VOL. 131 | NO. 60 | Thursday, March 24, 2016
Memphis Real Estate Recap
Over $20M in Construction Headed to Brewery District
By Madeline Faber
495 Tennessee St.
Memphis, TN 38103
Permit Amount: $18.8 million
Owner: 495 Tennessee LLC
Tenant: Brewery Master Tenant
Contractor: Montgomery Martin Contractors
Details: More than $20 million in construction is headed to the Brewery District.
Montgomery Martin Contractors has filed a pair of multifamily building permit applications totaling $20.6 million for the renovation of the Tennessee Brewery and the ground-up construction of the nearby Wash House building.
Of the total, $18.8 million will go toward renovation of the historic Tennessee Brewery and construction of a new six-story metal frame, according to one of the applications. Located at 495 Tennessee St., the renovated structure will have 58 units.
The other $1.8 million will go toward the construction of the four-story wood frame Wash House building. Located at 500 Tennessee St., the Wash House building will have 90 units.
Last month, Montgomery Martin filed a $4.5 million construction permit for a four-story parking garage.
According to the latest plans, the Bottle Shop garage, at 502 Tennessee St., will have 358 spaces and will serve the public as well as residents of the Brewery District’s four residential buildings.
2130 Exeter Road
Germantown, TN 38138
Permit Amount: $3.5 million
Owner: CAP Germantown
Tenant: Shops related to Trader Joe’s
Details: A $3.5 million building permit application has been filed for the future Germantown home of Trader Joe’s at 2130 Exeter Road.
The recent permit, which lists “shell space for general retail,” is one of many moving pieces at the northeast corner of Poplar Avenue and Exeter Road.
According to earlier reports, the Kroger at 2130 Exeter Road will be split into three retail bays for a total of 46,500 square feet.
Trader Joe’s will be built as an outparcel on the site of the Kroger parking lot. The to-be-constructed building will be 19,500 square feet, with Trader Joe’s leasing 12,500 square feet of the space.
While the recent building permit only lists “Shops” as the tenant, it could be intended for Trader Joe’s construction because of its 12,500-square-foot size. CAP Germantown is listed as the owner.
431 Highland Street
Memphis, TN 38111
Permit Amount: $1.2 million
Owner: JHS Holdings LLC
Architect: Ledford Engineering
Contractor: Metro Construction
Details: Steakhouse restaurant Char is on track for its July opening with a $1.2 million building permit application recently filed with the city-county Office of Construction Code Enforcement.
In December, the Daily News reported that the restaurateurs behind longstanding Italian restaurant Amerigo were bringing Char to Highland Row. The first Char opened in Jackson, Miss., in 2001.
The space at 431 S. Highland St., at the corner of Midland Avenue, will be 7,000 square feet.
JHS Holdings LLC is listed as the owner with Metro Construction LLC as contractor. Ledford Engineering is overseeing architecture, interior design and engineering.
Memphis-based Poag & McEwan Lifestyle Centers and Indiana-based Milhaus Development are behind the greater $61 million Highland Row project. Two restaurants, a coffee shop, signature retail and a specialty grocery store are planned for the 27,000 square feet of retail space.
Also planned are 354 apartment homes and 35 townhomes, expected to be ready soon.
1837 Union Ave.
Memphis, TN 38104
Sale Amount: $1.3 million
Sale Date: March 11, 2016
Buyer: HRP Union-McLean LLC
Seller: Tennvada Holdings
Details: The mixed-use Midtown Market project at the southwest corner of McLean Boulevard and Union Avenue is moving forward.
In a March 11 warranty deed, Nevada-based Tennvada Holdings sold the Artisan Hotel, at 1837 Union Ave., for $1.3 million, and the Towery Office Building, at 1835 Union Ave., for $870,000.
Georgia-based HRP Union-McLean LLC purchased both of the abandoned properties.
Marietta, Ga.-based Harbor Retail Partners and Memphis-based Belz Enterprises have plans to raze the buildings and construct a $43 million apartment complex anchored by a national gourmet grocery store.
Since Belz announced the project last October, it has garnered a 15-year property tax freeze from the Downtown Memphis Commission and a $4 million Section 108 guaranteed loan through the U.S. Department of Housing and Urban Development.
5155 Lamar Ave.
Memphis, TN 38118
Permit Amount: $1.5 million
Owner: Summit I Distribution Center LLC
Tenant: Nike Inc.
Engineer: Peter S. Higgins & Associates
Details: Nike Inc. has a new home on Lamar Avenue.
A $1.5 million building permit application recently filed with the Memphis-Shelby County Office of Construction Code Enforcement lists “install industrial storage racks” for a warehouse at 5155 Lamar Ave.
This is a new facility for Nike, which also has a distribution center on Winchester Road and a factory in Frayser. According to the Shelby County Assessor of Property, the Class A warehouse at 5155 Lamar was built in 2002 and bears 706,802 square feet.