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VOL. 116 | NO. 215 | Tuesday, November 5, 2002

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Wolf River office center nearing completion

Loeb Properties Wolf River center nearing capacity

By SUE KIRSTEIN

The Daily News

Loeb Properties, under the name Wolf River Professional Center, sold one of its last vacant lots in a 22-acre property in Germantown, an area becoming home for medical groups.

Wolf River Professional Building LLC, a partnership of two dental groups and two medical groups, bought the 63,000-square-foot lot at Wolf River Boulevard and Germantown Road to build new offices.

The property sold for $988,699, according to a warranty deed filed in the Shelby County Registers Office.

Currently, the park contains eight buildings. Loeb began developing the property in 1998, said Frank Dyer III, the companys vice president of marketing.

Since then, five or six medical groups have bought chunks of property to develop new offices, including the Renal Care Group and Foundation Medical Group.

Negotiations are underway on a remaining parcel in the park, Dyer said.

The 16,000-square-foot building will be home to four established businesses not only following their patient base, but looking for a location in what is fast becoming a hotspot for medical services.

That (area) is going to be the new medical center. That puts us right in the middle of it, said Dr. Larry Dormois, a dentist in the Pediatric Dental Group.

This group of doctors came wanting to develop a presence in what will be the medical center in Memphis over the next 25 or 30 years, with a goal of having a state-of-the-art medical office that could incorporate all the latest technology.

The Pediatric Dental Group will move its Hickory Hill office when the new building is completed, but will keep its Southaven office open.

Other dentists in the Pediatric Dental Group are Steve Fuson, Chuck Page and John Acosta.

Dr. Pat Person will move to his dental practice to the Wolf River location, as well.

Two medical groups relocating are Drs. Tom Long and Neil Beckford of Otolaryngology Associates and Dr. Ben Cox of Memphis Hearing Aid and Audiological Services.

Total investment in the project is more than $3 million, Dormois said.

Bob Howell of Fleming Associates is the project architect. Maler Construction Associates is the general contractor.

The group expects to break ground early next year and complete the project by the end of 2003.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 119 21,696
MORTGAGES 64 113 16,530
FORECLOSURE NOTICES 6 17 1,521
BUILDING PERMITS 0 325 42,816
BANKRUPTCIES 28 64 6,781
BUSINESS LICENSES 0 14 3,183
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0