.

Glen Bascom Jr., Glen Bascom Sr. and Chris Montesi – the trio who comprise the entity 555 Perkins LLC – have secured a $5.2 million construction loan with U.S. Bank NA to overhaul the 54,265-square-foot office building just south of the intersection at Poplar Avenue and Perkins Road Extended.

The renovation financing was orchestrated by Rick Wood, senior vice president for Financial Federal Savings Bank.

Construction on the 1966 property begins Monday, more than four months after the initial building permit was filed, although the partners’ interest in the property goes back much further. The group bought the ground lease of the building for $1.2 million from LaSalle Bank NA in December 2006, and Bascom Sr. had owned the land since the late 1980s.

Bascom Jr. has been champing at the bit to get the project under way, but he understood the hesitance of lenders, in these tight credit times, to front money for a building that’s only 15 percent preleased.

“I think a lot of big players are like that,” Bascom Jr. said. “Nobody wants to finance a spec building – either an apartment building, condo building or office building. They want to have tenants in place, and that was the hard part with us – we want to build it first and then get tenants.”

Looking for warm bodies

Getting tenants is the company’s goal over the next six months during redevelopment of the building, which will be renamed First Capital Center after the anchor tenant.

Germantown-based First Capital Bank will occupy 6,000 square feet on the ground floor with a branch that includes a drive-thru. The bank joins two existing tenants that are remaining in the four-story building, leaving about 45,000 square feet available for lease.

That task is being handled by Joe Steffner, president of the Memphis office of Grubb & Ellis Co. Steffner said he believes the renovated space of a well-known building along Poplar will make it a desirable locale for office users.

“When you compare the price with the amenities and the brand-new space in the building, it will be a relatively easy sell,” he said. “The Poplar corridor is where everyone has wanted to be. Over the past 15 years the market has grown and people have gone to the 385 corridor as kind of the second choice. Over the past several years, the tenants that either couldn’t find space on Poplar or didn’t want to be on Poplar for whatever reason have tended to come back to Poplar.”

Bascom Jr. agreed that the location along the high-density Poplar Avenue corridor should keep the First Capital Center insulated from what has been a generally soft market.

“Of all the deals that we have out there now, it’s a no-brainer,” Bascom Jr. said. “This one’s going to be successful. It’s a lot of money and time involved over the year or two, but it’s the one I feel most comfortable with of all the projects we’ve got going on.”

New and improved

Renaissance Group is architect and Montgomery Martin Contractors LLC is contractor for the project. Chris Ybos of Montgomery Martin said the expected completion date is about six months away.

Once the building is finished by the end of the year, it won’t look anything like the structure that formerly housed an Oak Hall clothing store. Upgrades include new HVAC, new roof, new shell, new windows, plus plenty of parking for tenants.

Steffner said pricing will be lower than other office space nearby because it’s an older building, but it will recapture the feel of a new product.

“It’s hard to take an older building and make it Class A, and yet they’re doing everything possible to make it A,” Steffner said. “It’s hard to argue with the amenities in the building, plus the bank on site. We think it will be an A-minus building with B prices. That will make it competitive.

“It’s exciting because it’s like having a brand-new building to lease on a speculative basis at below-market rates. We’ve never had an opportunity like this before. It will have a new name, but it’s a location everyone knows.”

...

8. Archived Article: Real Review - Real estate agents mark 25 years of service

Real estate agents mark 25 years of service

A testimonial to a companys integrity is the length of time its employees work there, said Harold E. Crye, Crye-Leike Realtors chief executive officer.

...

9. Archived Article: Af (lead) - American Freightways sprucing up

Trucking firm sprucing up Memphis digs

By SUE PEASE

The Daily News

The American Freightways customer center office in Memphis is expanding and remodeling in an effort to allocate more space for its local ...

10. Archived Article: Prop. - 265 S 265 S. Front St. For sale or lease The building at 265 S. Front St. is for sale or lease. The space available is 1,500 square feet to 8,000 square feet. The list price is $225,000, and the building leases for $2.50 per square foot (as is). The...