VOL. 132 | NO. 133 | Thursday, July 6, 2017
Memphis Real Estate Recap
Cooper-Young Getting New Coffee House
By Patrick Lantrip
945 COOPER ST., MEMPHIS TN 38104
945 Cooper St.
Memphis, TN 38104
Permit Amount: $85,750
Application Date: July 2017
Owner: Joan Ryan
Owner Rep: Carson Claybrook with Cushman & Wakefield/Commercial Advisors
Tenant: Bluff City Coffee & Bakery
Contractor: USGC LLC
Details: Even though Cooper-Young is hot with new development, there was one significant puzzle piece missing – a tenant in the vacant parcel on the northwest corner of Cooper Street and Young Avenue.
That will soon change as local coffee house Bluff City Coffee & Bakery will occupy the site of the former Bank of America branch. Carson Claybrook, vice president of retail brokerage services with Cushman & Wakefield/Commercial Advisors, represented the owner, Joan Ryan, in the lease.
“I think it’s going to be a great use for the neighborhood to really activate this space,” Claybrook said. “The owner was somewhat selective about who they wanted to lease to and we thought this would be a good use of the building.”
A $85,750 building permit was filed with the city-county Office of Construction Code Enforcement that listed USGC LLC as the contractor and cited tenant improvements, electrical and plumbing reconfiguration, and new paint.
The 2,457-square-foot former bank was built in 1955 and sits on 0.35 acres, according to the Shelby County Property Assessor’s Office. It is located near popular restaurants such as Café Ole, Alchemy and Sweet Grass.
This will be the second location for the espresso-based café – its original store opened Downtown at 505 S. Main St. in 2006.
7895 Stage Hills Blvd.
Bartlett, TN 38133
Sale Amount: $2.7 million
Sale Date: July 2017
Buyer: David Couch
Seller: Gregory Realty GP
Broker: Brian Califf with NAI Saig Co.
Details: Two flex buildings totaling 30,796 square feet on 3.16 acres of land at 7895 Stage Hills Blvd. in Bartlett sold this month for $2.7 million.
Brian Califf, executive vice president with NAI Saig Co., brokered the transaction between the buyer, David Couch, and the seller, Gregory Realty GP.
The new owner plans to hold the property, which was 100 percent occupied at closing, as a long-term investment, according to Califf.
860 Ridge Lake Blvd.
Memphis, TN 38120
Tenant: Thomas & Betts Corp.
Landlord: Boyle Investment Co.
Details: Thomas & Betts Corp. has chosen a new location for its corporate headquarters. The Memphis-based electrical components manufacturer is moving from Southwind to ServiceMaster Global Holdings’ current space at 860 Ridge Lake Blvd. in Ridgeway Center. ServiceMaster is vacating the East Memphis property for its new headquarters Downtown.
Sources with knowledge of the move say Thomas & Betts plans to relocate in the second quarter of 2018.
Thomas & Betts informed its employees in February that the company planned to move. At the time, marketing manager Craig Edlin told The Daily News T&B was considering a few locations, all within the Memphis area. Edlin also said T&B was only relocating its corporate offices and that no manufacturing facilities would be affected.
ServiceMaster plans to have about 1,200 of its corporate employees in Memphis moved out of Ridgeway Center and into its new headquarters in the former Peabody Place mall by early 2018.
Thomas & Betts’ move completes an unusual merry-go-round of sorts of three Memphis-based corporations. Sedgwick Claims Management Services announced in February that it was moving into Thomas & Betts’ headquarters at 8155 T&B Blvd. in Southwind.
4221 Pilot Drive
Memphis, TN 38118
Tenant: UWT Logistics
Landlord: Sealy Co.
Landlord Rep: Hank Martin and Elliot Embry with NAI Saig Co.
Details: UWT Logistics will renew its 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., in the deal.
The 600,000-square-foot Pilot Distribution Center sits on more than 17 acres near the Lamar Avenue corridor in Southeast Memphis.
1928 Poplar Ave.
Memphis, TN 38104
Application Date: July 2017
Completion: August 2017
Owner: City of Memphis
Tenant: The Levitt Shell
Architect: Bill Ferguson with ANF Architects
Details: The Levitt Shell could be getting a new look in the coming months. Representatives from the popular Overton Park concert venue have applied for a conditional use permit with the Shelby County Board of Adjustment to add repurposed shipping containers to be used as a permanent retail structure.
The proposed containers would be located adjacent to the Levitt Shell’s main stage, where temporary tents have been erected to sell concessions and merchandise.
“This request for a use variance is to allow the use of the shipping containers repurposed for these micro-commercial spaces and visible spaces for volunteer and security stations,” Levitt Shell executive director Anne E. Pitts said in a letter to the Office of Planning and Development. “The use of containers allows a better and higher use of this area, eliminating the unsightly temporary tenting and creating a space that is better designed for the benefit of the general public attending Levitt Shell events, especially its 50 Free Concert Series.”
Pitts said the structures will intentionally be placed to enhance the space.
“The design of the containers will provide for a more attractive component in this area, and the potential commercial component of the site is to provide opportunities for strengthening and growing the Levitt Shell’s audience engagement and activation.”
Bill Ferguson of ANF Architects is listed as the project’s architect.
If approved, the two shipping containers would be installed in August.