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Editorial Results (free)

1. Short-Term Leases Help Retail Industry Navigate Busy Shopping Season -

With the holiday shopping season already in full swing, some companies in need of additional space to help alleviate their seasonal storage requirements are finding willing landlords as partners.

Because holiday retail sales are expected to significantly rise above the 10-year average and increase 3.6 percent to $655.8 billion nationally, according to the National Retail Federation, it’s no surprise local companies are looking to work out year-end deals with landlords trying to fill leftover space.

2. St. Jude Planning Renovation Of Tri Delta Place -

350 N. Third St.

Memphis, TN 38105

Permit Amount: $3.5 million

Application Date: November 2016

3. Experts: Memphis Competitive on Commercial Real Estate Front -

Incentives are an indispensable tool for attracting major corporate tenants to Memphis. Memphis industrial real estate activity is hot, there’s something of a war for office sector talent and there’s been good absorption of multifamily space in Memphis this year.

4. Local Real Estate Sectors Show Positive Absorption -

Vacancy in the Memphis MSA industrial market has hit a five-year low as 3.5 million square feet of space has been absorbed so far this year, according to the latest MarketView Report from CBRE.

In the third quarter, the Memphis MSA saw 843,827 square feet of positive net absorption, down about 27 percent from the previous quarter.

5. Memphis Real Estate Sectors All Show Positive Absorption -

Vacancy in the Memphis MSA industrial market has hit a five-year low as 3.5 million square feet of space has been absorbed so far this year, according to the latest MarketView Report from CBRE.

In the third quarter, the Memphis MSA saw 843,827 square feet of positive net absorption, down about 27 percent from the previous quarter.

6. Commercial Real Estate Market On Strong Run -

When it comes to commercial real estate, Memphis is on a tear at the moment.

That’s according to Andy Cates, president and CEO of brokerage services for Colliers International in Memphis. Looking back on 2016, he’s ebullient about the abundant new construction that has characterized the year, as well as the large amount of capacity still in place and the promise of what’s to come in 2017.

7. Last Word: Election Impact, Fun with Election Cross Tabs and DeSoto vs. Marshall -

Now, about the idea being discussed starting late last week that when the Feds are looking at someone running for office or holding office they have to take into consideration how close the next election is for that person.

8. Local Multifamily Market Continues To Log Higher Sales, Strong Demand -

Multifamily real estate sales have been strong in Memphis for a couple of years, and the 41 transactions posted in the third quarter mark the most recorded in a quarter in two years.

“The multifamily market continues to be very strong and has been the strongest real estate sector for the past several years,” said Mark Fogelman, president of Memphis-based Fogelman Management Group, a national multifamily property management company.

9. Real Estate Awakening -

The year’s biggest office deal didn’t affect Memphis’ office absorption at all, but everyone in real estate has felt its reverberations.

When ServiceMaster Global Holdings announced its move to the shuttered Peabody Place Mall from Ridge Lake office park, it promised new life for a 328,000-square-foot black hole in Downtown’s retail market.

10. Spate of Big Deals Among CRE Trends In 2016 -

Ask CBRE senior associate Gray Fiser to sum up the commercial real estate market in Memphis over the course of 2016, and he’s ready with a few quick bullet points by way of reply.

Fast forward, say, five years from now, he explains, and these are the things likely still being talked about:

11. Trustmark Centre Building Sells for $14.5 Million -

An office building at 5350 Poplar Ave. in the prime East Memphis office submarket has been sold.

The Trustmark Centre building, located between Valleybrook and West Suggs Drive, was purchased by Tennessee and New York investment companies doing business as 5350 Poplar Office Center LLC for $14.47 million.

12. Open and Shut -

The office of the future hacks down cubicle walls in favor of modular furniture that encourages collaboration. As many business sectors, from banking to legal services, move to a tech-first approach, companies are turning away from traditional office configurations to attract the next generation of talent.

13. Kirkpatrick Named CFO At Commercial Advisors -

Lori Kirkpatrick has joined Cushman & Wakefield/Commercial Advisors as chief financial officer. In this role, Kirkpatrick oversees all finance and accounting functions at the commercial real estate services firm, including lease administration services provided to clients. 
She focuses on driving projects and innovations and ensuring quality and commitment to our clients. 

