VOL. 122 | NO. 17 | Tuesday, January 30, 2007
Memphis Real Estate Recap
As Broad Avenue corridor reawakens, one property owner deepens his commitment to the neighborhood
580 and 584 Tillman St.
And 3000-3020 Broad Ave.
Sale Amount: $1.9 million
Sale Date: Jan. 17, 2007
Buyer: Carruthers Corp. (87 percent interest) and RGRSR LLC (13 percent)
Seller: Commerce Center LP
Loan Amount: $1.8 million (Carruthers Corp.); $150,000 (RGRSR)
Loan Date: Jan. 17, 2007 (for both)
Maturity Date: Feb. 10, 2012 (Carruthers Corp.); Feb. 5, 2012 (RGRSR)
Lender: Paragon National Bank (for both)
Details: Warehouses at 580 Tillman St., 584 Tillman and 3000-3020 Broad Ave. The buildings each are around 25,000 to 30,000 square feet and were built in 1985 and 1987 on a roughly 4-acre parcel at the northeast corner of Tillman and Broad. Ten tenants occupy the buildings.
Wilson M. Carruthers Sr., secretary/treasurer of Carruthers Corp. and property manager, said the company also owns the five-tenant warehouse at 2665 Broad - in the middle of the continuing redevelopment of the Broad Avenue corridor.
In the past year, Broad-area residents and business owners have met with city leaders and consultants to discuss the declining area. A charrette - more or less a free-flowing design session - was held in early 2006 to brainstorm ideas on the future of the corridor, which is roughly between East Parkway and a railroad line on its east and west sides and Summer and Harvard avenues to the north and south.
For details on the area, see the June 26 article "Broad Avenue Area Paints Its Future in Broad Strokes" at www.memphisdailynews.com.
Carruthers said he was active in the charrette and praised city leaders for keeping area business owners and residents apprised of the project's progress.
"We've had the Broad Avenue charrette program where the neighborhood people have given input to the city of what we need, what we'd like to have, and (the city is) in the process of changing building codes and zoning ordinances and so on to upgrade the whole area," Carruthers said. "And while this property that we've purchased is at the (easternmost) end of that area, we still think it's a prime piece of property - industrial warehousing property."
Tenants of the newly purchased buildings include a lighting fixture business and a company that sells and installs sports floors, such as those in gymnasiums.
At the same time Carruthers Corp. was buying the Broad and Tillman warehouses, the company sold another of its properties: a strip retail center in the 3000 block of Park Avenue. The buyer, RGRSR LLC, is within the same family, and the property will continue to be managed by Carruthers Corp., Carruthers said.
As for the company's new acquisitions, Carruthers said some minor landscaping is planned, but most upgrades are on hold until the city has set its new building codes for the Broad Avenue corridor - another step in the redevelopment efforts.