VOL. 133 | NO. 149 | Monday, July 30, 2018
Memphis Real Estate Recap
University of Memphis, Slider Inn Projects Move Forward
By Patrick Lantrip
1115 E. Getwell Loop St., Memphis, TN 38152 - Turner Construction Co. is beginning the first phase of a $10.6 million expansion and renovation of the University of Memphis’ athletic training facility on its Park Avenue campus.
Project Cost: $10.6 million
Owner: University of Memphis
Tenant: Billy J. Murphy Athletic Complex
Architect: Fleming Architects
Contractor: Turner Construction Co.
Details: The project is the first segment of the Indoor Football Practice Facility, which will expand the Billy J. Murphy Athletic Complex by 25,000 square feet and includes the renovation of adjacent areas within the complex.
The football team and other Tigers’ squads use the facility for training. The project is expected to be complete in a year.
The new space will include a multipurpose room, team training room, rehab and recovery stations, hot and cold therapy pools, coaches’ locker room and equipment storage on the first floor, along with coaches’ offices, recruiting and support spaces on the second floor. Also working on the project are Fleming Architects, Burr & Cole Consulting Engineers Inc. (civil/structural) and HNA Engineering PLLC (mechanical/plumbing/electrical).
The Tigers football team ranked in the top 25 for the final nine weeks of the 2017 season. It is coming off a West Division title in the American Athletic Conference and has appeared in four consecutive bowl games heading into the 2018 season.
“As Memphis athletics continues to grow into a top-tier national sports program, we knew that we needed a facility that will enable our student-athletes to train to their highest potential,” said Tony Poteet, assistant vice president of campus planning and design for the University of Memphis.
363 Mulberry St.
Memphis, TN 38103
Permit Amount: $800,000
Application Date: July 24
Owner: Aldo Dean
Tenant: Slider Inn
Contractor: Ybos & Sons Construction Inc.
Details: A building permit application was filed July 24 for renovations to an existing building at 363 Mulberry St. for tenant Slider Inn.
Last September, the Memphis Landmarks Commission approved plans for the restaurant in the South Main Historic Arts District.
The permit was valued at $800,000. Archimania was listed as the architect, Ybos & Sons Construction Inc. was listed as the general contractor.
The single-story building was once home to a vintage automobile storage and service garage.
670 Cooper St.
Memphis, TN 38104
Permit Amount: $3.5 million
Application Date: July 24
Owner: Lehman-Roberts Co.
Tenant: Lehman-Roberts Co.
Contractor: Grinder Taber & Grinder Inc.
Details: The Toof American Digital building on Cooper Street could be the latest vacant Midtown property to be revitalized.
Grinder Taber & Grinder Inc. has filed a $3.5 million permit to renovate the former Toof building at 670 S. Cooper St. for a new tenant.
In January, Lehman-Roberts Co., a Memphis-based highway paving company that has served the Mid-South for nearly 80 years, bought the 3.3-acre light manufacturing site for $2.3 million.
Earlier this year, Toof moved from its namesake building in Midtown to a 24,000-square-foot warehouse and distribution facility off of Lamar Avenue, as reported by The Memphis Daily News in April.
Toof’s five-year lease negotiation involved NAI Saig Co. vice president and business manager Hank Martin on behalf of landlord Net Magan, and Henry Stratton of Colliers International representing Toof.
Steve Landwehr, a principal at Fleming Architects, is listed as the architect for the renovation of the Toof building. Lehman-Roberts is listed as a client on Fleming’s website.
Lehman-Roberts Co. employs about 350 people between its two asphalt manufacturing plants in Shelby County and six in Mississippi, and its sister company Memphis Stone & Gravel Co.’s six local sand and gravel mines.
4266 Ridgestone Drive
Memphis, TN 38128
Sale Amount: $12.5 million (combined)
Sale Date: July 17, 2018
Buyer: Monroe Group
Details: One of the fastest-growing affordable housing property management companies in the U.S. has entered Tennessee with the purchase of two Memphis apartment properties.
Denver, Colorado-based Monroe Group bought the 150-unit Keystone Landing Apartments, located at 4266 Ridgestone Drive in Raleigh, from Keystone Landing Apartments LLC for $6.5 million. It purchased the 120-unit Pendleton Apartments, located at 1764 Pendleton St. near Cherokee Park, from Pendleton Apartments LLC for $6 million.
The transactions closed July 17, and were handled by Monroe Group affiliate Steele Properties LLC, founded in 2006 to conduct all of the company’s real estate development and property acquisitions.
According to the company's website, Monroe Group seeks to rebuild and transform housing communities.
Both of the properties sold for more than double their last appraisal price.
Pendleton Apartments was appraised for $2.8 million and Keystone Landing Apartments at $3 million in 2018, according to the Shelby County Assessor of Property.
The real estate management company is buying the distressed multifamily assets by way of the Health, Educational, and Housing Facility Board of Memphis, a public corporation authorized by state law to issue tax-exempt revenue bonds and other financing vehicles for the development of multifamily housing facilities.
The buyer also plans to close on a payment-in-lieu-of-taxes benefit for the two properties, according to the HEHFB’s latest board minutes.
Monroe Group is an affordable housing management company with more than 55 multi-unit properties in 18 states. The company was founded in 1982.