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VOL. 130 | NO. 184 | Tuesday, September 22, 2015

Highland Row Developer Seeks Permit for Parking Garage

Daily News & Chandler Reports staff

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Highland Row
Parking Garage
Permit Amount: $5 million

Application Date: September 2015
Completion: Late summer 2016
Owner: Poag Shopping Centers LLC
Architect: Looney Ricks Kiss
Contractor: Milhaus Development LLC
Details: Indianapolis-based developer Milhaus Development LLC and Memphis-based Poag Shopping Centers LLC have pulled a $5 million building permit as they continue developing the new Highland Row urban infill development.

The permit is for the three-story, 511-space parking garage to be constructed for the Highland Row project, which is located at Highland Street and Midland Avenue just west of the University of Memphis.

The $58 million development will feature 32,000 square feet of retail space, 234 apartment homes, 35 townhome units, a specialty grocery store, an outdoor plaza and a 1,500-square-foot free-standing coffee house.

Memphis-based Looney Ricks Kiss is managing the architecture, interior design and environmental graphic design of the project. It is expected to be completed in late summer 2016.

879 E. McLemore Ave.
915 E. McLemore Ave.
Memphis, TN 38106
Sale Amount: $2 million

Sale Date: Sept. 15, 2015
Buyer: The Foundation for I Am
Seller: New Towne Center Inc.
Details: Filmmaker Tom Shadyac has become the official owner of the New Town Center in Soulsville after buying it at auction in August.

A Sept. 15 warranty deed shows Shadyac’s nonprofit, The Foundation for I Am, paid $2 million for the properties at 879 E. McLemore Ave. and 915 E. McLemore, as well as vacant parcels on East McLemore and College Street.

The seller, New Towne Center Inc., filed for Chapter 11 bankruptcy in January.

Shadyac and New Towne Center both made bids for the Soulsville property at the Aug. 29 auction. Shadyac won with a $2 million bid and a commitment to pay the property’s outstanding city and county real estate taxes.

The center is comprised of four parcels: a 53,975-square foot office building, appraised at $3 million by the Shelby County Assessor of Property; a 33,367-square-foot building intended for a grocery store, appraised at $3 million; a 0.6-acre lot, appraised at $35,000; and a 0.4-acre lot, appraised at $3,000. Shadyac revealed his concept for a “St. Jude-like” community center for holistic growth at a town hall meeting arranged by the Memphis chapter of the Urban Land Institute on Tuesday, Sept. 15.

1,024 Rental Homes
Across Shelby County
Sale Amount: $83.7 million combined

Sale Date: Aug. 31, 2015
Seller: BLTREJV3 Memphis LLC
Details: Deeds related to New York-based Cerberus Capital Management’s purchase of more than 1,000 rental homes in Shelby County have been filed with the county Register’s Office.

Cerberus affiliate CSMA BLT LLC purchased 1,024 rental homes from BLTREJV3 Memphis LLC, an affiliate of BLT Homes, for a combined $83.6 million, according to five Aug. 31 special warranty deeds.

The Shelby County properties were part of Cerberus’ $440 million acquisition of 4,200 single-family rental houses from BLT Homes, a rental company owned by Stamford, Conn.-based Building and Land Technology.

The sale included homes in Florida, Illinois, Indiana, Missouri and Tennessee, as well as BLT’s single-family rental operating platform.

BLT entered the local market in July 2012 when it began doing business with Memphis-based Reedy & Co. as a minority partner and local operator of the investment properties.

Brad Reedy handled acquisitions of the properties for BLT, while residential contractor Jay Reedy oversaw construction and renovation of the 1,032 homes over the course of 15 months in 2012 and 2013.

5865 Shelby Oaks Drive
Memphis, TN 38134

Permit Amount: $2.6 million

Application Date: September 2015
Owner: Methodist Le Bonheur Healthcare
Architect: Looney Ricks Kiss
Contractor: Belz Construction Services LLC
Details: Methodist Le Bonheur Healthcare has filed a $2.6 million building permit application for changes to a 64,294-square-foot Class B office building it recently acquired.

Methodist plans to turn the building into a campus for the health care provider’s information systems and biomedical and clinical engineering departments.

In June, Methodist bought the former Anthem Career College facility at 5865 Shelby Oaks Drive from Belz Investco GP and Bico Associates GP for $3.9 million.

The newly filed permit will go toward interior renovations of the property to be overseen by Belz Construction Services LLC. Looney Ricks Kiss is the project architect, and Allen & Hoshall is the engineering firm.

PROPERTY SALES 51 180 16,377
MORTGAGES 21 57 10,144
BUILDING PERMITS 103 665 39,209
BANKRUPTCIES 31 107 7,704