14. Memphis Drawing More Out-of-Town Retailers -

Second- and third-tier retail markets are seeing a resurgence nationally, and Memphis’ own economic recovery is garnering attention from out-of-town retailers.

Among the higher-end retailers preparing for their first local store are Ikea, which is set to open in the next few months, and Trader Joe’s and Nordstrom Rack, both of which are in their early stages and are expected to open by the end of 2017.

15. CBRE, Mosaik Partner To Map Cellular Service -

CBRE has partnered with Memphis-based Mosaik to analyze cellular and Wi-Fi coverage at commercial properties.

With the launch of CBRE’s new Benchmark In-Building Cellular Mapping Services, CBRE Telecom Advisory Services will be able to quantify the network quality of entire properties or an individual unit.

16. CBRE, Mosaik Partner To Map Cellular Service -

CBRE has partnered with Memphis-based Mosaik to analyze cellular and Wi-Fi coverage at commercial properties.

With the launch of CBRE’s new Benchmark In-Building Cellular Mapping Services, CBRE Telecom Advisory Services will be able to quantify the network quality of entire properties or an individual unit.

17. Evergreen Packaging Expands in East Memphis -

Evergreen Packaging has renewed and expanded its lease at the 5350 Poplar Ave. office building in East Memphis.

18. Evergreen Packaging Expands in East Memphis -

Evergreen Packaging has renewed and expanded its lease at the 5350 Poplar Ave. office building in East Memphis. The 40,000-square-foot location will be the global headquarters for Evergreen, a spinoff of International Paper’s paper packaging division located in Memphis since 2007. Evergreen recently merged with Indianapolis-based Closure Systems International and York, Pa.-based Graham Packaging Co., creating a combined company with $5.5 billion in annual revenue.

19. Downtown Office Market Picking Up, Industrial Market Could Get Hotter -

Memphis’ office and industrial markets saw strong second quarters, with increased absorption and positive outlooks for the rest of the year.

The quarter was dominated by ServiceMaster Global Holdings’ announcement that it was moving its headquarters from East Memphis to the shuttered Peabody Place mall. The home services and tech company will transform the former mall into a $27 million, Class A office building.

20. First Tennessee Consolidating Real Estate -

First Tennessee Bank is renovating and restructuring three of its Memphis properties in a project totaling upwards of $62 million.

21. Pinnacle Financial Anchor Tenant in Boyle's New Office Building -

Pinnacle Financial Partners will be an anchor tenant in Boyle Investment Co.’s long-awaited office building in Ridgeway Center.

22. ‘Why Don’t We Start Our Own?’ -

The diner-style restaurant planned for 2657 Broad Ave. is a bit unique as far as commercial real estate projects go.

Yes, it’s of a piece with the rest of the groundswell of redevelopment and commercial activity that’s transformed Broad into a people-packed arts, retail and restaurant scene. One of those hotspots along the street is the combination coffee shop and retailer City & State, the owners of which have signed a lease at 2657 Broad for their next venture.

23. New Center to Capitalize on Strong Retail Demand -

The shopping center at 6450 Poplar Ave. is fully constructed with tenants opening as soon as next month.

24. Show Time -

For the first time in years, the Peabody Place mall was packed. On June 3, hundreds of ServiceMaster employees and a handful of business and government leaders ushered in One ServiceMaster Center, a multimillion-dollar headquarters for Memphis’ fourth-largest public company.

25. Available Class-A Office Space Scarce in Memphis -

ServiceMaster is looking to relocate its headquarters into a Class A office building, and Memphis just doesn’t have room.

“For the past two years, we’ve been using those phrases,” said Ron Kastner, senior vice president with CBRE.

26. $21.6 Million in Construction Headed to Graceland -

1064 Craft Road

Memphis, TN 38116

Permit Amount: $18.1 million

Project Cost: $21.6 million

27. Downtown Gets Creative With Office Users -

The Downtown Memphis Commission is rebranding Memphis’ urban core to attract millennials and fill in office space vacancies with the next creative firm or startup.

