Plans are under way for a private college’s third brick-and-mortar location in Memphis.

National College/Corolla Management has filed a $5.2 million building permit application with the city-county Department of Construction Code Enforcement for construction of a two-story college building for business medical and computer training at 2576 Thousand Oaks Cove, according to The Daily News Online, www.memphisdailynews.com.

The builder and architect assigned to the project is David Noell, president of construction at Cincinnati-based K4 Architecture LLC. The engineer is Pickering Firm Inc.

Corolla Management Corp. bought the property from Bank of Bartlett in September for $925,000, according to the Shelby County Register of Deeds. The vacant land is part of property Bank of Bartlett received via three successor trustee deeds in 2004, as well as a quitclaim earlier this year, according to the most recent sales deed.

NAI Saig Co.’s Brian Califf, who negotiated the deal, told The Daily News in September that Corolla Management Corp. would develop both sites “for its own use” as “long-term investments.”

The deal was appealing for both parties, Califf said.

“Bank of Bartlett’s obviously liquidating as much property as possible,” he said. “They foreclosed on it, so they wanted to sell it. This is a perfect user who needs interstate visibility and it’s easy to get to. And for the price, you probably can’t duplicate that location on the interstate anywhere else.”

National College is a private college encompassing 29 campuses in Virginia, Kentucky, Ohio, Tennessee, Indiana and West Virginia. The college offers more than 40 academic programs including degrees in a number of fields in business, computers and health care.

National College has two Memphis campuses. One is south of Midtown in the Lamar Industrial Park, 3545 Lamar Ave., suite 1. The other is at 5760 Stage Road.

Calls to National College were not returned by press time.