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VOL. 122 | NO. 37 | Tuesday, February 27, 2007

Former Union Ave. Florist Shop To Get a Facelift

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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.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 357 17,741
MORTGAGES 66 403 20,438
FORECLOSURE NOTICES 18 44 2,689
BUILDING PERMITS 208 696 36,641
BANKRUPTCIES 52 210 11,374
BUSINESS LICENSES 22 115 5,824
UTILITY CONNECTIONS 25 90 6,804
MARRIAGE LICENSES 21 107 4,023