VOL. 131 | NO. 40 | Thursday, February 25, 2016
Memphis Real Estate Recap
Work Begins On Brewery Development
Daily News staff
502 Tennessee St.
Memphis, TN 38103
Permit Amount: $4.5 million
Application Date: Feb. 18, 2016
Tenant: Brewery Master Tenant LLC
Architect: LRK Architects
Contractor: Montgomery Martin Contractors
Details: The parking garage portion of the greater Tennessee Brewery development is moving forward. Montgomery Martin Contractors pulled a $4.5 million construction permit to build a new four-story concrete parking garage. Brewery Master Tenant LLC as listed as the tenant for the property at 502 Tennessee St.
According to the latest plans, the “Bottle Shop” garage will have 358 spaces and will serve the public as well as residents of the Brewery District’s four residential buildings. The garage has received $5.1 million in support from the Downtown Parking Authority.
4985 Outland Center Drive
Memphis, TN 38118
Sale Amount: $13 million
Sale Date: Feb. 11, 2016
Buyer: Faropoint Investments
Seller: Huntington Industrial Partners
Details: Faropoint Investments, an Israel-based real estate firm, has purchased the Outland Business Center for $13 million, now its largest holding in the area.
On Feb. 11, Faropoint closed on the Southeast Memphis park, which includes five industrial buildings totaling more than 400,000 square feet at Outland Center Drive and Burbank Road.
Brian Califf with NAI Saig Co. represented Faropoint in the acquisition, while Cushman & Wakefield/Commercial Advisors represented the seller, Huntington Industrial Partners.
Faropoint entered the Memphis market in 2011 and owns 500,000 square feet of office and retail space, not including the recent purchase.
1016 W. Poplar Ave.
Collierville, TN 38017
Square feet: 3,400
Tenant: Frost Bake Shop
Opening: August/July 2016
Details: An East Memphis bakery is preparing to add a second location in Collierville. Frost Bake Shop co-owner Bill Kloos Jr. says his sweet treat shop has picked out a spot at 1016 W. Poplar Ave. for store number two.
The deal was all but finished at week’s end, and he says the staff has already been informed about the new location, which will be identical to the current Laurelwood store – “Frost 1,” as Kloos calls it – in terms of the items sold.
One thing that will be different is the size – 3,400 square feet in Collierville, versus 2,000 square feet in Laurelwood.
“This was the next spot on our list,” Kloos said. “We wanted to be far enough away from Frost 1. We still plan to do one more store in the area, possibly two.”
Once renovation work is finished, he anticipates a possible July or August opening.
The additional space at the new location could be used for cooking classes or small parties among other possibilities, he said.
The expansion comes about three years from the opening of the Laurelwood location in August 2013.
3461 Steve Road
Sale Amount: $1.9 million
Sale Date: Feb. 10, 2016
Buyer: Oak Bend Holdings LLC & Bay Brook Holdings LLC
Seller: Harvard Stephens
Details: An apartment community in the 38111 ZIP code has sold for $1.9 million. In a Feb. 10 warranty deed, Memphis resident Harvard Stephens sold the Prescott Place apartments to Texas-based Oak Bend Holdings LLC and Bay Brook Holdings LLC.
According to the Shelby County Assessor of Property, the community at 3461 Steve Road was built in 1972. It holds fewer than 100 units across 258,466 square feet. It is appraised at $1.3 million.
690 Adams Ave.
Loan Amount: $1.7 million
Borrower: James Lee House
Details: At its Feb. 17 meeting, the Center City Development Corp. approved refinancing of the James Lee House, lowering the operators’ monthly payments by $8,000.
The $1.7 million loan from Iberiabank will help pay off loans from Triumph Bank, the CCDC and Loeb Properties. Because the CCDC has around $130,000 in loans tied to the James Lee House, it had to approve the refinancing.
The operators’ total indebtedness increased by about $29,000 while monthly payments dropped from $19,630 to $11,559.
The historic home in Victorian Village, at 690 Adams Ave., reopened as a bed and breakfast in 2014.
5338 Goodman Road
Olive Branch, MS 38654
Square feet: 4,600
Landlord: Stone Crest Services
Details: Xfinity has opened its first customer center in Olive Branch. The 4,600-square-foot store at 5338 Goodman Road will offer internet, advanced video, voice and home security products.
This is Xfinity’s third Mississippi location and its second Memphis-area location.