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VOL. 131 | NO. 125 | Thursday, June 23, 2016




NexAir Signs Lease for New HQ at Crosstown Concourse

Daily News & Chandler Reports staff

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495 N. Watkins St.
Memphis, TN 38104
Details: Crosstown Concourse has signed another tenant. Memphis-based nexAir, one of the largest distributors of atmospheric gases and welding supplies in the U.S., will lease 33,000 square feet at the mixed-use tower.

NexAir will leave its headquarters on Corporate Avenue to become the largest for-profit tenant at the Crosstown Concourse building. Construction on nexAir’s space is already underway, and the company plans to move its 65 corporate employees into the new headquarters in spring 2017. NexAir’s fill plants, distribution centers and retail stores will not be affected by the move.

“Our company was founded here in Memphis in 1940, and as we began to outgrow our current offices, we were looking to relocate somewhere that spoke to our city’s rich culture of innovation and creativity,” said Kevin McEniry, CEO at nexAir, in a statement.

With nexAir’s move, the 620,000 square feet of commercial space at Crosstown Concourse is 96 percent leased.

2525 Central Ave.
Memphis, TN 38104
Permit Amount: $4.4 million
Completion: Mid-summer 2017
Owner: Children’s Museum of Memphis
Tenant: Children’s Museum of Memphis
Architect: Designshop
Contractor: Montgomery Martin Contractors
Details: The Memphis Grand Carousel is closer to its summer 2017 opening. Montgomery Martin Contractors recently filed a $4.4 million building permit for “a single family banquet room” at 2525 Central Ave. The project is part of the Children’s Museum of Memphis campus, and the new building will house the 107-year-old carousel that previously spun at the Mid-South Fairgrounds.
When the Fairgrounds closed, the carousel was boxed up and shipped to Ohio for a $1 million renovation.
With architect Designshop, CMOM is building a 20,000-square-foot addition to house the carousel. The glass-enclosed building will feature a carousel lobby, an attached banquet hall, a pre-event gathering space and a smaller meeting room.

1411 Poplar Ave.
Memphis, TN 38104
Permit Amount: $500,001
Owner: Kroger Limited Partnership I
Tenant: Kroger Fuel Center
Details: Kroger has plans for a fuel center at 1411 Poplar Ave., across from its Crosstown supermarket.
The company has applied for a $500,001 building permit for construction of a fuel center.
Kroger Limited Partnership I of Cincinnati bought the land where the Vietnam restaurant once stood from Tn Poplar Avenue LLC, a Delaware limited liability company, for $3.9 million in April 2015.
The lot is across Poplar Avenue from the Kroger store at 1366 Poplar Ave., on the northeast corner of Poplar and Cleveland Street.
It is one of 80 parcels totaling 18.2 acres that Kroger accumulated in the area east of Cleveland Street between Jefferson and Court avenues in the Washington Bottoms area.
An earlier owner, WSG Development Co. of Miami Beach, Fla., had assembled the parcels and others, all in a space of 28 acres.
The WSG project collapsed in 2008 in the national economic recession, with Lehman Brothers Holding taking control of the land following foreclosure in 2010 and demolishing the vacant buildings following a series of fires.
Meanwhile, on the other side of Poplar, Kroger undertook a $4 million renovation of its Poplar and Cleveland store.
The renovation was completed in 2014 as the nearby Crosstown Concourse project began construction.

2105 Madison Ave.
Memphis, TN 38104
Lease Length: Multi-year
Tenants: Delta Health Alliance, CFY Catering, Elations His & Hers Boutique, Mario’s Pool Supply
Landlord: Loeb Properties
Landlord’s Agent: Aaron Petree
Details: Loeb Properties has signed several leases that fill vacancies from Overton Square to Germantown.
• Delta Health Alliance signed a 2,043-square-foot lease at 59 N. Cooper St. The nonprofit supports and operates community-based clinics and promotes health education in the Mississippi Delta.
• CFY Catering will be the new operator for the The Atrium, an event venue at 2105 Madison Ave. in Overton Square. Owned by Kevin and Kristi Bush, CFY has another location at the Loeb Properties-owned Daybreak Shops in Bartlett. CFY’s lease for The Atrium begins July 1.
• Elations His and Hers Boutique signed a 1,750-square-foot lease at 714 N. Germantown Parkway, in Cordova’s Trinity Commons Shopping Center. Trecia Jones operates the clothing and accessories store.
• Mario’s Pool Supply signed a 1,200-square-foot lease at 1986 Exeter Road, at the Farmington Centre in Germantown. The retail shop specializes in pool supplies and accessories.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 77 286 16,478
MORTGAGES 95 347 19,032
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 176 569 33,695
BANKRUPTCIES 59 183 10,920
BUSINESS LICENSES 20 77 5,275
UTILITY CONNECTIONS 0 102 11,446
MARRIAGE LICENSES 27 97 3,964

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