VOL. 129 | NO. 56 | Friday, March 21, 2014
CB Richard Ellis Brokers Four Multifamily Sales
By Amos Maki
The multifamily group at CB Richard Ellis Memphis has closed on the sale of four properties in the Memphis market over the last several weeks.
Briar Club Apartments, a 272-unit apartment community constructed in 1985, sold for $8.7 million, or $32,093 per unit. Cinnamon Trails Apartments, a 208-unit apartment community constructed in 1989, sold for $8.6 million, or $41,461 per unit. respectively. CBRE Memphis represented the sellers, Briar Apartments LLC and Cinnamon Apartments LLC in the sale to New York based Briar Club LLC and Cinnamon Trail LLC.
Georgian Woods Apartments, a 100-unit apartment community on Union Avenue and constructed in 1946, sold for $3.85 million, or $38,500 per unit. CBRE represented a local partnership in the sale to Georgian Woods Property Owner LLC.
Collier Village Apartments, a 100-unit apartment community in Collierville built in 1978, sold for $4.4 million, or $44,000 per unit. CBRE Memphis and GMH Capital Partners represented the seller, Collier Village Associates LLC in the sale to Collier Village Apartments Utah LLC.
Blake Pera and Tommy Bronson III of CBRE Memphis handled the transactions.
The Memphis market had around $239 million in multifamily sales last year, which was down from $323 million in 2012.
Memphis architecture firm brg3s has signed on for three more years in the booming South Main Historic Arts District Downtown.
The company renewed a lease for 3,000 square feet of office space at 11 W. Huling Ave. The architecture firm originally moved to that location from Pembroke Square in 2012.
Founded in the 1900s by Walk C. Jones, brg3s has designed several high-profile Memphis projects, including the Salvation Army Kroc Center and the Memphis Area Transit Authority terminal near Memphis International Airport.
The firm is designing the Truck Stop restaurant, which will feature a traditional restaurant and kitchen along with onsite food trucks, planned for the corner of Cooper Street and Central Avenue.
James Rainer and Jim Rainer of Newmark Grubb Memphis represented brg3s while Chris Garland of the Garland Co. represented the landlord.
In other leasing news, Bogen Communications Inc., a manufacturer and designer of telephone paging, public address, intercommunications and background music systems, has leased space at Shelby Air Park.
Bogen Communications leased 39,241 square feet at 4570 Shelby Air Drive.
Located at the corner of Shelby Drive and Malone Road, Shelby Air Park contains 127,400 square feet.
Bobby Daush of CB Richard Ellis Memphis represented Bogen while Tim Mashburn of Colliers International Memphis represented the landlord.
A large nationwide security services company has leased space at the Eastgate office building.
Securitas, which has more than 300,000 employees and operations in 52 markets, leased 2,700 square feet in the Eastgate office building.
Frazier Baker and Will Barden with Colliers International Memphis represented Securitas and Don Drinkard with CB Richard Ellis Memphis represented the landlord.