VOL. 131 | NO. 95 | Thursday, May 12, 2016
Memphis Real Estate Recap
More Student Housing For University District
Daily News & Chandler Reports staff
3557 Mynders Ave.
Memphis, TN 38111
Permit Amount: $15.5 million
Completion: Fall 2017
Owner: 908 Group
Tenant: The Nine
Architect: BDG Architects
Details: A student housing tower near the University of Memphis has taken a step forward nearly two years after a development on that site was first announced.
Montgomery Martin Contractors recently applied for a $15.5 million building permit for new student apartments at 3557 Mynders Ave. at the southwest corner of Brister Street.
The application lists Tampa, Florida-based 908 Group as the property owner and The Nine as the tenant.According to the Shelby County Assessor, the property at 3557 Mynders is a six-unit apartment building owned by Legacy Property Group. It bears 2,835 square feet and was built in 1960.
A website for 908 Group says The Nine at Memphis will be a 142-unit, 468-bed student housing community with pedestrian access to the University of Memphis. Apartments will range from one to four bedrooms. Amenities will include a swimming pool, fitness center, clubhouse and community cafe. This will be the 908 Group’s first development in Memphis. It also has apartment communities in Knoxville, Louisville, Ky., and St. Petersburg, Fla. The websites states that The Nine is slated for Fall 2017 delivery. BDG Architects will design the building.
5020 Lions Crest Drive
Lakeland, TN 38002
Permit Amount: $13.7 million
Owner: City of Lakeland
Tenant: Lakeland School System
Details: The city of Lakeland is moving forward with a new middle school. The Lakeland School System recently applied for a $13.7 million building permit for a new 111,172-square-foot building at 5020 Lions Crest Drive.
The permit lists that the classroom wing will be two stories, with the rest of the building at a single story.
The city of Lakeland went to market last September on $20 million in bonds to finance construction of a new middle school at a 2.82 percent interest rate.
Lakeland’s board of commissioners approved a 55-cent property tax hike to pay the bonds with interest and begin school construction on 94 acres of land north of U.S. 70 and east of Canada Road. The new middle school is set to open in August 2018.
6125 E. Shelby Drive
Memphis, TN 38141
Sale Amount: $4.8 million
Sale Date: May 5
Buyer: Olymbec USA
Seller: MLCFC 2007-9 Industrial 6125 LLC
Details: Montreal, Canada-based Olymbec USA has purchased a Hickory Hill warehouse currently occupied by Tire & Battery Corp.
In the first quarter of 2016, TBC signed a 1.5 million-square-foot lease at the Gateway Global Logistics Park in Fayette County, which is the largest lease ever recorded in the Memphis market. TBC will remain in the Hickory Hill warehouse until the new building is completed.
The 471,744-square-foot warehouse at 6125 E. Shelby Drive was constructed in 1981 as a build-to-suit for TBC.
In a May 5 warranty deed, MLCFC 2007-9 Industrial 6125 LLC sold the property to Olymbec USA for $4.8 million.
6870 Winchester Road
Memphis, TN 38115
Permit Amount: $3.3 million
Owner: Aren Investments
Tenant: Aspire Public Schools
Contractor: Montgomery Martin Contractors
Details: Aspire Public Schools is opening a new charter school in Hickory Hill. Montgomery Martin Contractors recently applied for a $3.3 million building permit at 6870 Winchester Road, the site of a former Haverty’s furniture store.
The building permit application lists the project as a one-story elementary school, with Aspire Public Schools as the tenant.
Aspire Memphis posted on its Facebook page in late March that it currently enrolling students for the founding class of Aspire International East at 6870 Winchester Road.
According to the Shelby County Assessor of Property, the building is owned by Aren Investments. It was built in 1995 and bears 48,768 square feet.
104 S. Front Street
Memphis, TN 38103
Permit Amount: $1.6 million
Owner: One Commerce Square Group
Tenant: Hnedak Bobo Group
Contractor: Grinder, Taber & Grinder
Details: Hnedak Bobo Group is moving its headquarters from 104 S. Front St. to One Commerce Square. The architecture firm had occupied 104 S. Front for the past 25 years.
Grinder, Taber & Grinder recently applied for a $1.6 million building permit to renovate two floors of the 30-story Downtown office building at 40 S. Main.
Hnedak Bobo employs 28 full-time licensed architects, making it the largest firm in Memphis.