VOL. 133 | NO. 1 | Monday, January 1, 2018
Memphis Real Estate Recap
Gibson Guitar Factory Property Fetches $14.4M, New Midtown Tiki Bar Opening Soon
By Patrick Lantrip
145 Lt. George W Lee Ave.
Memphis, TN 38103
Sale Amount: $14.4 million
Sale Date: Dec. 27, 2017
Buyer: Somera Road Inc., Tricera Capital
Seller: Gibson Brands Inc.
Details: A warranty deed filed Dec. 27 with the Shelby County Register of Deeds shows that buyers paid $14.4 million for the Gibson Guitar Factory property in Downtown Memphis.
The Daily News first reported that investment firms Somera Road Inc. of New York and Tricera Capital of Miami, Florida, bought the property on Dec. 5.
The transaction includes the 150,000-square-foot factory and showroom located at 145 Lt. George W. Lee Ave. and a 350-space parking lot at 0 Pontotoc Ave.
On Dec. 12, the Center City Revenue Finance Corp. approved a lease transfer request by the new owners of the Gibson Guitar Factory in addition to an amendment that removed a jobs requirement condition and expands acceptable uses of the property.
Andy Cates and Andrew Phillips of Colliers International were tapped to handle property management and leasing services for the property going forward.
807 Jefferson Ave.
Memphis, TN 38105
Project Cost: $20 million
Owner: University of Tennessee Health Science Center
Tenant: UTHSC Campus Police Department
Details: With multiple multimillion-dollar projects sprouting up not only on the University of Tennessee Health Science Center campus but throughout the Memphis Medical District, one project hopes to tie them all together – UTHSC’s $20 million security investment.
At the heart of the security upgrade is a new state-of-the-art headquarters for the UTHSC Campus Police Department that will be located in a currently unused audiology and speech building at 807 Jefferson Ave.
The $2 million, two-story facility will be home to training areas, dispatch space, conference rooms, an indoor firing range in the basement, UTHSC’s Parking Services and a Memphis Police Department Community Policing Unit.
“Having a police department that basically functions like a precinct of the Memphis Police Department is what we envisioned for the Medical District,” UTHSC’s executive vice chancellor and chief operations officer Dr. Ken Brown said. “We’ll have a 24-hour dispatch station where we can communicate with the Real Time Crime Center in Shelby County, have traffic light cam accessibility, and connectivity to all the hospitals in the Medical District.”
Currently, the UTHSC Campus Police Department has 30 commissioned police officers who have the same rights and authority as Memphis police officers and Shelby County deputies, along with 26 security officers. Next year, the university hopes to hire five more police officers, four more security officers and an additional dispatcher.
4798 Summer Ave.
Memphis, TN 38122
Sale Amount: $500,000
Buyer: Commercial Capital Group LLC
Seller: Irvin D. Califf, the Sue Ballin Family Trust and M.N. Silverman
Seller Rep: Brian Califf and Daniel McPhail, NAI Saig Co.
Details: A 10,000-square-foot retail building on Summer Avenue has sold for $500,000.
Commercial Capital Group LLC purchased the property at 4798 Summer Ave., which currently houses Plasma Biological Services, from Irvin D. Califf, the Sue Ballin Family Trust and M.N. Silverman.
NAI Saig Co. executive vice president Brian Califf and executive sales associate Daniel McPhail represented the sellers in the deal.
McPhail and Califf have been retained to handle the leasing by the new owners.
Constructed in 1964, the building sits on a little more than a half-acre west of the intersection of Summer and Mendenhall Road.
1545 Overton Park Ave.
Memphis, TN 38112
Completion: January 2018
Owners: Brian “Skinny” McCabe and Jeff Johnson
Tenant: Atomic Tiki
Details: Memphis’ restaurant community will get a little bigger almost immediately in 2018, with a new tiki bar concept in Midtown courtesy of Hi-Tone owner Brian “Skinny” McCabe and restaurateur Jeff Johnson.
Atomic Tiki, at 1545 Overton Park Ave., will likely open the second week of January, according to McCabe. The only box left to check is securing the liquor license for the bar, which McCabe said will have “fruity drinks and a relaxed atmosphere with an island kind of feel.”
Atomic Tiki is a concept McCabe has wanted to bring to Memphis after hanging out at a similar establishment in Pittsburgh a few times.
“We want it to feel like you’re not in Memphis anymore,” said McCabe, who in addition to owning the Hi-Tone and co-owning Atomic Tiki also co-owns the T-shirt company Dirty Cotton with his wife. “That’s how a tiki bar should be, I think.
The menu will include items like island-inspired nachos, chips and salsa, plus dinner entrees – which McCabe said could include dishes like Polynesian spiced wings.
As far as beers, the aim will be to keep the offerings as local as possible, though he’s not sure what the final lineup will be yet. The aim will be to “listen to people” and be open to suggestions of what customers want.
“The tiki bar kind of yacht club-type feel isn’t real beer heavy,” McCabe said. “But there are people out there who don’t want something like a Mai Tai, a fruity cocktail with an umbrella. We’re going to try to offer the staples and then listen to people to see what they want.”