VOL. 130 | NO. 243 | Tuesday, December 15, 2015
Memphis Real Estate Recap
Holiday Inn Express Ready To Rise Near Graceland
By Daily News staff
3411 Elvis Presley Blvd.
Memphis, TN 38116
Loan Amount: $4.8 million
Tenant: Holiday Inn Express and Suites
Lender: Financial Federal Bank
Contractor: Hospitality Builders of America Inc.
Details: Holiday Inn Express and Suites is ready to shake up the Graceland area with a $4.8 million construction loan recently arranged by the Memphis office of Financial Federal Bank.
The four-story, 85-bedroom hotel at 3411 Elvis Presley Blvd. will be the first nationally franchised property to enter the Memphis International Airport and Graceland area in more than a decade.
The owners are planning on clientele ranging from Graceland tourists to Medtronic, Smith & Nephew and FedEx corporate guests.
“It’s no secret that the submarket has experienced a major void in quality hotels,” said Rick Wood, executive vice president of Financial Federal Bank, in a release.
Elvis Presley Enterprises currently is constructing the $90 million, 450-room Guest House at Graceland, which is scheduled to open in October. The Guest House is being built along Elvis Presley Boulevard, north of the Graceland mansion.
Hospitality Builders of America applied this month for a $14.2 million permit for the Whitehaven-area Holiday Inn. A representative told The Daily News Thursday, Dec. 10, that the figure was inaccurate, and the construction group is building on an earlier $3.5 million permit.
The hotel is along the west side of Elvis Presley Boulevard between Hernando and Winchester roads, just a few blocks north of Graceland.
1545 Overton Park Ave.
Memphis, TN 38104
Size: 2,212 square feet
Tenant: Jeff Johnson Restaurant Group
Tenant’s Agent: Carson Claybrook, Cushman & Wakefield/Commercial Advisors
Details: Jeff Johnson, the restaurateur behind Local, Oshi Burger Bar and Agave Maria, is bringing a new concept to a Midtown restaurant space.
Jeff Johnson Restaurant Group last month signed a 2,212-square-foot lease at 1545 Overton Park Ave. The property most recently housed the Evergreen Grill. Carson Claybrook, vice president of Cushman & Wakefield/Commercial Advisors, represented the tenant.
In other CW/CA retail deals, MidSouth Med LLC recently signed a 2,600-square-foot lease at 9160 Highway 64 in Lakeland. Carson Claybrook represented the tenant and Roger McLemore, vice president of commercial property services with Makowsky Ringel Greenberg, represented the landlord in the deal.
EZ Wireless of Memphis Inc. signed a lease for a 678-square-foot bay at 5865 Summer Ave. Carson Claybrook and Conner Walker, a senior associate at Commercial Advisors Asset Services, represented the landlord.
9185 Crestwyn Hills Drive
Memphis, TN 38125
Permit Amount: $1.2 million
Application Date: December 2015
Owner/Tenant: Valenti Management
Details: New office space is coming to Germantown, as Valenti Management has filed a $1.2 million building permit application for a “new single-story corporate office” on Crestwyn Hills Drive.
Valenti owns and operates Wendy’s and Chili’s franchises across Alabama, Tennessee, Mississippi, Pennsylvania and Missouri and has more than 4,500 employees. The vacant site at 9185 Crestwyn Hills Drive is east of Forest Hill-Irene Road and south of Crestwyn Hills Drive.
According to the company website, Valenti has a Memphis office at 1775 Moriah Woods Blvd., which is at this point still operational.
1230 West Poplar Ave.
Collierville, TN 38017
Sale Amount: $2.6 million
Sale Date: Dec. 4, 2015
Buyer: Kapil Lodging LLC
Seller: HIM Inc.
Loan Amount: $2.2 million
Loan Date: Dec. 4, 2015
Maturity Date: Dec. 4, 2020
Borrower: Sanjay Hira
Lender: Commercial Bank and Trust Co.
Details: A Collierville Days Inn & Suites has sold for $2.6 million.
Kapil Lodging LLC, which lists an address in Oxford, Miss., purchased the hotel at 1230 W. Poplar Ave. from HIM Inc., according to a Dec. 4 warranty deed. HIM had purchased the property in 2000 for $2.3 million.
Built in 1985, the 32,784-square-foot hotel is situated on 2.6 acres on the north side of West Poplar between Bray Station Road and Poplar View Parkway. The Shelby County Assessor’s 2015 appraisal is $1.4 million.
In conjunction with the sale, Kapil Lodging filed a five-year, $2.2 million mortgage through Commercial Bank and Trust Co. Sanjay Hira signed the loan documents as member of Kapil.
821 Poplar Ave.
Memphis, TN 38105
Permit Amount: $1.5 million
Application Date: December 2015
Owner/Tenant: Orion Federal Credit Union
Contractor: Grinder, Taber & Grinder Inc.
Details: Orion Federal Credit Union has filed a $1.5 million building permit application for work at 821 Poplar Ave., where the institution is building a new branch.
The move extends Orion’s presence Downtown to a Medical District site east of Le Bonheur Children’s Hospital.
Orion, formerly Memphis Area Teachers’ Credit Union, acquired the old gas station on the property earlier this year for $1.3 million from Georgia Commercial Stores Inc.