VOL. 128 | NO. 145 | Friday, July 26, 2013
Former Theater Site Heads to Auction Block
The Internal Revenue Service is auctioning a Midtown building with an interesting history.
On Friday, Aug. 9, at the Shelby County Courthouse, the IRS will auction the building and a vacant lot at 319 Dr. M. L. King Jr. Drive and 323 Dr. M. L. King Jr. Drive. The minimum bid the IRS is seeking is $12,356. The IRS seized the building for nonpayment of IRS taxes due from Faith Village.
The properties were under the former street names of 323 Linden Circle and 319 Sommerville Street. The building had served as an upscale cinema and a night club before former Church of God in Christ Bishop David Grayson acquired the properties in 2004.
The building housed the Linden Circle Theater, which boasted the first Panorama screen in Memphis and the second such screen in the nation. The Linden Circle opened in 1926 and was equipped with a Moller organ. In 1929, Malco Theaters purchased the Linden Circle, making it the family-owned company’s first theater in Memphis.
In other news, leasing activity is picking up along the Winchester corridor.
The property at 6825 Winchester Road, just east of the BigLots Center and near Riverdale Road, was almost empty, but three new leases are restoring the property.
The Faded Cut, a barbershop, signed a lease for 792 square feet. Generational Smiles, D.D.S., signed a lease for 2,665 square feet. And Certified Tax signed a lease for 1,850 square feet.
“It was virtually vacant with many leases that had just ended and some who were forced out of business, but this center is coming back to life with these three new tenants,” said Ford Beach Jr., of Beach Investment.
Nearby is the Market of Riverdale Bend shopping center that has sprung back to life. Since the Habitat for Humanity of Greater Memphis ReStore opened there two years ago Goodwill, DirtCheap and Planet Fitness have all signed leases at the retail center.
Industrial Developments International reported this week that Memphis has been the company’s most active market in 2013.
The Memphis market, which was IDI’s most active market in 2012, continues to be the most active market through June 30.
IDI recently signed a 500,000-square-foot lease with an unnamed company at Crossroads Distribution Center Building G.
IDI inked two large leases in the first quarter totaling 788,148 square feet. Trane U.S. Inc. renewed its 373,644-square-foot lease at the Stateline H facility while the TJX Cos. Inc. signed a new 414,504-square-foot lease at Chickasaw D.
Atlanta-based IDI also launched the expansion of Crossroads Distribution Center to meet growing demand. Building L, slated to be 241,994 square feet with an October completion date, broke ground in June. Building D, scheduled to be 241,920 square feet and delivered in November, also broke ground in June. Crossroads B reached 100 percent occupancy in April when Legacy Supply Chain Solutions inked a 117,181-square-foot lease.
The property at 813 Ridge Lake Blvd., which was formerly owned and occupied by American Snuff, was recently sold at auction.
The vacant 51,653-square-foot office building was placed up for auction and was purchased by a local investor, Troika LLC, for about $776,160. Johnny Lamberson and Terry Radford of CB Richard Ellis Memphis and Douglas Johnson of CBRE Auction Services represented the seller in the transaction.
ProTrain Memphis, which offers dog and puppy training services, is moving into its first commercial building.
ProTrain Memphis recently signed a lease for 8,160 square feet at 2164 Hillshire Circle.
The husband and wife owners, Kira and Bryan Bailey, had previously conducted lessons at their own home, or at a client’s home. ProTrain offers private in-home lessons, group lessons, a 14-day obedience boarding school and boarding with training.
Bobby Daush with CBRE Memphis handled the lease.
Mac-Gray Services Inc. is on the move. The commercial laundry business has signed a lease for 8,460 square feet at 2812 Barris in Nonconnah Corporate Center, the 1.1 million-square-foot business park near Interstate 240 between Airways Boulevard and Millbranch Road. Mac-Gray will be relocating their operations from Bellbrook Industrial Park. Elliot Embry and Hank Martin with NAI Saig Co. represented the landlord, Nonconnah Holdings LLC. Daush represented Mac-Gray.