VOL. 131 | NO. 145 | Thursday, July 21, 2016
Memphis Real Estate Recap
Bank Building Set To Become Boutique Hotel
By Madeline Faber
158 Madison Ave.
Memphis, TN 38103
Sale Amount: $1.1 million
Sale Date: June 13, 2016
Buyer: Wessman Holdings
Seller: 158 Madison LLC
Details: The former Leader Federal bank headquarters will be converted into a boutique hotel.
Wessman Holdings, an out-of-town group, purchased the property at 158 Madison Ave. from 158 Madison LLC for $1.1 million, according to a June 13 warranty deed. The five-floor building was built in 1961 and bears more than 62,000 square feet.
Brain Califf, vice president with NAI Saig Co., handled the sale and said that Wessman Holdings plans to convert it to a boutique hotel with a restaurant and rooftop bar.
The building’s anchor tenant, Regions Bank, recently relocated to 88 Union Ave. Other tenants include the Mid-South Minority Business Council.
689 North Parkway
Memphis, TN 38105
Permit Amount: $3.8 million
Owner/Tenant: St. Jude Children’s Research Hospital
Details: St. Jude Children’s Research Hospital has filed a $3.8 million building permit application to renovate an existing warehouse near its campus on Danny Thomas Boulevard. St. Jude is listed as the owner and tenant for the permit at 689 North Parkway.
In 2003, ALSAC, St. Jude’s fundraising and awareness organization, purchased the warehouse for $2 million from the Memphis Housing Authority.
According to the Shelby County Assessor of Property, the warehouse was built in 1975 and bears 88,520 square feet. It most recently was appraised at $1.1 million.
7820 Walking Horse Circle
Germantown, TN 38138
Permit Amount: $1.8 million
Owner: The Village at Germantown
Details: The Village at Germantown, an assisted living center off of South Germantown Road, is getting an upgrade. The center’s operators recently filed a $1.8 million building permit application with the city-county Office of Construction Code Enforcement for the campus at 7820 Walking Horse Circle. The permit lists an “addition and renovation in five parts to existing building” as the relevant work.
The complex’s most recent addition is a three-story independent living wing.
According to the Shelby County Assessor of Property, The Village at Germantown includes 50,000 square feet across 27 acres. The retirement center was built in 2005.
6450 Poplar Ave.
Memphis, TN 38119
Tenants: Babalu, PizzaRev, Eye Society and Babalu
Contractor: Linkous Construction
Landlord’s Agent: The Shopping Center Group
Details: Construction of a shopping center at 6450 Poplar Ave. is complete, with tenants opening as soon as next month. The 29,000-square-foot shopping center, developed by Fogelman Investment Co., will bring dense retail and restaurants to a trade area starved for new properties.
Named tenants include a second location for Overton Square favorite Babalu; PizzaRev, a new pizza chain in the Memphis area; optometrist Eye Society; and Pimento’s, a rebrand of local restaurant chain Holiday Deli & Ham.
PizzaRev will take 2,400 square feet and Pimento’s will take a 3,033-square-foot space, with both tenants facing Poplar Avenue and opening in early September.
Eye Society, which faces International Drive, could open within the next 30 days. Babalu will open its second location at the beginning of 2017 in a 5,405-square-foot space in the back part of the shopping center near the International Paper campus.