Announced in November, “My HQ is Downtown” is a comprehensive marketing strategy that sells Downtown as a creative hotspot.

28. Moving Dirt -

The Memphis development community is looking inward and upward to increase density in the urban core. New construction is happening across all four commercial real estate sectors, with long-anticipated projects like Trader Joe’s and the redevelopment of Central Station finally coming to fruition. Construction and operating costs continue to be a challenge as new projects hit the top of their class to command higher rents.

29. Levy Dermatology Adds Danielle Levine -

Dr. Danielle Levine has joined Levy Dermatology as a dermatologist from Harvard Medical School, where she ran high-risk skin cancer, melanoma, surgery and cosmetic clinics. Levine brings expertise in skin cancer detection and treatment, as well as minimally invasive techniques for facial and body rejuvenation.

30. Cordova Apartments Sell for $31.1 Million -

555 Wood Arbor Parkway
Memphis, TN 38018
Sale Amount: $31.1 million

Sale Date: March 2, 2016
Buyer: CEAI Grove LLC
Seller: Trinity 464 LLC
Loan Amount: $4.2 million
Borrower: CEAI Grove LLC
Lender: CBRE Multifamily Capital Inc.
Details: The Grove at Trinity Point apartments have sold for $31.1 million.

31. Cordova Apartments Sell for $31.1 Million -

The Grove at Trinity Point apartments have sold for for $31.1 million.

In a March 2 warranty deed, Trinity 464 LLC sold the Cordova property to CEAI Grove LLC. In conjunction with the sale, CEIA Grove signed a certificate of joint venture with Fundrise Real Estate Investment Trust.

32. Patrick Accounting Firm Growing Again, With HQ Move -

Growth has been one of the constants of the accounting firm Matthew Patrick founded in 2003 which bears his name.

33. New Numbers: Memphis Industrial Market Breaks Records -

The Memphis industrial sector had a banner year in 2015. According to year-end data from Cushman & Wakefield/Commercial Advisors, last year’s absorption level came in at 8.4 million square feet, 2 million square feet higher than 2006’s pre-recession levels and a record for the market.

34. Midtown Memphis Ready for Apartment Building Boom -

It’s been more than a decade since new apartments were built in Midtown, and that’s poised to change in a big way with a wave of new multifamily construction stretching from Binghampton to Crosstown.

35. Belz Sells Linden Camilla Towers for $14.4 Million -

256 S. Camilla Street
Memphis, TN 38104

Sale Amount: $14.4 million

Sale Date: Dec. 6, 2015

36. Patrick Accounting Moving HQ to East Memphis -

Patrick Accounting and Tax Services PLLC and Patrick Payroll LLC have purchased an East Memphis office building for their new headquarters.

37. Patrick Accounting Moving HQ to East Memphis -

Patrick Accounting and Tax Services PLLC and Patrick Payroll LLC have purchased an East Memphis office building for their new headquarters.

38. Last Word: Farewell For Now Midtown Kroger, Weather Hype and Tri-State Bank Clues -

A moment of silence for Midtown Kroger if you will, now that you’ve been through the New Year’s mountain of emails etc.
Where to shop with the Midtown supermarket landmark now closed was the water-cooler question of the day for those who have had a love-hate relationship with the store.
If you are a creature of habit and your habit is that store, you’ve known it by many names – Seesel’s, Seesel’s by Albertson, Schnucks and Kroger.
And as many bad names as you called its original parking lot, you came up with some new ones for the God-forsaken parking lot and its marked pedestrian walkway to hell built on the elegant ghost of the old Trousseau shop.
The store's interior wasn’t quite “Double Indemnity” tiny – think Barbara Stanwyck in cat sunglasses talking furtively over doll-like shelves to Fred MacMurray before “My Three Sons.”
But the “super” in its version of a supermarket was the 1950s black-and-white television Superman.
When Pau Gasol – the original Gasol -- was still playing for the Grizzlies, I ran across him on a late-night grocery excursion able to shop two aisles at once peering over his own aisle to the one I was on, suddenly having that feeling that someone was watching me.
An informal and decidedly unscientific sampling Monday found the alternative sites were the Kroger at Poplar and Cleveland, Cash Saver on Madison, West Memphis WalMart (a go to destination for left of Midtowners, otherwise known as Downtowners) and “I’m still waiting for Trader Joe's."
The old Midtown Kroger has closed as the new and bigger Kroger is starting to take shape behind chain link fences with tarps and other construction barriers just west of the original store but still within earshot of the Idlewild Presbyterian Church carillon.

