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VOL. 131 | NO. 150 | Thursday, July 28, 2016

TAG Truck Center to Occupy Mall of Memphis Land

By Madeline Faber

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4430 American Way

Memphis, TN 38118

Permit Amount: $28 million

Application Date: July 2016

Completion: July 2017

Owner: TAG Truck Enterprises

Tenant: TAG Truck Center

Architect: Fitzgerald + Associates

Contractor: Linkous Construction Co.

Details: TAG Truck Center is moving forward with a $28 million trucking facility at the former site of the Mall of Memphis. Contractor Linkous Construction Co. recently filed two building permits for TAG’s new headquarters.

The first permit is valued at $16.7 million for a distribution and training center at 4430 American Way. The other permit is valued at $6.8 million for construction of a parts and service center at 4450 American Way.

Brennan Whalin, project manager with architect Fitzgerald + Associates, said that the facility could be up and running by July 2017.

The parts and service center will be 157,000 square feet and will house trucks and parts for both sales and storage.

“Basically it’s a sales facility for heavy commercial trucks and some lighter utility-type trucks,” Whalin said, adding that trucks needing maintenance will be able to undergo diagnostics and repair in the same building. TAG also manages truck fleets for major Memphis companies such as AutoZone, FedEx Freight and FedEx Express.

The smaller distribution and training center will be 25,795 square feet. The building will house a call center as well as the TAG Technical Institute, where truck technicians will be certified. The call center will fulfill orders for parts needed by freight liner vehicles.

The construction permits were processed nearly a month after the Memphis-Shelby County Economic Development Growth Engine approved a 12-year tax abatement for TAG’s development.

With the tax incentive, TAG Truck Center will consolidate its five facilities across Tennessee and West Memphis to the Mall of Memphis site at the corner of American Way and I-240.

1350 Crosstown Ave.

Memphis, TN 38104

Permit Amount: $18 million

Application Date: July 2016

Owner: Crosstown Concourse

Tenant: Memphis Teacher Residency

Contractor: Grinder, Taber & Grinder Inc.

Details: Tenant work continues at Crosstown Concourse.

Memphis Teacher Residency recently filed an $18 million building permit application with the city-county Office of Construction Code Enforcement for interior build-out at 1350 Crosstown Ave. MTR is one of the founding partners of Crosstown Concourse, a former Sears regional distribution hub to reopen in 2017 as a mixed-use “vertical urban village.”

Poplar Peak Foundation/Pyramid Peak also filed a building permit application for interior build-out of shell space. Its permit is valued at $1.3 million.

And Tech901, a nonprofit dedicated to building up tech and IT jobs, filed a building permit application valued at $574,000 for its build-out. Grinder, Taber & Grinder Inc. is listed as the contractor for all three tenants.

4515 Poplar Ave.

Memphis, TN 38117

Sale Amount: $8.6 million

Buyer: Priam Capital

Seller: GPCTN Investment Co.

Details: A Nashville-based investment group has made its first purchase in Memphis. Priam Capital has purchased the Grove Park Building at 4515 Poplar Ave. in East Memphis from GPCTN Investment Co. LLC for $8.6 million.

“Priam is excited to acquire our first asset in the Memphis market and looks forward to many more in the future,” said Jimmy Beard, acquisitions associate for Priam, in a statement. “The city has been a target market for a while, and we are thrilled to be able to have Poplar frontage for our first acquisition.”

The Grove Park Building has an occupancy rate of 96 percent with a mix of medical, financial services and retail tenants. Michael Donahoe, vice president of Avison Young, brokered the sale and will handle leasing. Cushman & Wakefield/Commercial Advisors has been tapped to manage the building.

Built in 1962, the five-story building is on the southeast corner of Poplar Avenue and Grove Park Road in front of Oak Court Mall. The Shelby County Assessor of Property’s 2016 appraisal is $4.2 million.

7 G.E. Patterson Ave.

Memphis, TN 38103

Permit Amount: $1.3 million

Application Date: July 2016

Owner/Tenant: Sugar Services

Contractor: Traditional Construction Co.

Details: Sugar Services has applied for a $1.3 million building permit for new construction at its 7 G.E. Patterson Ave. facility. Sugar Services’ expansion came with a bit of opposition from the surrounding South End neighborhood. The bulk sugar processor is one of the last remaining industrial tenants in an area dense with high-end apartments and condos.

In March, Sugar Services went before the Board of Adjustment seeking a zoning variance to permit new construction on the property. The board approved Sugar Services’ request to demolish one of its original buildings and construct a 13,000-square-foot warehouse to be used for storage and processing.

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225