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VOL. 133 | NO. 66 | Monday, April 2, 2018

New Apartments Coming to Broad, Clark Tower Inks Another Tenant

By Patrick Lantrip

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A multifamily project planned for Broad Avenue could provide the housing element that takes the arts district to the next level.

2542 Broad Ave.
Memphis, TN 38112

Application Date: April 25

Owner: 3D Realty

Details: In many ways the Broad Avenue water tower has become the defining emblem of the iconic arts district, but the empty warehouse it sits on stands in stark contrast from the vibrant shops, restaurants and art galleries that line the more developed south side of the street.

That could all soon change as James Maclin, a former MAA executive and owner of multifamily consulting business M&M Enterprises, and Bob Loeb, owner of Loeb Properties Inc., have teamed up to bring what many people feel is the area’s last missing piece.

“When I look at that area now, you have great businesses and restaurants that are already there, but after 9 p.m., there’s limited activity and foot traffic, because no one lives there on a large scale,” Maclin said. “Multifamily brings that last piece that can really take Broad Avenue to the next level.”

Maclin and Loeb are hoping to parlay their respective areas of expertise – multifamily and retail – into a massive mixed-use project on the 8.5-acre parcel where the water tower is attached to a 222,000-square-foot vacant WWII-era warehouse.

Since the parcel is currently zoned industrial, Loeb and Maclin’s new business venture, 3D Realty, of which Maclin has the controlling interest, will be seeking a variance from the Board of Adjustment at its April 25 meeting.

According to the plans, the yet-to-be-named project will feature roughly 400 apartment units and around 10,000 square feet of ground-floor retail space.

Maclin said that given the nature of their areas of expertise, the ensuing business venture made perfect sense.

Maclin added that this is only the first of many projects in the pipeline for 3D Realty.

5100 Poplar Ave.
Memphis, TN 38137

Lease Amount: 5,086 square feet

Tenant: Caissa Public Strategy

Landlord: In-Rel Properties

Landlord’s Agents: Ron Riley and Laura Taylor, Colliers International

Details: Caissa Public Strategy has inked a new deal to occupy 5,086 square feet on the 17th floor of the Clark Tower in East Memphis.

“As our team continues to expand, we needed a space that could meet our growing needs,” Brian Stephens, CEO of Caissa, said. “Clark Tower was the right choice for us because of the updated space and central location.”

The local marketing firm didn’t move far, as it was previously located in the neighboring i-bank Tower, which shares the same landlord, In-Rel Properties.

“When Caissa approached us with their vision for growth and expansion, we found a space that was a perfect fit at Clark Tower,” said Dale Bowden, senior property manager at In-Rel Properties. “Owning both towers gives existing and prospective tenants limitless options and flexibility.”

In addition to their Memphis headquarters, Caissa also operates an office in Washington, D.C.

In early 2017, Colliers International was awarded the leasing assignment for In-Rel’s 1.25 million-square-foot office portfolio, which includes Clark Tower, i-bank Tower, Lynnfield Office Park and 2400 Poplar Avenue.

Ron Riley, senior vice president of Office, and Laura Taylor, vice president of Office Leasing, serve as the portfolio’s primary leasing contacts.

3078 Summer Ave.
Memphis, TN 38112

Tenant: Green Goddess, Angels and Tomboys

Landlord: River City Companies Inc.

Details: Two local businesses with family ties, Green Goddess Gourmet Vegan Foods and Angels and Tomboys, will be establishing a joint retail presence in Binghampton.

Located at 3078 Summer Ave., the new retail space will combine Green Goddess’ selection of vegan foods, and Angels and Tomboys’ vegan-friendly handmade body lotions and sprays for tweens, with a communal lounge that will offer community classes and workshops focused on healthy living.

Green Goddess was founded 10 years ago by Omi Ogunwale El, and has its products for sale at Whole Foods in Memphis, Nashville, Chattanooga, Knoxville and Atlanta, and Cash Saver and Superlo in Memphis. Meanwhile, Angels and Tomboys was launched in 2016 by Ogunwale El’s nieces, Madison Star and Mallory Iyana, two sisters who gained national attention after striking a deal with Marc Cuban on ABC’s “Shark Tank.”

The two businesses will host a joint grand opening of their retail location on May 19.

5580 Raleigh Lagrange Road
Memphis, TN 38134

Sale Amount: $13.5 million

Sale Date: March 21, 2018

Buyer: Stoneweg U.S

Seller: RCP General Inc.

Loan Amount: $8.7 million

Loan Date: March 21, 2018

Maturity Date: April 1, 2028

Borrower: Tom Buckley

Lender: Bellwether Enterprise Real Estate Capital

Details: New York City-based RCP General Inc., doing business as RCP Meadows LLC, has sold The Meadows of Memphis, an apartment complex near the Memphis-Bartlett border, to a Colorado investment company.

In the deal, Miami-based Stoneweg U.S., doing business as VP Meadows LLC, purchased the 13-acre parcel at 5580 Raleigh Lagrange Road from RCP for $13.5 million, according to a March 21 warranty deed filed with the Shelby County Register.

RCP president Jonathan Rosen signed that deed on behalf of his company.

In conjunction with that purchase, Stoneweg took out an $8.7 million mortgage through Cleveland, Ohio-based Bellwether Enterprise Real Estate Capital that will mature on April 1, 2028.

Co-owner Tom Buckley signed the March 21 warranty deed on behalf of Stoneweg.

Built in 1986, the 100,000-square-foot complex was appraised for $8.9 million in 2017 by the Shelby County Assessor.

PROPERTY SALES 100 375 3,773
MORTGAGES 63 202 2,481
BUILDING PERMITS 392 651 8,607
BANKRUPTCIES 38 117 2,021