39. CBRE Acquires Memphis Affiliate -

CBRE Memphis has gone from being an affiliate of CBRE Group Inc. to becoming part of the Fortune 500 real estate service and investment firm.

40. Developers Buy Land For Downtown Cambria Hotel -

The two Ohio-based development firms planning to build a Cambria Hotel & Suites in Downtown Memphis have purchased the property for the proposed 166-unit hotel.

C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., purchased the 3.2-acre vacant property on the south side of Union from CCL Label for $3.5 million, according to a Dec. 17 warranty deed.

41. LEDIC Signs Lease For New Memphis HQ -

LEDIC’s new headquarters is official.

The Memphis-based manager, owner and developer of multifamily properties around the country has signed a long-term lease at 555 Perkins Extended, according to a Tuesday, Nov. 24, announcement from CB Richard Ellis Memphis.

42. LEDIC Signs Lease For New Memphis HQ -

LEDIC’s new headquarters is official.

The Memphis-based manager, owner and developer of multifamily properties around the country has signed a long-term lease at 555 Perkins Extended, according to a Tuesday, Nov. 24, announcement from CB Richard Ellis Memphis.

43. My HQ Initiative Aims to Boost Downtown Memphis Office Market -

For years, the Downtown Memphis office market has been the same story: Bank A, law firm B and accounting firm C left for East Memphis. The newest buildings are now half-empty as firms, big and small, make their exodus.

44. CBRE Division Leaves Clark Tower -

CBRE Group Inc. is vacating its Clark Tower offices and moving to Primacy Park II at 6055 Primacy Parkway.

45. CBRE Division Leaves Clark Tower for Primacy Park -

CBRE Group Inc. is vacating its Clark Tower offices and moving to Primacy Park II at 6055 Primacy Parkway.

46. Retail Market Boosted by Groceries, Small Business -

The third quarter of 2015 was a busy one for the retail sector with a lot of activity derived from grocery stores and small businesses.

Fundamentals are trending favorably with the total vacancy rate down to 12.6 percent compared to 12.9 percent in second quarter 2015. Net absorption rose from 134,251 square feet in second quarter to 160,229 square feet in the most recent quarter, and the rental rate increased from $8.62 to $8.72 per square foot, according to CB Richard Ellis Memphis data.

47. Office, Industrial Real Estate Enjoy Strong Third Quarter -

Memphis’ industrial and office sectors are seeing healthy activity, and some areas are experiencing record fundamentals.

At the Crescent Center building in East Memphis, prices per square foot have reached $30.50, a level that hasn’t been seen before in the Memphis market.

48. Mix It Up -

Memphis’ development eye is turning inward and upward as mixed-use projects are becoming more common than ever before.

Usually a mode of survival for densely packed cities, residential, office, retail and even manufacturing are cohabitating in single mixed-use buildings or lots as a way to recoup Memphis’ sprawl. Downtown and Midtown are being combed for infill and adaptive reuse possibilities as millennials are moving to the urban core in droves.

49. Huge Memphis Industrial Lease Caps Busy Q3 -

The largest lease of the year has gone to a Fortune 500 Company.

TJX Cos., the parent company of T.J. Maxx, Homegoods and Marshalls, signed on with 800,000 square feet at Memphis Oaks III in Southeast Memphis.

50. Memphis Retail Market Boosted by Groceries, Small Business -

The third quarter of 2015 was a busy one for the retail sector with a lot of activity derived from grocery stores and small businesses.

