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Emerge Memphis building is sold

Nashville firm plans to raise occupancy rate

By Published: February 22, 2019 4:00 AM CT

The office building that houses Emerge Memphis at 516 Tennessee St. was sold this month to a Nashville-based real estate investment firm.

Anchor Investments LLC paid $3.73 million for the 60,000-square-foot building built in 1910.

“This property fits very well into our strategy of buying well-located real estate with a value-add component,” Anchor Investments president Micah Lacher said in a release. “We are very excited to bring renewed energy to this beautiful, historic property and bring it back up to 100 percent occupancy.”

Emerge Memphis is a nonprofit organization that supports startup businesses with professional development, business models and office space.

The Emerge Memphis building has “a long history of being a hub of entrepreneurial activity and a place for companies to launch their ideas," Lacher said.

“We look forward to partnering with existing tenants to help them grow and finding other creative and growing companies to add to the mix. The energy and collaboration in the building is electric and we look forward to furthering that with more dynamic companies,” he said.

Ben Ricketts, Colliers International senior associate for the Memphis region, represented Anchor Investments in the transaction. Adam Slovis of Slovis Commercial represented the seller, Memphis Incubator Systems Inc.



Topics

Commercial Real Estate
Tom Bailey

Tom Bailey

Tom Bailey covers business news for The Daily Memphian. A Tupelo, Mississippi, native, he graduated from Mississippi State University. He's worked in journalism for 40 years and has lived in Midtown for 36 years.


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