Robert Pera’s communications technology firm seeks a 10-year tax incentive that would save the company $1.8 million total in local property taxes. But the company would create 25 jobs paying $37,027 on average.
Woodhill Real Estate bought a fully leased, 268,000-square-foot building at 5020 Tuggle Road, in Memphis’ vast Southeast industrial submarket.
The Land Use Control Board approved two unsurprising changes for a couple of big, suburban planned developments. Out, or diminished, is brick-and-mortar retail from the projects.
The investors who own the building housing RockHouse Live (formerly Poplar Lounge) have just bought the two ragged, midrise office buildings that flank the bar near Midtown. Immediate plans are to make improvements to woo more tenants back, but long-range plans may include demolition and a new hotel.
The popular restaurant has a ground lease for the 1.25-acre site where the old Grimes Memorial United Methodist Church buildings were razed.
Silo Square is to comprise 13 mixed-use buildings, 305 single-family housing lots, six retail outparcels, a bank outparcel, two hotel sites, three office buildings, a 2.6-acre farmer’s market, 10 acres of apartments, and 64 acres of green space.
The Center City Revenue Finance Corp. board voted 7-0 to approve a 20-year incentive that will save developers of the $77 million Central Yards project $23 million in property taxes.
The number of houses sold in December rose 10.7 percent compared to a year earlier. And for the entire pandemic-plagued year of 2020, house sales still climbed slightly.
A fire early Saturday morning heavily damaged a 120-year-old building in the historic Pinch District.
Club Champion opened its Memphis studio on Saturday, Jan. 9. The business custom fits golf clubs to golfers of all levels. The East Memphis shop is the company’s second in Tennessee and 76th in the nation.
Sterling Development of Indiana plans a 260-unit, $25 million apartment complex near the southeast corner of U.S 64 and Reid Hooker Road.
A trend of rising housing prices combined with less homes available in Shelby County is reflected in two North Memphis neighborhoods: Frayser and Raleigh, albeit at different rates, according to Memphis Area Association of Relators (MAAR) data.
A veteran Memphis real estate broker says he believes Tesla is coming to Memphis soon. The broker represented the seller in a transaction this week involving the former — and now vacant — Homer Skelton Wolfchase Hyundai dealership property at 3020 N. Germantown Parkway.
A developer seeks to change a planned development to build a 22,490-square-foot commercial center at the northeast corner of Hacks Cross and Sedgwick Way in Southwind.
A property owner has applied for a planned development called Brookhaven Townhomes at 786 E. Brookhaven Circle in East Memphis. The three-story units, each 2,300 square feet, will be sold instead of leased, and each will have a two-car garage and rooftop deck.
When you add all the industrial space leased during 2020 and subtract the new vacancies, the Memphis area experienced a net positive absorption of more than 12 million square feet. The vacancy rate fell to 5%, and 12 million square feet of more space is under construction.
Crown World this week followed through with its plans for Memphis after receiving a tax incentive in December. The firm has bought the long-empty office building at 2990 Airways and will establish operations there.
Ollie’s has two Memphis locations, one in the Wolfchase area and the other in Southwind’s Centennial Commons shopping center. Both are in former Toys R Us buildings,
The firm buys a portfolio of seven retail strip centers, including four in the Memphis area.
Even with the tax-break incentive, Central Yards would still generate $7.7 million more in local tax revenues over 20 years than the same property would generate without the mixed-use development, according to the Downtown Memphis Commission.
He first founded The Furniture Center, then acquired a substantial amount of commercial real estate through his American Properties Co. No matter the deal, Ronnie Underberg wanted both sides to feel good about the transaction.
OtherFoods Kitchen now serves 25 small businesses that make everything from take-home meals to bagels to gluten-free dog treats. The shared commercial kitchen rents its facilities by the hour, allowing startup businesses to avoid big overhead costs.
The Quebec-based Quint Group paid $8.75 million to Illinois-based Agracel Inc. for a 258,000-square-foot industrial building. Kemp Conrad, a principal with Cushman & Wakefield/Commercial Advisors, will represent Quint Group in leasing the building.
The 9.3-acre site, now cleared by demolition, sold for $7.7 million to RCM Devco LLC, which lists developer Chance Carlisle of One Beale as its agent.
So far, $2 million of the $2.5 million goal has been raised to rebuild Overton Park golf course and renovate its Abe Goodman Clubhouse.