VOL. 127 | NO. 175 | Friday, September 07, 2012
First Tennessee Unit to Move Downtown
By Sarah Baker
First Tennessee Bank is preparing its Downtown Memphis headquarters for occupancy of one of its units.
An $865,000 building permit application has been filed with the city-county Office of Construction Code Enforcement for interior build-out for First Tennessee at 165 Madison Ave., according to The Daily News Online, www.memphisdailynews.com.
“We are building out the 14th floor of our building at 165 Madison to prepare it for the occupancy of the First Tennessee Wealth Management team, which is moving from its current space in the Oak Court Office Building prior to the lease expiring in early 2013,” said Ron Bastek, director of corporate real estate at First Horizon National Corp., the parent company of First Tennessee.
The contractor is Brandy Bonner Aden, president of A and B Construction Co. Inc., a minority woman-owned company. The project was competitively bid, Bastek said.
• In other commercial leasing news, McDonald’s Real Estate Co. has bought 2342 Lamar Ave. from Mahmood M. Murshed for $850,000 – a deal that was four years in the making.
Built in 1945, the Class D strip shopping center’s 2012 appraisal from the Shelby County Assessor of Property is $313,600. Murshed acquired the property four years ago through a quitclaim in 2008 from Adam M. Murshed, who paid Catherine Freeberg $285,000 for it earlier that year.
Charlie Oates with Oates Commercial Properties represented the buyer. J. Max Hamidi with Re/Max on Track was the seller’s representative.
Hamidi said the site is about 46,000 square feet and contains eight bays. The sale includes the title to the existing McDonald’s restaurant at 2850 Lamar.
“They’re going to move that existing McDonald’s basically to the new site at 2342 Lamar,” Hamidi said. “They initially inquired about it about four years ago and they’ve been doing their due diligence and finishing all of the details.”
• In other deals, MidAmerica Investments LLC has purchased the 22,924-square-foot shopping center at 615 Chelsea Road from Maxine Wilks for $385,000.
Jeff Waddell with Crye-Leike Commercial’s Arlington office represented the buyer. Representing the seller was Lawrence Johnson with Lawrence Johnson Realtors Inc.
Built in 1930, the Class C retail strip center’s 2012 appraisal is $432,600.
• Meanwhile, VuCon LLC has signed a 1,267-square-foot lease at Lipscomb & Pitts Building, 2670 Union Ave. Extended.
Patty Lycan, sales and leasing with Gill Properties Inc., represented the tenant. Representing building owner Lake Worth, Fla.-based In-Rel Properties Inc. was Cushman & Wakefield/Commercial Advisors Asset Services LLC’s senior associate Anna Tranum and associate Brand Cook.
Also, Richter & Rasberry PC has expanded by 736 square feet and is now occupying 3,093 square feet in Clark Tower, 5100 Poplar Ave.
Tranum, as well as Commercial Advisors senior vice president Phil Dagastino Jr., handled the deal on behalf of the landlord. The tenant was unrepresented.
• Salon Prescay Parlour has leased 1,375 square feet at 1014 S. Yates St. for five years.
The freestanding retail building in East Memphis is owned by Jolanda M. Penczner Irrevocable Trust. Crye-Leike Commercial’s Wilson McCloy and Pat Surratt handled both sides.
In addition, Mocha Enterprise, a financial services and accounting firm, has leased 1,195 square feet at 3681 Summer Ave. for three years.
The tenant will occupy the entire boutique office building owned by David J. Kellenberger Property Management LLC. McCloy and Surratt handled both sides.
• And in West Memphis news, construction is set to begin this month on a new 20,000-square-foot Tractor Supply Co. facility at the corner of College Boulevard and the Interstate 40 service road.
The store should be open for business in early 2013. Van Spear, vice president of NAI Saig Co., represented the property owner, Randy Catt, president of Guaranty Loan, and Rick Wilson Enterprises LLC, the developer for Tractor Supply Co., in the transaction.
Founded in 1938 as a mail order truck parts business and now based in Brentwood, Tenn., Tractor Supply Co. has close to 1,100 stores in 38 states. The big-box chain offers a number of products for home improvement, agriculture, lawn and garden maintenance, and livestock and pet care.
The move comes on the heels of the completion of The Market Place at West Memphis, a 29,340-square-foot retail center, which opened in the spring of 2011 and is in the shadow of the city’s Walmart Super Center.