VOL. 112 | NO. 79 | Monday, May 11, 1998
By SUZANNE THOMPSON
William B. Tanner Enterprises
acquires land across from Wolfchase
By SUZANNE THOMPSON
The Daily News
William B. Tanner purchased on Friday 8.01 acres of land on Highway 64, directly across from the Wolfchase Galleria, according to Joe Cooper, chief administrator for William B. Tanner Enterprises.
The land was purchased for $2.5 million from Barretville Bank and Trust Co., according to a warranty deed filed in the Shelby County Register's Office.
"We try to identify certain areas for his portfolio that would be good investments," Cooper said.
Cooper said Tanner decided to add the property to his land portfolio but is unable to disclose plans for the use of the land.
"We cannot make our plans public at this time," Cooper said.
Tanner is considering several options for the land, from selling it to developing the property himself.
Cooper said Tanner Enterprises has received numerous calls from parties interested in the tract of land.
"There are so many people who seem to want a piece of that land. Ive never seen anything like it," he said.
Ken Hoerster, vice president of retail development with Trezevant Realty Corp., said he believes the market in that area is nearing its capacity.
Trezevant Realty Corp. developed the Market of Wolfcreek, a 570,000-square-foot shopping center, anchored by big boxes such as Target, Havertys and Best Buy.
"There are still some more big boxes that are looking to come in late this year. Were not going to have the influx of boxes that weve had the last two or three years, but there will still be some in-fill locations and some retailers that are going to be coming into Memphis needing some locations," Hoerster said.
Hoerster said there are certain retailers who will probably find the land very attractive.
"I do think there are going to be some more retailers come in the market pet stores and some other soft-goods type stores that may be a good location for them."
Cooper said Tanner Enterprises considers the land a potential gold mine.
"We consider that little piece of land like Boardwalk in a Monopoly game," Cooper said.