VOL. 125 | NO. 221 | Friday, November 12, 2010
Calif. Investor Buys Midtown Apartments
By Sarah Baker
A vintage apartment complex in Midtown is under new ownership.
Gabrion Properties LLC closed on approximately 20,000 total square feet of space in Cherokee Arms Apartments for $455,000. The three-story apartment complex, 1508 Madison Ave., contains 30 studio apartments with historic vintage architecture.
Apartments contain floor plans of about 450 square feet each.
Steve Woodyard, president of Woodyard Realty Corp., acted as broker on the sale for Katherine A. Austin of Gabrion Properties.
The California ownership group owns several apartment complexes in the Memphis market.
“This is a unique opportunity to bring back quality affordable housing in the Midtown area,” said Woodyard,
“The intent is to re-establish the 1930s style charm the property once enjoyed.”
The complex is currently occupied with tenants but renovations will begin immediately, one apartment at a time.
• In other commercial leasing news, Floor Specialties/Jac-co recently purchased an 11,000-square-foot property for $525,000 at 2013 Fletcher Creek Road.
Bill Caller, broker with Crye-Leike Commercial, represented Floor Specialties. The property was purchased directly from BankTennessee, who was unrepresented in the deal.
Memphis-based Floor Specialties/Jac-co, which specializes in flooring and restoration related services, chose the site because of its convenient location.
“We had been looking for a property that fit their business needs but it needed to be in close proximity to Bartlett and very accessible,” said Caller.
“We had been looking for almost a year, primarily at buildings in the 5,000-square-foot range and we were fortunate to find this property across the street from where they are currently leasing space.”
Floor Specialties plans to relocate its current facility to the building by the end of the year.
• Lurie & Associates LLC has inked a new deal.
Pink Zebre signed a 2,974-square-foot lease in Laurelwood Shopping Center, 4556 Poplar Ave. This will be the owner’s fourth ladies fashion store in the Memphis area.
Leonard Lurie, owner of Lurie & Associates, represented Laurelwood in the transaction. There was no outside broker involved.
“We are very excited because it adds a different dimension to our center, and maintains us as a high fashion center,” said Lurie.
• Highwoods Properties Inc. announced a 1,926-square-foot lease with Family Wealth Management Services LLC at Highwoods’ Southwind Office Center Building B, 8275 Tournament Drive.
Memphis-based Family WMS, a financial advisory firm, was not represented in the deal.
Tony Argiro, leasing representative with Raleigh, N.C.-based Highwoods Properties, represented the landlord. Argiro said the new tenant will add to Highwoods’ portfolio in the area.
“We were happy on our side to add another financial services customer to our Southwind Development,” he said.
• Loeb Properties Inc. has closed a couple of items in recent weeks.
Subway signed a new lease at Daybreak Shops in Bartlett, 6490 Memphis-Arlington Road, for 1,600 square feet.
Aaron Petree, Loeb vice president of leasing and management, was the landlord representative, while Subway had no tenant representation.
Ronald Kasprack, owner of All Ways Be Connected LLC, signed a 1,200-square-foot lease in Farmington Centre, 7855 Farmington Blvd.
Petree represented Loeb as the landlord in the deal.
All Ways Be Connected, an authorized dealer for DirecTV and Dish Network, was not represented.
Also, Arnold’s BBQ renewed 1,260 square feet at Village at Hedgerow, 6721 E Shelby Drive. Chris Heinz, Loeb senior property manager, represented the landlord.
Loeb Properties’ affiliate Loeb Realty Group also announced a number of deals.
Linda Walker of Louisville, Ky.-based J&L Marketing Inc. signed a 1,475-square-foot lease at Parkway Village East, 3090 S. Perkins Road.
Also, Najeh A. Karim of Elarabe Store signed a lease at 3732 Mendenhall Road for 1,200 square feet.
Mary’s German Restaurant signed a 2,100-square-foot lease in Loeb’s Country Club Collection, 2140 W. Poplar Ave. in Collierville.
Lastly, Mohamed Malaje of Mediterranean Bakery & Grill signed a 2,800-square-foot lease in the Market at Summer Oaks, 4514 Summer Ave.
Loeb Realty Group principal broker Frank Dyer III and affiliate broker Allen Israel were the landlord and tenant representatives in all transactions.