VOL. 129 | NO. 26 | Friday, February 7, 2014
FedExForum Area Targeted for Apartments
By Amos Maki
Nashville-based Elmington Capital Partners apparently likes the apartment market in Downtown Memphis.
An Elmington-affiliated company plans on building a 64-unit apartment complex at 362 S. Second St., south of FedExForum.
A $5.4 million building permit for the project lists Patton & Taylor Construction Co. as the general contractor and Shapiro & Co. as the architect.
The apartment complex could boost development efforts in the roughly 150-acre neighborhood south of FedExForum, which has largely missed out on the wave of development and investment that has washed over Downtown in the last 10-plus years.
Elmington Capital is also launching the roughly $10 million second phase of Crescent Bluffs, which will contain three, three-story buildings at Virginia Avenue West and Kentucky Street. In all, the second phase of Crescent Bluffs will contain 172 units. Patton & Taylor and Shapiro & Co. are also serving as the general contractor and architect on the second phase of Crescent Bluffs.
Elmington Capital, a Nashville-based commercial real estate investment and development firm, launched Crescent Bluffs’ 72-unit first phase at the northeast corner of Virginia and Florida near Crump Boulevard in 2012.
In leasing news, Ozburn-Hessey Logistics has signed a short-term lease for 200,000 square feet at 4880 Tuggle Road, which is part of the Memphis TradeCenter development.
Ford Motor Co. also occupies space inside the 1.1 million-square-foot building.
Brad Murchison of CB Richard Ellis Memphis represented the landlord, while Brian Camp at ProVenture Real Estate represented Ozburn-Hessey.
In other leasing news, Seriously Fun Apparel is on the move and getting a new name.
The boutique fashion store is moving from its current location at 7859 Farmington Blvd. in Germantown to the 60,724-square-foot Germantown Collection shopping center on Poplar Avenue.
Betty Hays of Seriously Fun Apparel signed a five-year lease for 1,284 square feet at Germantown Collection. As part of the move, the fashion and accessories store will be renamed Betty Hays – A Style Experience.
Ed Thomas and Andrew Phillips of Colliers International Memphis facilitated the transaction.
Dynamic Security Inc., which provides a wide range of private security services, has leased 1,655 square feet at Southwind Office Plaza.
Don Drinkard of CB Richard Ellis Memphis represented the landlord, Cohen Southwind GP.
Tri-State Title & Escrow Inc. has renewed its lease at Lynnfield Office Park in East Memphis.
The full-service, locally owned title insurance agency founded in 1990 recently renewed its lease for 2,375 square feet at 1255 Lynnfield Road. The company also has an office on Farmington Boulevard in Germantown.
Bentley Pembroke and Anna Tranum of Cushman & Wakefield/Commercial Advisors represented the landlord, In-Rel Properties Inc.
Spa Parts has leased 48,000 square feet of space at 371 Saturn Drive, which is part of the Space Center development owned by Olymbec USA LLC.
Bruce Young with Memphis Commercial and Industrial represented Spa Parts, while Elliot Embry and Hank Martin with NAI Saig Co. represented Olymbec.
In November, Olymbec acquired the 1.8 million-square-foot Bellbrook industrial park for around $23.3 million. In February 2011, Olymbec bought the 1.1 million-square-foot Space Center portfolio at 3051-3133 Tranquility Drive from Trammell Crow Co. for $7.3 million.