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VOL. 132 | NO. 138 | Thursday, July 13, 2017




Malco Pulls Additional Building Permit for Downtown Theater

By Patrick Lantrip

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Malco Theatres’ Downtown movie theater continues to take shape, with the Memphis-based cinema chain seeking its second multimillion-dollar building permit for the project in recent months.


45 E. G.E. Patterson Ave.
Memphis, TN 38103
Permit Amount: $5 million

Project Cost: $55 million

45 E. G.E. Patterson Ave., Memphis TN 38103

 

Application Date: July 2017

Owner: Henry Turley Co. and Community Capital

Tenant: Malco Theatres

Architect: TK Architects

Engineer: SRC Consultants

Contractor: Linkous Construction Co.

Details: Malco Theatres’ Downtown movie theater continues to take shape, with the Memphis-based cinema chain seeking its second multimillion-dollar building permit for the project in recent months.
Malco has filed a $5 million building permit application with the Office of Construction Code Enforcement for the seven-screen theater being built at 45 E. G.E. Patterson Ave., at the southeast corner of G.E. Patterson and Front Street. The application lists Linkous Construction Co. as the contractor, SRC Consultants as the engineer and TK Architects as the architect.
The theater is part of the $55 million redevelopment of Central Station, which also includes a boutique hotel, apartments, restaurants, retail and significant infrastructure and landscaping improvements to the surrounding South Main area spearheaded by Henry Turley Co. and Community Capital.
The $9 million theater will be a new product type for Malco, featuring a rooftop screen and lounge and a two-story movie screen with balcony seating. The Powerhouse building, which was built more than 100 years ago to provide steam and electrical energy to Central Station, will be converted into a lobby and concessions area for the new theater.
A previous $5 million permit application for the project was filed in March.

571 S. Highland St.
Memphis, TN 38111

Tenant: Bruster’s Real Ice Cream

Tenant’s Agent: Harold Blockman with Keller Williams

Landlord: Loeb Properties Inc.

Landlord’s Agent: Aaron Petree

Details: Highland Strip will soon be home to a tasty new tenant.
Bruster’s Real Ice Cream plans to move into the 1,300-square-foot space at 571 Highland St., with construction set to begin soon and an expected opening date late this year, according to Loeb Properties Inc.
The deal was brokered by Aaron Petree with Loeb Properties and Harold Blockman at Keller Williams for Bruster’s.
Founded in 1989, Bruster’s offers at least 24 ice cream flavors, sorbets, frozen yogurts, cakes, pies and other items. It has nearly 200 independently operated locations in 20 U.S. states, South Korea and Guyana.
Last September, Garosa Partners LLC signed a franchise agreement for three Bruster’s in the Memphis area, along with locations in Jackson, Tennessee, and Tupelo and Oxford, Mississippi.

1680 Union Ave.
Memphis, TN 38104

Tenant: PetVax

Landlord: Loeb Properties

Landlord’s Agent: Aaron Petree

Details: Local veterinary clinic PetVax has signed a lease in Midtown’s Belvedere Collection, located at the northwest corner of Union Avenue and Belvedere Boulevard, with plans to open its sixth location there.
Construction will soon begin for the 2,298-square-foot clinic at 1680 Union Ave., which is expected to be ready and open in late 2017.
Aaron Petree represented the landlord, Loeb Properties, in the transaction.
Founded in 1994 by Dr. Kevin Frazier, PetVax offers preventive pet care, heartworm tests, spay and neutering, and more.

855 Ridge Lake Blvd.
Memphis, TN 38120
Sale Amount: $7 million

Sale Date: July 2017

Buyer: Gregory Realty GP

Seller: Ridge Lake TN Realty Holdings LLC

Seller Reps: Brian Califf and Elliot Embry with NAI Saig Co.

Details: A 79,000-square-foot office building in East Memphis has switched hands in a multimillion-dollar deal.
Gregory Realty GP purchased the Class B building at 855 Ridge Lake Blvd. for $7 million from Israel-based investors Faropoint Ventures, doing business as Ridge Lake TN Realty Holdings LLC.
The facility, which was 100 percent occupied at the time of the purchase, is situated on 3.3 acres on the west side of Ridge Lake Boulevard north of Poplar Avenue. The Shelby County Assessor of Property’s 2017 appraisal is $7.8 million.
Brian Califf and Elliot Embry with NAI Saig Co. represented the seller. Califf said Faropoint plans to re-deploy the capital back into Memphis through new acquisitions.

2075 N. Germantown Parkway
Cordova, TN 38016
Sale Amount: $2.3 million

Sale Date: July 2017

Buyer: Dr. Alan Werner

Buyer Rep: Brian Califf, with NAI Saig Co.

Seller: MAM Realty Holdings

Seller Rep: Melanie Myers with the Gary Myers Co.

Details: The Woodchase Center, located at 2075 N. Germantown Parkway, has a new owner.
Dr. Alan Werner purchased the 28,484-square-foot retail building from MAM Realty Holdings of Memphis LLC for $2.3 million. Brian Califf, executive vice president of NAI Saig Co., represented Werner, while Melanie Myers with the Gary Myers Co. represented MAM Realty Holdings.
The retail center, which is anchored by The Great American Sleep Shop, sits on a little more than 2 acres near the intersection of Germantown Parkway and Chimney Rock Boulevard.
The new owners are planning to hold on to the property as a long-term investment, according to Califf.

3720 Alumni Ave.
Memphis, TN 38152
Permit Amount: $580,000

Application Date: July 2017

Owner: Tennessee Board of Regents

Architect: braganza design/GROUP

Details: The University of Memphis has filed a building permit application with the city-county Office of Construction Code Enforcement to renovate existing lab space into a new 3-D printing facility.
The $580,000 permit application lists braganza design/ GROUP as the architect and the Tennessee Board of Regents as the owner.
The U of M currently operates its two 3-D printers out of the McWherter Library Learning Common on the east side of campus.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 312 16,192
MORTGAGES 86 293 18,685
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 332 655 33,126
BANKRUPTCIES 50 237 10,737
BUSINESS LICENSES 26 112 5,198
UTILITY CONNECTIONS 0 127 11,344
MARRIAGE LICENSES 19 94 3,867

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