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VOL. 131 | NO. 230 | Thursday, November 17, 2016

St. Jude Planning Renovation Of Tri Delta Place

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350 N. Third St.

Memphis, TN 38105

Permit Amount: $3.5 million

Application Date: November 2016

Owner/Tenant: St. Jude Children’s Research Hospital

Contractor: Belz Construction Services LLC

Details: St. Jude Children’s Research Hospital is preparing to renovate Tri Delta Place, its on-campus short-term housing facility.
The hospital has filed a $3.5 million building permit application with the city-county Office of Construction Code Enforcement for interior alterations to the building at 350 N. Third St., at the northeast corner of Third and Jackson Avenue. Belz Construction Services LLC is listed as the general contractor.
Tri Delta Place, which is St. Jude’s only on-campus housing facility and is intended for patients visiting for a week or less, includes 64 hotel-style rooms and 36 suites, according to the hospital’s website.
The facility is named for the Delta Delta Delta sorority, which adopted St. Jude as its national philanthropic partner in 1999 and has raised millions of dollars for the hospital. In 2014, it committed to raising $60 million in 10 years to name Tri Delta Place, marking the largest single commitment by a St. Jude partner.

Hacks Cross Logistics Center, Building 3

Olive Branch, MS 38654

Tenant: Autoliv

Tenant’s Agent: Brian Kelly and Gary Bender, Corporate Realty Advisors; Jim Mercer, CBRE

Landlord: Hillwood

Landlord’s Agent: Andy Cates and Tim Mashburn, Colliers International

Details: Autoliv, the world’s largest auto safety supplier, has signed a lease to move into a 157,366-square-foot distribution facility in Olive Branch, Mississippi
Hillwood Investment Properties announced the lease Monday, Nov. 14.
Autoliv plans to move into Building 3 at Hacks Cross Logistics Center, a 9-acre site that is currently under construction.
The site offers easy access to both Interstate 240 and U.S. 78 and will feature 23 dock doors, a 32-foot clear height and a front load configuration.
Hillwood is also in the process of constructing an additional 204,570-square-foot facility in the Hacks Cross Logistics Center.
Hillwood expects construction on both buildings to be complete by the first quarter of 2017.
“Our continued success in this market is a testament to the location, strong labor base and contributions by both the City of Olive Branch and DeSoto County,” Kurt Nelson, Hillwood’s senior vice president and market leader, said. “Our current portfolio in the Memphis market totals 2.5 million square feet and is continuing to grow.”
Hillwood is an industrial real estate developer, investor and adviser that operates out of 23 markets in North America and Europe.
Autoliv is a Swedish-American joint venture was founded in 1997 after the merger of Morton Automotive Safety Products and Autoliv AB. The company makes safety devices and systems for automobiles, from seat belts and air bags to electronic brake and vision sensors. 

161 Jefferson Ave.

191 Jefferson Ave.

Memphis, TN 38103

Investment: $18 million

Planned Use: Aloft Hotel

Developer: Vibrant Hotels Inc.

Details: Mississippi-based Vibrant Hotels Inc. is one step closer to developing a new full-scale hotel in the heart of Downtown Memphis after its special use permit was approved by the Land Use Control Board Nov. 10. The permit now goes to the Memphis City Council for final approval.
The 134,000-square-foot century-old Tenoke Building at 161 Jefferson Ave. and an adjacent one-story office at 191 Jefferson will be redeveloped into an Aloft Hotel, a contemporary-styled boutique flag owned by Starwood Hotel & Resorts Worldwide. The full-service property will have 155 rooms and will include banquet facilities for up to 200 people, a pool and an outside patio and bar. The Class C properties were built in 1911 and 1935 respectively and occupy half an acre at the corner of Jefferson and B.B. King Boulevard.
Projected investment into the hotel’s development is $18 million and will include partial demolition of the one-story office building to provide for the hotel’s canopy check-in area and corner signage. The project is still in the planning phase, with demolition scheduled to begin next spring and a projected opening in the spring of 2018.
Vibrant Hotels originally made a play to redevelop the property in 2007. The company sought and was approved for a special use permit with plans to develop a Hotel Indigo, but that plan was abandoned after the economic downturn around the same time.

10000 Woodland Hills Drive 

Cordova, TN 38018

Sale Amount: $2 million

Sale Date: Nov. 10, 2016

Buyer: Olivet Baptist Church

Seller: Edward and Cindy Dodd

Loan Amount: $1.3 million

Loan Date: Nov. 10, 2016

Lender: Pinnacle Bank

Details: Cordova’s Woodland Hills event center has been purchased by a local church.
New Olivet Baptist Church, working as Olivet Baptist Church, paid $2 million for the 31,672-square-foot clubhouse, or $61.57 per square foot. The sellers, Edward and Cindy Dodd, had purchased Woodland Hills in 2010 for $1.6 million.
Built in 1971, the event center is situated on 15 acres at 10000 Woodland Hills Drive just west of Houston Levee Road. The Shelby County Assessor of Property’s 2016 appraisal is $1.6 million.
New Olivet, headed by pastor Kenneth Whalum Jr., sold its longtime location at 3084 Southern Ave. to Memphis Country Club in April. In conjunction with the purchase of Woodland Hills, the church filed a $1.3 million loan through Pinnacle Bank.

PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107