Fundamentals are trending favorably with the total vacancy rate down to 12.6 percent compared to 12.9 percent in second quarter 2015. Net absorption rose from 134,251 square feet in second quarter to 160,229 square feet in the most recent quarter, and the rental rate increased from $8.62 to $8.72 per square foot, according to CB Richard Ellis Memphis data.

51. Overton Square’s Future Tenants Could Be Residents -

With Overton Square reaching 100 percent occupancy, there’s nowhere else for the entertainment district to go but up. Loeb Properties currently is looking at possibly adding two multistory mixed-use buildings to complement the bustling arts and nightlife scene.

52. Memphis Multifamily Action Gets Second-Quarter Boost -

Multifamily fundamentals were strong for the second quarter of 2015 as Downtown and Collierville continued to perform well in their new-construction booms.

New construction is ahead compared to second quarter 2014, with 567 units coming online in the Memphis metro area compared to 466 units last year, according to CBRE Memphis’ Multifamily MarketView. By year-end, construction will total 1,280 units.

53. CBRE Opening Appraisal Office in Memphis -

Commercial real estate services and investment firm CBRE Group Inc. is opening valuation and advisory services divisions in Memphis and Louisville, Ky.

54. ULI Panel Tackles Soulsville’s Dilemma as Shadyac Reveals Concept -

Local shareholders and national development leaders got deep in the heart of Soulsville USA this week with an all-day deliberation on how to bring placemaking to one of Memphis’ struggling historical areas.

55. CBRE Opening Appraisal Office in Memphis -

Commercial real estate services and investment firm CBRE Group Inc. is opening valuation and advisory services divisions in Memphis and Louisville, Ky.

56. 'En Fuego' -

When Southaven Mayor Darren Musselwhite took office in June 2013, one of the first tasks that landed on his desk was a long-planned regional outlet mall.

The outlet mall, planned for a roughly 33-acre site at Church Road and Interstate 55 in the DeSoto County city, had been on the drawing board for some time, but the recession and its aftermath caused developers and Mississippi officials to put it on hold.

57. Build Out -

Boyle Investment Co. is building a 52,000-square-foot office building at its Schilling Farms community in Collierville in which Helena Chemical Co.’s Southern Business Unit will lease half of the space.

58. LRK Launches Expansion in Downtown Memphis -

Looney Ricks Kiss is embarking on an expansion of its Downtown Memphis headquarters.

The Memphis-based architecture, planning and design firm is expanding its office footprint by about 60 percent as part of a long-term lease extension at the Toyota Center building adjacent to AutoZone Park, 175 Toyota Plaza.

59. I Choose Memphis: Gray Fiser -

“I Choose Memphis” spotlights Memphians who are passionate about calling this community home. New Memphis Institute provides the profiles.

Name: Gray Fiser

Job title and company: Senior Associate, CBRE Memphis

60. TruGreen Selects East Memphis for New Headquarters -

TruGreen is moving more than 300 Memphis-area employees and its corporate headquarters to a 65,000-square-foot space at the Forum II office building in East Memphis, the company announced Friday.

The new headquarters, which will eventually house up to 400 of TruGreen’s corporate associates, will be part of the three-building Forum Office Complex, situated at the intersection of Kirby Parkway and Poplar Avenue.

61. Creative Class Boosting Downtown Memphis Office Market -

With the clock on its Downtown office sublease running, officials at Sullivan Branding began looking for a new home.

The Memphis-based marketing, advertising and public relations firm needed a dynamic environment, one that would appeal not just to clients but to existing and prospective employees.

62. Wharton, Strickland Top $250,000 in Campaign Accounts -

As they prepare to pull qualifying petitions for the October ballot, Memphis Mayor A C Wharton Jr. and challenger Jim Strickland each have more than $250,000 in their campaign accounts.

63. Pinnacle Awards Honor Commercial Real Estate Standouts -

The local commercial real estate community gathered at the Memphis Botanic Garden Thursday, April 9, for the 14th annual Pinnacle Awards. Every year, the Memphis Area Association of Realtors Commercial Council honors its members based on their transactional volume, merit and community activity.

