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VOL. 122 | NO. 132 | Tuesday, July 17, 2007

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177 N. Highland St.
Memphis, TN 38111
Permit Cost: $600,000

     Project Cost:     $40 million

     Permit Date:     Applied July 6, 2007

     Completion:     November 2009

     Owner:     Trezevant Manor

     Tenant:     Trezevant Manor

     Architect:     Askew Nixon Ferguson Architects

     Contractor:     Linkous Construction Co. Inc.

     Details:     The first step in the second phase of Trezevant Manor's $80 million expansion. This second phase, which will cost about $40 million, will begin in November and has a two-year build-out, said Mac Caradine, project manager at Linkous Construction.

          "The permit we just took out is for (an entryway)," Caradine said. "(We are) getting ready to renovate the Allen Morgan building over there, which is the nursing home."

          The first phase will be completed in October, Caradine said.

          This particular permit, acquired for the entryway, signals the beginning of work on the second phase of the expansion.

          "It's kind of the prerequisite to the larger phase, which is an independent living facility and a renovation of the existing tower, which starts in November," Caradine said.

          The two-phase project will see the campus expand from 7.5 acres to 15 acres. The first phase created a 104-unit assisted living apartment facility above two levels of below-ground parking.

          Twenty-four independent-living homes were constructed, each 2,400 square feet with two bedrooms and two-and-a-half baths.

          The second phase will add 68 two- and three-bedroom apartments, a new lobby and entrance and a new wellness center with exercise equipment and an indoor pool.

          The expansion will allow the facility to bring in at least 200 more residents, bringing the facility's total number of seniors to more than 500.

149 Monroe Ave.
Memphis, TN 38103
Loan Amount: $1.6 million

     Loan Date:     July 9, 2007

     Maturity Date:     June 25, 2012

     Borrower:     Cadre Realty LLC

     Lender:     First Tennessee Bank National Association

     Details:     A refinance of a previous construction loan. Cadre Realty owns the Cadre Building at 149 Monroe, an events center that hosts proms, weddings, class reunions and other events. The company completed renovations a few weeks ago, according to Pam Watson, office manager with Cadre Realty.

          "We have just totally overhauled the whole building," Watson said. "We opened up another floor completely that wasn't even used for anything, and just completed gutting it out."

          The second floor is called the Monroe Room, and is about 8,000 square feet. It can seat 150 to 175 and can be used for parties, dinners and receptions. The company will be opening up the Monroe Room for daytime corporate meetings and events, according to a Cadre representative who declined to be identified.

          Cadre Realty is owned by Tommy Peters, who also is affiliated with Cadre Entertainment.

          The building at 149 Monroe was built in 1928 and has 36,000 square feet, including a ballroom which is just more than 13,000 square feet, and has a 2,500-square-foot mezzanine.

          The building was occupied by Union Planters Bank until 1996, when the bank purchased Leader Federal. Peters bought the building in July 1999.

          The space accommodates up to 1,000 guests for a cocktail-style reception and up to 500 for a seated dinner.

5605 Holmescrest Lane
Memphis, TN 38118
Sale Amount: $25.9 million

     Sale Date:     June 1, 2007

     Buyer:     DCT Holmescrest Lane LP

     Seller:     Deltapoint Park Partners LLC

     Details:     An 885,000-square-foot building at Holmes and Getwell roads. DCT Holmescrest Lane LP bought the facility at 5605 Holmescrest Lane June 1. DCT Holmescrest Lane is a subsidiary of Denver-based DCT Industrial Trust, formerly Dividend Capital Trust.
The seller was Deltapoint Park Partners, a joint venture between Dividend Capital and Deltapoint Park Associates created in 2005. Deltapoint bought the 47-acre property, then a vacant lot, in April 2005 for $2.2 million.
The property is zoned for heavy industrial use, according to Chandler Reports, www.chandlerreports.com. The Shelby County Assessor's 2007 appraisal was $20,677,800.
The building will be used for "bulk distribution" purposes, said a representative of DCT Industrial who preferred to remain unnamed. Nissan will be leasing space in the building. The representative said she could not name any other tenants at this time.
Executives from DCT were unable to be reached by press time.

3601 Paul R. Lowry Road
Memphis, TN 38109
Permit Cost: $60,000

     Project Cost:     $1 million

     Permit Date:     Applied July 5

     Completion:     Nov. 25, 2007

     Owner:     Nucor Steel

     Tenant:     Nucor Steel

     Architect:     Nucor Building Systems

     Contractor:     Stracener Brothers Construction Corp.

     Details:     Permit for the construction of a new office building at 3601 Paul R. Lowry Road.
Two new office buildings are being constructed, which will serve as administration offices for Nucor, said Thad Solomon, general manager at Nucor Memphis.
Grover Stracener, owner of Stracener Brothers, estimated the total project cost to be about $1 million. Stracener said the construction is slated for completion in November.
Solomon said Nucor has an in-house division handling the architectural aspects of the construction.
"Nucor has three, soon to be four, divisions that do this kind of structure, and that would be Nucor Building Systems," Solomon said. "It's our own design, and then we work with contractors like Stracener and others to do the construction and fabrication."
The project will begin, Solomon said, "as soon as we get the go-ahead from the city," most likely within the next month.

Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108