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VOL. 132 | NO. 94 | Thursday, May 11, 2017




Clark Tower Wraps Up $8 Million Renovation

By Patrick Lantrip

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Commercial real estate firm Colliers International has announced the owner of Clark Tower, In-Rel Properties, has finished an $8 million renovation of the iconic East Memphis office building. Details on that and other top deals in this week's Real Estate Recap...


5100 Poplar Ave., Memphis, TN 38117

Project Cost: $8 million 

Completion: May 2017

Owner: In-Rel Properties

Details: Commercial real estate firm Colliers International has announced the owner of Clark Tower, In-Rel Properties, has finished an $8 million renovation of the iconic East Memphis office building.

Upgrades to the roughly 650,000-square-foot building included work to the lobby and security desk, the addition of a 60-person conference center, updated common areas and restrooms finishes, a new marquee entry on the south side of the building, pedestrian walking paths connecting to nearby retail and three new cooling towers.

“The building is a canvas. Our goals are to capture a dominant share of the leasing activity in Memphis and draw significant new tenants into the vibrant East Memphis submarket,” In-Rel CEO Kirk Cypel said. “Since completion of the improvements, currently we are working with over 150,000 square feet of prospects.”

Colliers senior vice president Ron Riley said the improvements to the building will elevate it within the submarket.

“Clark Tower is located in the geographic heart of Memphis and the building presents a unique opportunity for tenants to be a part of a community that has local restaurants and retailers along with key national tenants such as Whole Foods and Houston’s,” Riley said. “Clark Tower serves as the hub for a five-minute walk to 13 restaurants, two grocery stores, a hotel and multiple local and national retailers.”

 

191 Beale St.
Memphis, TN 38103

Permit Amount: $1.8 million

Application Date: May 2017

Owner: The Memphis Grizzlies

Tenant: The Memphis Grizzlies

Architect: Design Shop PLLC

Contractor: Montgomery Martin Contractors 

Details: The Memphis Grizzlies have filed a $1.8 million building permit application for interior renovations to the FedExForum.

The Memphis Grizzlies are listed as both the owner and tenant on the 191 Beale St. application filed with the city-county Office of Construction Code Enforcement.

Design Shop PLLC was listed as the architect, Montgomery Martin Contractors was listed as the contractor.

The improvements include several digital enhancements, including a high-definition scoreboard roughly four times the size of the current board as well as indoor and outdoor HD video displays, ribbon boards and LED lighting systems.

Other changes include several upgraded areas, including an updated courtside club and a terrace-level sports bar.

 

105 S. Germantown Pkwy.
Cordova, TN 38018

Permit Amount: $4 million

Application Date: May 2017

Owner: Agricenter International

Tenant: Agricenter International

Details: Agricenter International has filed a $4 million building permit with the city-county Office of Construction Code Enforcement to modernize its ShowPlace Arena, 105 S. Germantown Parkway.

Built in 1985, the ShowPlace Arena is a multipurpose equestrian event facility for festivals, concerts, circuses, trade shows and fundraising galas. In addition to the main arena, ShowPlace has other arenas, an RV park and six barns with more than 600 stalls.

Located on roughly 1,000 acres of county-owned land east of Shelby Farms Park, the Agricenter sees more than 1.3 million guests annually and has an economic impact of $524 million on the local economy.

 

2611 Ridgeway Road
Memphis, TN 38119

Permit Amount: $3.5 million

Application Date: May 2017

Owner: Umansky Auto Group

Tenant: Umansky Auto Group

Contractor: Grinder, Taber & Grinder

Details: Umansky Auto Group has filed a $3.5 million building permit application with the city-county Office of Construction Code enforcement.

The permit to construct a new building at 6001 Umansky Cove lists Grinder, Taber & Grinder as the contractor.

According to their website, Umansky has 550 employees spread out across 10 locations in three states, including a Memphis location at 2611 Ridgeway Road.

Currently, the Ridgeway location is listed as a 65,394-square-foot auto dealership sitting on 12.7 acres near Ridgeway Road and Bill Morris Parkway, according to the Shelby County Register of Deeds. 

The property was appraised for $6 million in 2017.

376 N. Cleveland St.
Memphis, TN 38104

Sale Amount: $1 million

Sale Date: April 27, 2017 

Buyer: Absolute Storage Management

Seller: Overton Park Commons LLC

Loan Amount: $660,000

Loan Date: April 24

Borrower: Michael J. Haugh

Lender: First Bank

Details: Absolute Storage Management has purchased a Midtown retail center for a little more than $1 million.

The Memphis-based firm, working under the name ASM Storage Partnership, purchased the building at 376 N. Cleveland St. from Overton Park Commons LLC, according to an April 24 warranty deed filed with the Shelby County Register of Deeds.

A $660,000 mortgage though First Bank was filed in conjunction with the purchase. Michael J. Haugh, president and CEO of Absolute Storage, signed the trust deed on its behalf.

The 7,293-square-foot community shopping center was built in 2006 and sits on a little more than an acre near the intersection of Cleveland Street and Overton Park Avenue. The Shelby County Assessor of Property’s 2017 appraisal is $729,300.

Haugh founded Absolute Storage in 2002, and the company has grown to include 90 properties totaling more than 5 million square feet, according to the company’s website.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 122 17,665
MORTGAGES 82 150 20,576
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 151 334 36,150
BANKRUPTCIES 54 92 11,774
BUSINESS LICENSES 31 59 5,619
UTILITY CONNECTIONS 28 120 12,154
MARRIAGE LICENSES 24 49 4,406

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