64. Housing Crash Sends Beeson Into Commercial Real Estate -

Jacque Beeson entered the world of real estate when she was 19-years-old, working as an assistant to a homebuilder developing subdivisions. She stayed in the residential sector for 17 years, until the local housing market bottomed out in 2010.

65. Real Estate Pros Upbeat -

After finally latching on to the broader national economic recovery in 2013, the Memphis-area commercial real estate market shook of the last vestiges of the Great Recession and roared back to life in 2014 with the office, retail, industrial and apartment sectors all producing solid gains.

66. Former Miami Mayor Diaz to Speak in Memphis -

In his forward to former Miami mayor Manny Diaz’s book “Miami Transformed,” Michael Bloomberg said Diaz will go down in history as one of the country’s most innovative urban leaders.

67. Shelby Farms Conservancy Seeks $7.2 Million in Permits -

6093 N Patriot Lake Blvd.
415 E. Patriot Lake Blvd.
Memphis, TN 38118
Permit Amount: $7.2 million

68. Airport Business Park Sells for $4.7 Million -

A group affiliated with a Dallas-based commercial real estate financing company has acquired Airport Business Park at a significant discount.

CRE ABP Memphis LLC, which is affiliated with Dallas-based Gearing Capital Partners Inc., bought Airport Business Park from Allegiance Realty Corp. for $4.7 million, according to a Jan. 21 warranty deed.

69. Airport Business Park Sells for $4.7 Million -

A group affiliated with a Dallas-based commercial real estate financing company has acquired Airport Business Park at a significant discount.

CRE ABP Memphis LLC, which is affiliated with Dallas-based Gearing Capital Partners Inc., bought Airport Business Park from Allegiance Realty Corp. for $4.7 million, according to a Jan. 21 warranty deed.

70. Raymond James Tower Fetches $20 Million -

How much is a 21-story skyscraper overlooking the Mississippi River worth? About $1 million a floor.

New York-based investor Jacob Sofer will pay Parkway Properties around $20 million for the Raymond James Tower at 50 N. Front St. Downtown, according to several people with knowledge of the transaction. The Shelby County Assessor of Property’s 2014 appraisal for the 340,000-square-foot building is $24 million.

71. Walter Awarded AAF Silver Medal -

Ronald A. Walter, president and general manager of WREG-TV, has been chosen to receive AAF Memphis’ 2015 Silver Medal, the highest form of individual recognition given by local chapters of the American Advertising Federation. The annual award, which honors an exceptional leader for a career of outstanding accomplishment and contribution in the industry, will be presented at AAF Memphis’ luncheon Jan. 29 at 11:30 a.m. at Memphis Botanic Garden.

72. Memphis Industrial Market Rebounds in 2014 -

The upswing in the industrial real estate sector that started in 2012 and gained momentum in 2013 continued in 2014 and the Memphis market, fueled by several large transactions late in the year, should top 2013's level of around 3.2 million square feet of absorption.

73. Grassroots Growth -

In 2007, Greg Spillyards was part of a team at CB Richard Ellis Memphis tasked with reviving the dog-eared Bellbrook Industrial Park.

The project struck close to Spillyards’ heart.

Born in Pine Bluff Ark., and raised in Memphis, Spillyards originally entered the world of commercial real estate to help transform communities from the ground up, the kind of effort that restoring Bellbrook would take.

74. Making a Statement -

One of the regional banking players in Memphis is Jackson, Miss.-based Trustmark Bank, which took a big step that made a statement in Memphis this year.

75. Sources: Target to Seek Incentives for Memphis Project -

Target will seek incentives from Memphis and Shelby County as early as next week for an industrial project that could create up to 600 jobs, according to multiple sources.

The Minneapolis-based retail giant has explored sites in DeSoto County and Memphis for a distribution center and is in the process of finalizing a lease for the 900,000-square-foot building at 5461 Davidson Road in Southeast Memphis. In addition to the 600 jobs, Target is expected to make significant capital improvements to the property, which was formerly occupied by Hamilton Beach.

