VOL. 131 | NO. 105 | Thursday, May 26, 2016
Memphis Real Estate Recap
$21.6 Million in Construction Headed to Graceland
By Madeline Faber
1064 Craft Road
Memphis, TN 38116
Permit Amount: $18.1 million
Project Cost: $21.6 million
Owner: Elvis Presley Enterprises
Tenant: Elvis Presley Enterprises
Architect: Hnedak Bobo Group
Details: Elvis Presley Enterprises has applied for three building permits totaling $21.6 million for its Graceland West expansion.
The largest permit, at $18.1 million, is designated for core and shell construction at 1064 Craft Road. The other permits for $2.3 million at 1116 Craft Road and $1.1 million at 1126 Craft Road also are for core and shell work without any specific indication.
The Memphis City Council and the Office of Planning and Development have approved plans for the 46-acre Graceland West development located at the northwest corner of Elvis Presley Boulevard and Craft Road. The plaza will include a car museum, a new shelter for Elvis’ two jets, two restaurants, a soundstage, retail and a museum to be called Elvis the Entertainer. In March, Elvis Presley Enterprises filed for a $6.8 million building permit for new construction at 1116 Craft Road. Hnedak Bobo Group is the architect. Graceland executives have talked about a plaza renovation as the third phase of a large-scale redevelopment of the area surrounding the Graceland mansion. It already includes an archives building that opened in 2015 and the 450-room Guest House at Graceland resort hotel that will open Oct. 27.
That Oct. 27 date also will mark the formal closing of Elvis Presley’s Heartbreak Hotel. Elvis Presley Enterprises intends to demolish that hotel. No future use for that land has been made known.
7509 Poplar Ave.
Germantown, TN 38138
Address: Saddle Creek South
Square feet: 5,701
Landlord: Trademark Property Co.
Details: Three newly announced tenants are headed to Saddle Creek Shopping Center in Germantown.
Global beauty retailer Sephora will open late this year. The 5,701-square-foot store will be located at Saddle Creek South next to Michael Kors. Sephora currently has two Memphis-area stores in Wolfchase Galleria and Carriage Crossing.
American Threads, an Atlanta-based clothing brand, also is slated to open late this year. The 1,995-square-foot store will be located in Saddle Creek North next to Janie and Jack.
Sur La Table, a kitchen-supply store, will open in 2017. The 5,807-square-foot store will be located in Saddle Creek South next to Brooks Brothers. Sur La Table will also host hands-on cooking classes led by trained chefs.
Other new shops at Saddle Creek set to open this summer are Grimaldi’s Pizzeria, Paper Source and Sleep Number.
6717 E. Shelby Drive to 6765 E. Shelby Drive
Memphis, TN 38141
Sale Amount: $1.4 million
Sale Date: May 20, 2016
Buyer: Hedgerow Property LLC
Seller: Wolf River Professional Center GP
Loan Amount: $1 million
Loan Date: May 20, 2016
Maturity Date: May 20, 2021
Borrower: Hedgerow Property LLC
Lender: Orion Federal Credit Union
Details: Loeb Realty Co. has sold a Hickory Hill shopping center for $1.4 million.
In a May 20 warranty deed, Hedgerow Property LLC purchased the property from Loeb, acting as Wolf River Professional Center GP.
The Village at Hedgerow shopping strip stretches from 6717 E. Shelby Drive to 6765 E. Shelby Drive, at the corner of Ross Road.
Tenants in the 23,000-square-foot center include Pizza Hut and Arnold’s Bar-B-Q.
In conjunction with the sale, Hedgerow Property took out a $1 million, five-year mortgage through Orion Federal Credit Union. Ramesh Krishnan and Rajeena Choran signed the loan as managing members of Hedgerow Property.
88 Union Ave.
Memphis, TN 38103
Square feet: 13,000
Tenant: Start Co.
Landlord: Henry Turley Co.
Landlord’s Agent: CBRE
Details: The venture development organization Start Co. is expanding its footprint.
The organization will now encompass the sixth floor of 88 Union Ave., increasing its current footprint by 50 percent to more than 13,000 square feet. The additional 4,500 square feet on the sixth floor will house Start Co. operations and offices for staff as well as startups, giving The Start Lab significantly more space on the second floor for growing accelerator operations.
High-speed fiber will also be installed throughout the offices.
The space on the second and sixth floors will give startup companies dedicated co-working facilities so they can focus resources on other things before making a commitment to a long-term commercial lease.
The community meeting and educational space called The Start Lab is serving as the headquarters for the Summer of Acceleration, which kicked off May 2, with joint programming for 18 teams from Start Co., Start MMT, ZeroTo510 and EPIcenter accelerator programs.
The startups go through business development and strategy workshops, educational seminars, training, networking, and more. The space also contains breakout areas, including conference rooms, a digital living room, other meeting spaces, and an outdoor patio for events and networking opportunities.