VOL. 132 | NO. 175 | Monday, September 4, 2017
Financial Services Firm Takes Floor in Clark Tower
By Patrick Lantrip
In this week’s Real Estate Recap, a financial services firm inks a full floor in Clark Tower and Crosstown High School files a $4.1 million permit to build-out space in the Crosstown Concourse for its charter school that is scheduled to open next fall.
5100 Poplar Ave.
Memphis, TN 38137
Tenant: Capital Financial Group
Tenant’s Agent: Barry Maynard, Loeb Reality Group
Landlord: In-Rel Properties
Landlord’s Agent: Ron Riley, Colliers International
Details: The Memphis arm of MassMutual will merge with a Nashville-based financial group and move its combined operations into the 23rd floor of the Clark Tower.
Though it previously operated publicly under the MassMutual brand, Memphis-based firm The Partners Group will move out of its current location in the Triad Centre III now that it has merged with Nashville-based Capital Financial Group.
The new entity will operate under the Capital Financial Group brand and will occupy the entire 23rd floor of the recently renovated Clark Tower, taking approximately 17,000 square feet, real estate sources confirm.
The Partners Group website has since been taken down and any remaining links now redirect users to Capital Financial Group’s homepage.
Currently, MassMutual works out of a little more than 10,800 square feet on the 5th floor of Highwoods Properties’ Triad Centre III, located at 6070 Poplar Ave.
Highwoods said it is already in serious negotiations with a potential office user to backfill the space MassMutual will be vacating.
158 Vance Ave.
Memphis, TN 38103
Permit Amount: $3.6 million
Owner: Oden & Associates Inc.
Tenant: Oden & Associates Inc.
Contractor: Montgomery Martin
Details: Oden & Associates Inc., a locally owned marketing firm, has filed a pair of permits totaling $3.6 million to renovate its future headquarters at 158 Vance Ave. in Downtown Memphis.
Both permits call for renovations to convert the former Capital Pictures building into offices and list Montgomery Martin as the contractor.
In April, the Center City Revenue Finance Corp. approved an eight-year payment-in-lieu-of-taxes incentive for Oden to turn the vacant 77-year-old warehouse two blocks from FedExForum into its headquarters.
According to its PILOT, the redevelopment will activate a 50,000-square-foot site at a prominent intersection on the border of the South Main Historic Arts District and the South City neighborhood.
The adjoining warehouse at Vance Avenue and B.B. King Boulevard will be adapted into an employee parking garage with 32 spaces.
The main building also will include 17,250 square feet of leasable space.
5547 E. Raines Road
Memphis, TN 38141
Lease Size: 80,000 square feet
Tenant: ThyssenKrupp Materials NA, Inc.
Landlord: Raines Road Title Holder LP
Landlord’s Agent: Hank Martin and Brian Califf, NAI Saig Co.
Details: ThyssenKrupp Materials NA, Inc. has signed lease to occupy 80,000 square feet in the Raines Distribution Center in Southeast Memphis.
Hank Martin and Brian Califf with NAI Saig Co. represented the landlord, Raines Road Title Holder LP, in the deal.
Located at 5547 E. Raines Road, the Raines Distribution Center was built in 1980 and has 658,820 square feet of space spread out over 30 acres.
601 S. Mendenhall Road
Memphis, TN 38117
Lease Size: 4,100 square feet
Lease Length: 10 years
Tenant: Nail Bar
Tenant’s Agent: Bill Caller, Crye-Leike Commercial
Landlord: Loeb Properties Inc.
Landlord’s Agent: Aaron Petree, Loeb Properties
Details: Upscale salon Nail Bar has signed a lease to occupy the former Seabrook Wallcoverings building purchased by Loeb Properties at 601 S. Mendenhall Road. Bill Caller with Crye-Leike Commercial represented the tenant while Aaron Petree of Loeb Properties represented the landlord.
The salon is scheduled to open in early 2018 and will occupy about 4,100 square feet of the 7,616-square-foot building.
1365 Tower Ave.
Memphis, TN 38104
Permit Amount: $4.1 million
Owner: Crosstown LLC
Tenant: Crosstown High
Contractor: Grinder, Taber & Grinder Inc.
Details: Crosstown High, a charter school slated to occupy the northeast side of Crosstown Concourse, has filed a $4.1 million building permit application with construction code officials to begin interior build-out at its 1365 Tower Ave. location.
Slated to open next August, Crosstown High tapped Grinder, Taber & Grinder Inc. to handle the construction.
Beginning with a class of 500 freshmen and adding grades in subsequent years, the charter school will offer a unique approach to education in Tennessee.
In addition to classes taught by teams of teachers, students will participate in a 90-minute “project period” that involves partnering with other Crosstown Concourse tenants including Methodist Healthcare, St. Jude Children’s Research Hospital and several retail businesses for class projects.
5800 Stage Road
Bartlett, TN 38134
Sale Amount: $2.3 million
Buyer: Kam Investments
Seller: Southbay Properties LLC
Seller’s Agent: Brian Califf, NAI Saig Co.
Details: A six-building retail portfolio in Bartlett has switched hands for $2.3 million.
Kam Investments purchased the buildings, which total 34,000 square feet and are located in the 5800 block of Stage Road near the intersection of Stage and Bartlett Boulevard.
Brian Califf, executive vice president with NAI Saig Co., represented the seller, Southbay Properties LLC in the deal.
At the time of sale, the buildings were 100 percent occupied. Nationwide Insurance, Southern Crossing and Baskin-Robbins are among the tenants.