76. Spillyards Leads Community Advisors Launch -

Greg Spillyards has joined the brokerage team at Cushman & Wakefield/Commercial Advisors to launch the firm’s Community Advisors service line.

Community Advisors is focused on the Memphis city core, with a goal to provide real estate advisory services to assist in the revitalization of the city’s underserved areas with passion, creativity and entrepreneurship, and with service to those already living and leading in their neighborhoods.

77. KPMG Signs Lease In East Memphis -

After a year-long study of different options, audit, tax and advisory firm KPMG has made its move from Downtown to East Memphis official with its announcement today of the signing of a 10-year 3-month lease at Highwoods Properties’ Triad Centre III at 6070 Poplar Ave.

78. KPMG Signs Lease in East Memphis -

After a year-long study of different options, audit, tax and advisory firm KPMG has made its move from Downtown to East Memphis official with its announcement today of the signing of a 10-year 3-month lease at Highwoods Properties’ Triad Centre III at 6070 Poplar Ave.

79. KPMG Signs Lease in East Memphis, Leaving Downtown -

After a year-long study of different options, audit, tax and advisory firm KPMG has made its move from Downtown to East Memphis official with its announcement today of the signing of a 10-year 3-month lease at Highwoods Properties’ Triad Centre III at 6070 Poplar Ave.

80. Loeb Buys Office Complex in Heart of East Memphis -

Loeb Properties has acquired an office complex in the heart of East Memphis, the company’s first major acquisition since it bought Overton Square in July 2012.

Memphis-based Loeb Properties purchased Executive Square, a 40-suite professional office complex at Poplar Avenue and Yates Road in East Memphis, from F. William Hackmeyer for $3.85 million.

81. Target Eyeing Memphis Area for Distribution Center -

Target is eyeing the Memphis area for an industrial project that could create up to 600 jobs, according to multiple sources.

The Minneapolis-based retail giant is considering sites in DeSoto County and Memphis for a distribution center and could soon seek incentives from Memphis and Shelby County, the sources said.

82. Hillwood to Launch Two Spec Buildings in DeSoto County -

A Texas-based development firm will start turning dirt soon on a massive new business park in DeSoto County.

Hillwood Investment Properties is expected to begin site work in around 30 days on Legacy Park, a 266-acre distribution and business park on the south side of Goodman Road, just east of Hacks Cross Road near Polk Lane.

83. Overton Square Highlights Commercial Real Estate Positives -

The old owners of Overton Square had a plan to remove existing local tenants and retailers and replace them with national retailers.

They succeeded in emptying Overton Square of tenants, but couldn’t attract new national retailers, leaving what was left to twist in the wind.

84. 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.

85. Real Estate Rally -

Commercial real estate can offer insight into the strength of the local economy. Through the office, retail, industrial and apartment developments that mark the region the economy at work in the real world can be seen.

86. Brook Chase Apartments Sells for $31.1 million -

The 280-unit Brook Chase Apartments community in Germantown has been sold for $31.1 million.

Brook Chase Apartments Partnership LLC, an affiliate of Germantown-based Sentinel Real Estate Corp., sold the complex to G & I VIII Brook Chase LLC, an affiliate of New York City-based DRA Advisors LLC, according to an Oct. 3 special warranty deed. G & I VIII Brook Chase LLC also filed a $22.1 million loan with CBRE Capital

87. Brook Chase Apartments Sells for $31.1 million -

The 280-unit Brook Chase Apartments community in Germantown has been sold for $31.1 million.

Brook Chase Apartments Partnership LLC, an affiliate of Germantown-based Sentinel Real Estate Corp., sold the complex to G & I VIII Brook Chase LLC, an affiliate of New York City-based DRA Advisors LLC, according to an Oct. 3 special warranty deed. G & I VIII Brook Chase LLC also filed a $22.1 million loan with CBRE Capital Markets Inc., according to an Oct. 3 multifamily deed of trust.

88. Olive Branch Business Park Closer to Development -

A Texas-based development firm could start turning dirt soon on a massive new business park in Olive Branch.

