VOL. 132 | NO. 148 | Thursday, July 27, 2017
Memphis Music Initiative To Occupy Old Downtown Firehouse
By Patrick Lantrip
198 Dr. Martin Luther King Jr. Ave. (Map data ©2017 Google)
198 Dr. Martin Luther King Jr. Ave., Memphis, TN 38103
Tenant: Memphis Music Initiative
Tenant’s Agent: Darrell Cobbins, Universal Commercial Real Estate
Landlord: Orgel Family LP
Landlord’s Agent: Benjamin Orgel and Adam Slovis, Slovis & Associates
Details: The old firehouse at the corner of B.B. King Boulevard and Dr. Martin Luther King Jr. Avenue has gone through many incarnations since the 1800s, including stints as a recording studio, nightclub and pop-up beer garden.
Now it can add one more to the list – office.
The Memphis Music Initiative (MMI), a local nonprofit organization, recently signed a 10,000-square-foot lease to move its headquarters into the iconic Downtown structure, marking a new chapter in the building’s long history.
Darrell Cobbins, president and CEO of Universal Commercial Real Estate LLC, represented MMI in the deal, while Benjamin Orgel and Adam Slovis represented the landlord, Orgel Family LP.
“I think it’s a big win for Downtown Memphis,” Cobbins said. “That particular location has been sitting there for a long, long time.”
Prior to the move, the 2-year-old music education-oriented nonprofit was being incubated at ArtsMemphis’ 575 S. Mendenhall Road location.
“They wanted to be in a unique urban setting, so we looked a lot in Downtown and Midtown,” Cobbins said. “We identified different options for them, but we kind of stumbled across the firehouse. We were thinking about it more as a long shot, because it’s never been an office.”
Most recently the building was used to host a summer-long pop-up beer garden events in 2015 known as the Memphis Fire Haus, which was geared to raise awareness of the locale’s commercial viability.
315 Danny Thomas Place
Memphis, TN 38105
Permit Amount: $1.1 million
Application Date: July 2017
Owner: St. Jude Children’s Research Hospital
Tenant: St. Jude Children’s Research Hospital
Contractor: Belz Construction Services
Details: St. Jude Children’s Research Hospital has filed a $1.1 million building permit application that calls for interior renovations to install a new nuclear magnetic resonance, or NMR, laboratory.
Belz Construction Services is listed as the contractor on the application filed with the city-county Office of Construction Code Enforcement.
St. Jude is in the midst of a major expansion of its Downtown campus, part of a strategic plan announced in 2015. The plan calls for St. Jude and ALSAC, its fundraising and awareness arm, to spend about $9 billion over six years on operations and expanded facilities to increase the number of patients treated on campus by 20 percent, as well as expand global efforts to help children.
1700 S. Third St.
Memphis, TN 38109
Sale Amount: $1.1 million
Sale Date: July 2017
Buyer: Edwards Steel Solutions
Buyer’s Agent: Greg deWitt, Avison Young
Seller: B&C LLC
Seller’s Agent: Bruce Young, Memphis Commercial & Industrial Real Estate
Details: Steel fabrication and construction company Edwards Steel Solutions has acquired a 207,995-square-foot industrial building at 1700 Third St. in a $1.1 million deal.
Greg deWitt, vice president at Avison Young, represented the buyer, while Bruce Young with Memphis Commercial & Industrial Real Estate represented the seller, B&C LLC.
Located on nearly 9 acres in Southeast Memphis, Edwards Steel Solutions will occupy roughly 86 percent of the site to fabricate steel that will be mainly used in the construction of multifamily housing.
Currently, the site features 13 exterior dock doors, 17- to 24-foot ceiling heights and 40 parking spaces, but Edwards Steel plans to overhaul the sprinkler systems, lighting and office portion of the facility.
254 Court Ave.
Memphis, TN 38103
Sale Date: July 2017
Seller’s Agents: Alex Stringfellow and Ron Riley, Colliers International
Buyer: Cutler Property Group
Details: Cutler Property Group, a Montreal-based real estate developer and investor, has bought a 111-year-old Downtown office building, part of the Canadian company’s plan to acquire as much as $10 million of property in the Memphis area.
Located at 254 Court Ave., the five-story building was constructed in 1906 as the regional headquarters of the Crane Co., and the 52,000-square-foot building and its 45-car adjacent parking lot underwent an extensive renovation in recent years.
Cutler tapped Alex Stringfellow and Ron Riley of Colliers International to handle the leasing. Riley said the building is currently available for lease by floor or in its entirety.
Since 1982, Cutler has purchased and developed more than 1.5 million square feet of commercial space in Canada and the United States.
3155 Sharpe Ave.
Memphis, TN 38111
Project Cost: $10 million
Completion: July 28, 2017
Owner: John Madison Exum Towers
Architect: Self + Tucker Architects
Contractor: Patton & Taylor Construction
Details: John Madison Exum Towers, Memphis’ sixth-largest independent senior living facility, has completed a $10 million overhaul of Towers I and II, located at 3155 Sharpe Ave., and will unveil the renovations to the public Friday, July 28, at 10 a.m.
The renovations provide modern touches to the 240-unit high-rise facility built in 1980, with the goal of meeting the needs of the aging baby boomer population.
The renovation project began in late 2015 through the Christian Methodist Episcopal Church’s partnership with Bluegreen Preservation & Development Co.; Charles E. Carpenter; Self + Tucker Architects; Patton & Taylor Construction; TESCO Properties; the Health, Educational and Housing Facility Board of the city of Memphis; and the Tennessee Housing Development Agency.