VOL. 132 | NO. 170 | Monday, August 28, 2017
Memphis Real Estate Recap
Pottery Studio/Coffee House to Open on Highland Strip
By Patrick Lantrip
549 S. Highland St.
Memphis, TN 38122
Lease Size: 2,788 square feet
Tenant: Belltower Artisans
Landlord: Loeb Properties Inc.
Landlord’s Agent: Aaron Petree
Details: Belltower Artisans, a pottery studio and coffee shop founded in 2016 by college students Micah Dempsey and Christopher Galbreath, has inked a deal to move into a 2,788-square-foot space in the Highland Strip.
Aaron Petree represented landlord Loeb Properties Inc. in the deal.
Belltower Artisans offers a full range of pottery classes, from “Date Night” classes to multi-week beginner, intermediate and advanced level courses.
Dempsey and Galbreath first met in art class while attending Harding Academy, where they were studying pottery making. Eventually the pair opened their first location in Minglewood Hall, before deciding to relocate to the Highland Strip to be nearer to the University of Memphis.
The new location will serve as a wholesale production facility for several local businesses and will include a retail/gallery space. Meanwhile, the coffee house portion of the venue will host live events, gatherings and will serve light snacks and locally sourced coffee.
Construction is expected to begin soon and wrap up before the end of the year.
2491 Winchester Road
Memphis, TN 38116
Permit Amount: $100 million
Project Cost: $214 million
Owner: Memphis-Shelby County Airport Authority
Tenant: Memphis-Shelby County Airport Authority
Details: With its massive $214 million overhaul currently underway, the Memphis-Shelby County Airport Authority has filed a $100 million building permit application with construction code officials.
A spokesperson with Memphis International Airport said the project’s architects, UrbanArch, filed the permit, which simply cites alterations and additions. Code inspection officials will have to examine the plans.
In April, the airport announced the updated $214 million, multiyear plan to completely overhaul its B Concourse, where almost all of the airport’s operations will be consolidated upon completion. Some of the concourse modernization plans include higher ceilings, increased natural light, wider corridors, larger gate areas, additional seating, moving walkways, charging stations, a stage for live music and additional lounge areas, including a children’s play area.
Most recently, MSCAA approved more than $50 million worth of construction contracts related to the overhaul on Aug. 17.
Among them were Chris Woods Construction Co.’s $25.6 million contract to build a CONRAC maintenance facility, Chris-Hill Construction Co.’s $22.7 million to construct two airport taxiway bridges, and A&B Construction Co.’s $1.56 million contract for restroom and apron-level improvements on Concourse A.
Construction on the overall project is expected to wrap up in early 2021.
4572 Poplar Ave.
Memphis, TN 38117
Permit Amount: $3.5 million
Project Cost: $25 million
Completion: Late 2017
Owner: Seritage Growth Partners
Tenant: L.A. Fitness
Architect: Studio 222 Architects
Engineer: James F. Turner Engineers
Details: L.A. Fitness has filed a $3.5 million building permit application to begin interior buildout work at its new East Memphis gym, located at 4572 Poplar Ave. in Poplar Commons.
Seritage Growth Partners is listed as the owner on the permit application, while James F. Turner Engineers and Studio 222 Architects were listed as the engineer and architect, respectively.
Seritage’s $25 million Poplar Commons center, which is going up on the former Sears site across from Oak Court Mall, will be anchored by the city’s first Nordstrom Rack.
Following Sears’ closure in April 2016, Seritage razed the store and auto center on a nearby outparcel and began construction on the five new buildings that will become Poplar Commons.
In June, cosmetics retailer Ulta Beauty sought a $450,000 permit to work on the interior of its future location inside the same center.
In May, Seritage estimated that Poplar Commons would reach “substantial completion” in the third quarter.
4770 Malone Road
Memphis, TN 38118
Lease Size: 45,000 square feet
Tenant: CE North America
Tenant’s Agent: Hank Martin, NAI Saig Co.
Landlord: DP 73 LLC
Landlord’s Agent: Tim Mashburn, Collier International
Details: CE North America, a subsidiary of appliance maker CEM Global, recently signed a lease to occupy a 45,000-square-foot facility in Southeast Memphis.
Hank Martin, NAI Saig Co. vice president and business manager, represented the tenant in the deal, while Tim Mashburn, vice president of Collier International’s Industrial Division, represented the landlord, DP 73 LLC.
Located at 4770 Malone Road, the 74,736-square-foot warehouse was built in 1994 and appraised this year for $1.5 million by the Shelby County Assessor of Property.
5958 Hickory Hill Square
Memphis, TN 38115
Permit Amount: $6.9 million
Owner: Emerald Properties LLC
Contractor: Crane Contractors LLC
Details: The Emerald Park Apartments in Southeast Memphis are undergoing nearly $7 million in renovations.
Crane Contractors LLC is handling a $6.9 million “general repair” of the property at 5958 Hickory Hill Square, according to a building permit application filed with the Office of Construction Code Enforcement.
The 15-acre apartment complex is owned by Emerald Properties LLC, according to the Shelby County Assessor of Property.
The townhome-style apartment complex was built in 1974 and was last appraised for $2.2 million.