Hillwood Investment Properties is expected to close on a land purchase next week that will clear the way for Legacy Park, a 265-acre distribution and business park on the south side of Goodman Road, just east of Hacks Cross Road near Polk Lane.

89. Steffner Adds SIOR Role to Real Estate Resume -

Since Joe Steffner opened his own commercial real estate firm 10 years ago, the industry veteran has had a front row seat to some wild changes in the industry.

He experienced everything from the boom days of the early- and mid-2000s to the depths of the recession and its crushing aftermath as the decade ended.

90. Memphis Multifamily Sector on Firm Ground -

It was 2008 and Memphis-based Makowsky Ringel Greenberg had just acquired a swath of property inside Boyle Investment Co.’s master planned Schilling Farms community in Collierville for a new multifamily development.

91. CBRE Picked to Manage Lenox Park Buildings -

CB Richard Ellis Memphis has been selected by Highbrook Investment Management to manage four buildings in the Lenox Park office complex, located at Tenn. 385 near Kirby Road.

The four 100,000-square-foot buildings are part of the seven that comprise the largest collection of Class A office space in Memphis. CBRE Memphis began management of buildings C, D, E and F on May 1. Since Highbrook purchased the four buildings in 2012, more than 50,000 square feet has been leased to companies including C.H. Robinson, W.M. Barr, Verso Paper and Metro PCS.

92. Developer Tries Again for Highland McDonald’s -

The developer behind a proposed McDonald’s on Highland Avenue near the University of Memphis is making another attempt at the project.

According to the most current site plan, the 5,353-square-foot restaurant building is situated along the sidewalk on Highland and a looping drive-thru proposed earlier has been replaced with one that runs along the eastern side of the building.

93. CBRE Picked to Manage Lenox Park Buildings -

CB Richard Ellis Memphis has been selected by Highbrook Investment Management to manage four buildings in the Lenox Park office complex, located at Tenn. 385 near Kirby Road.

The four 100,000-square-foot buildings are part of the seven that comprise the largest collection of Class A office space in Memphis. CBRE Memphis began management of buildings C, D, E and F on May 1. Since Highbrook purchased the four buildings in 2012, more than 50,000 square feet has been leased to companies including C.H. Robinson, W.M. Barr, Verso Paper and Metro PCS.

94. City Mulls Plan to Buy Former State Building -

It would be cheaper and more efficient for the city of Memphis to lease and then buy the vacant Donnelley J. Hill state office building across Main Street from Memphis City Hall than to continue leasing multiple properties spread across town, consultants and city officials told City Council members Tuesday.

95. ‘Drive for Progress’ -

There’s a duality of meaning implied in the name of the civic organization where Nancy Coffee serves as president and CEO.

96. Music Lounge to Open in Edge District -

The Edge District near Downtown lost a theater but is gaining a new live music lounge in August.

The Dizzy Bird, named after legendary Jazz greats John “Dizzy” Gillespie and Charlie “Bird” Parker, is slated to open Aug. 2 at 652 Marshall Ave.

97. Asics America Expanding in Byhalia -

Asics America Corp. is expanding its footprint in Byhalia, Miss.

The company is adding 342,144 square feet to its central footwear and apparel distribution center inside the Chickasaw Trail Industrial Park.

98. Addison at Collierville Owner Files $17 Million Loan -

400 Orchard Circle
Collierville, TN 38017
Loan Amount: $16.8 million

Loan Date: July 1, 2014
Maturity Date: July 1, 2021
Borrower: G&I VII Addison at Collierville LLC
Lender: CBRE Capital Markets Inc.
Details: The owner of the 226-unit Addison at Collierville apartments at 400 Orchard Circle W. has filed a $16.8 million loan on the property.

99. ‘Significant Headwinds’ -

When Gov. Bill Haslam joined local economic development and civic officials at FedExForum in January to announce that Conduit Global would open a call center in Shelby County that would employ 1,000 people over the next three to five years, it provided a much-needed boost to the local office real estate sector.

100. Addison at Collierville Owner Files $17 Million Loan -

The owner of the 226-unit Addison at Collierville apartments at 400 Orchard Circle W. has filed a $16.8 million loan on the property.