VOL. 132 | NO. 153 | Thursday, August 3, 2017
Memphis Real Estate Recap
First Alliance Bank Inks 10-Year Lease to Move to Clark Tower
By Patrick Lantrip
5100 POPLAR AVE., MEMPHIS TN 38137
Memphis-based First Alliance Bank has signed a 10-year lease to relocate its Poplar Avenue branch into the recently remodeled Clark Tower office building.
5100 Poplar Ave.
Memphis, TN 38137
Lease: 10 years
Tenant: First Alliance Bank
Landlord: In-Rel Properties
Details: Memphis-based First Alliance Bank has signed a 10-year lease to relocate its Poplar Avenue branch into the recently remodeled Clark Tower office building.
The new 3,920-square-foot office will be located adjacent to Clark Tower’s lobby, and will offer full banking services and a drive-thru facility.
“For the past 10 years, First Alliance Bank has operated in East Memphis and this new, state-of-the-art office at Clark Tower is our commitment to continue serving this vibrant community for the long term,” First Alliance Bank president Hunt Campbell said of the move.
Originally constructed in 1972, Clark Tower recently completed an $8 million renovation that included many of the common areas, including the lobby, elevators and walkways, and now features a 60-person conference room and tenant game center.
“We are excited and flattered to have First Alliance Bank join us,” Kirk Cypel, CEO of Clark Tower LLC, said. “They complement an already impressive list of financial and professional firms that occupy the tower.”
A 34-story high-rise, Clark Tower is a featured asset of In-Rel Properties, a real estate investment and management firm founded in 1984 that has office and retail properties in Tennessee, Alabama, Georgia, Florida, Oklahoma and Kentucky. In-Rel also owns the iBank Tower adjacent to Clark Tower.
4221 Pilot Drive
Memphis, TN 38118
Tenant’s Agent: Andy Cates, Colliers International
Landlord: Sealy Co.
Landlord’s Agent: Hank Martin and Elliot Embry, NAI Saig Co.
Details: Seattle-based logistics company Expeditors has signed a 100,000-square-foot lease in the Pilot Distribution Center, located at 4221 Pilot Drive.
Hank Martin and Elliot Embry with NAI Saig Co. represented the landlord, Sealy Co., while Andy Cates with Colliers International represented the tenant.
With this lease, the 600,000-square-foot building is now completely occupied.
Last month, UWT Logistics renewed its 100,000-square-foot lease in Pilot Distribution Center. Martin and Embry also represented landlord in that deal.
165 Madison Ave.
Memphis, TN 38103
Permit Amount: $1.2 million
Owner: First Horizon National Corp.
Tenant: First Horizon National Corp.
Architect: ANF Architects
Engineer: MEDFAC Engineering
Contractor: Linkous Construction
Details: First Horizon National Corp. continues its floor-by-floor renovation of the First Tennessee Bank headquarters at 165 Madison Ave.
A $1.2 million building permit application was filed with construction code enforcement officials to renovate the building’s eighth floor. ANF Architects and MEDFAC Engineering were tapped to handle the project’s design work, and Linkous Construction was listed as the contractor.
This is the third string of permits First Horizon has pulled in the past year for 165 Madison Ave., all of them totaling $9.9 million.
First Tennessee currently leases the first 15 floors and the 23rd floor. Baker Donelson law firm is the next largest tenant in the building.
150 Peabody Place
Memphis, TN 38103
Permit Amount: $1.6 million
Completion: Early 2018
Owner: Belz Enterprises
Details: ServiceMaster has filed a $1.6 million building permit application with construction officials for renovations to its new corporate headquarters Downtown in the former Peabody Place Mall.
Flintco was listed as contractor on the project.
Most recently, Flintco and ServiceMaster filed a $25 million tenant infill building permit in May. The company expects to fully occupy its new offices by early 2018.
999 Cooper St.
Memphis, TN 38104
Application Date: July 2017
Owner: Focal Point Investment
Architect: Chris Haley, Looney Ricks Kiss
Consultant: Scott Bojko
Details: A Los Angeles-based developer has submitted plans to construct a 25-unit apartment complex in the heart of the Cooper-Young neighborhood in Midtown.
Focal Point Investment wants to develop a two-building apartment complex with 25 studio apartments on a 0.4-acre vacant lot located across the street from First Congregational Church at 999 S. Cooper St., according to an application submitted to the Shelby County Board of Adjustment.
“The proposed development fits in nicely with the current policies and plans of the city and county because it is an infill in a walkable and vibrant neighborhood,” Dedrick Brittenum, a legal representative of Focal Point, wrote in a letter of intent. “Both mayors are on record for encouraging more residential development in the Memphis urban core, which would appeal to the new-age millennial workers seeking to use modern skill in the pursuit of a rewarding and stable lifestyle.”
Focal Point wants to build a three-story structure fronting Cooper Street with a four-story structure running east and west behind the first building. The complex would offer parking for 21 cars and 25 bicycles.
“The development will be of contemporary design to blend in with the existing walkable neighborhood with appeal to one-car or no-car demographics,” Brittenum wrote.
Focal Point tapped project consultant Scott Bojko and architect Chris Haley of Looney Ricks Kiss to handle the design work.
“The architecture firm selected for this development is well experienced with designing residential infills that blend with the surrounding area,” Brittenum wrote. “The subject site is properly zoned for this type of live/work apartment community and is in the heart of the commercial district of Cooper Young Square.