VOL. 122 | NO. 37 | Tuesday, February 27, 2007
Memphis Real Estate Recap
Former Union Ave. Florist Shop To Get a Facelift
2011-2015 Union Ave.
Memphis, TN 38104
Sale Amount: $900,000
Sale Date: Feb. 2, 2007
Buyer: 2011-2015 Union Avenue Partners
Seller: Eddie Hayward and Paul Myers, trustees
Loan Amount: $1.4 million
Loan Date: Feb. 2, 2007
Maturity Date: Feb. 1, 2008
Lender: BancorpSouth Bank
Details: A two-story, 18,300-square-foot building built in 1963. It sits on about .4 acres south of Union Avenue east of South Rembert Street. The mortgage is a construction loan for property renovation.
2011-2015 Union Avenue Partners is comprised of T. David Goodwin Jr., Richard Lynch and Gary D. Myers.
Myers said the building housed Flowers by Sandy until the florist closed last year.
"We have a renovation planned to renovate that building both inside and out - bring it out of the '60s - and we expect to put retail on the bottom and first-class office users on the second floor," said Myers, the commercial real estate broker behind The Gary Myers Co. Once the first tenant is signed, the developers will begin the exterior renovations and the interior improvements for that tenant, Myers said.
The additional renovations will continue when another tenant is signed.
Myers said developers have difficulty obtaining enough land on Union to "do anything big" because the commercial zoning is shallow and some of the neighboring residential sections are historic districts.
However, he said, it is possible to put together an attractive collection of free-standing commercial buildings on Union.
"Union Avenue is slowly but surely going through a metamorphosis - many of the buildings are either being renovated or, in fact, torn down and new ones taking their place - and a lot of that is because it is 'on the beach': That is a very prime artery for Memphis, particularly for Midtown, and it fronts up nicely on that property, so it should be able to attract some quality tenants," he said.
Companies interested in becoming tenants may contact The Gary Myers Co.