Memphis *DO NOT USE*
American Realty Capital Closes on 3 Memphis-Area Hotels as Part of Largest Sale Ever by Non-Traded Reit
In February 2015, American Realty Capital Hospitality Trust Inc. closed on the Equity Inns Lodging Portfolio in a $1.8 billion deal. The portfolio consisted of 116 hotels totaling 13,744 rooms across 31 states. The acquisition raised the company’s lodging portfolio to 122 hotels and propelled American Realty Capital as one of the leaders of the hospitality industry.
Architecture Firm Submits PILOT Request for Memphis’ Universal Life Building
Contingent on the approval of a PILOT request, the historic Universal Life Building at 480 & 504 Dr. Martin Luther King Jr. Ave. could soon get its second wind. Juan Self and Jimmie Tucker of Self + Tucker Architects recently submitted a PILOT request that entails the renovation and repositioning of the renowned building for office use.
Up-and-coming Real Estate Firm Acquires Apartment Community in Memphis
An affiliate belonging to Michigan-based ROCO Real Estate recently acquired The Woods at Ridgeway Apartment Homes for $18.5 million. The Woods at Ridgeway is a 260-unit apartment community located at 6277 Lake Arbor Drive in Memphis, TN.
Ashford Hospitality, HFF Reveal Details of Marriott Financing
By Liviu Oltean, Associate Editor Marriott Memphis East A month after Ashford Hospitality Trust Inc. closed on the $43.5 million purchase of the Marriott Memphis East Hotel, the REIT and its advisor, HFF, have revealed details of the acquisition financing. Dallas-based Ashford reported in late March that it had obtained a $33.3 million floating-rate mortgage pegged […]
Tanger Outlets Memphis Mall Announces Partial Tenant Roster
By Liviu Oltean, Associate Editor City and state officials along with Tanger Factory and Poag Shopping Centers representatives participated last week at the groundbreaking ceremony for the previously announced Tanger Outlets Memphis mall. During the ceremony, the first 10 tenants were announced: White House Black Market, Guess Factory Outlet, Ann Taylor, American Eagle, Chico’s, Under […]
Apartment Community in Memphis Changes Hands for $51.3M
By Liviu Oltean, Associate Editor The Preserve at Forest Creek Apartments, a 414-unit, Class A apartment community, recently changed hands for $51.3 million. According to a special warranty deed, two affiliates of Carter-Haston Real Estate Services Inc. sold the community in Germantown to BRE Piper MF Forest Creek TN LLC, an entity belonging to Chicago-based […]
WPT Industrial REIT Enters Memphis’s Industrial Market with $86.25M Purchase
Toronto-based WPT Industrial Real Estate Investment Trust just made a big splash in Memphis. The company recently acquired an industrial portfolio consisting of six distribution facilities for $86.25 million.
St. Jude Children’s Research Hospital Announces Opening of $198M Center
Nonprofit medical corporation St. Jude Children’s Research Hospital recently announced the opening of the Kay Research and Care Center. The $198 million center will now house the Eric Trump Foundation Surgery and ICU Center; the Marlo Thomas Center for Global Education and Collaboration; and the St. Jude Red Frog Events Proton Therapy Center, which is slated for a fall opening.
Sealy & Co. Buys Desoto County Distribution Center
Sealy & Company, a commercial real estate investment and operating company, just increased its regional footprint through the acquisition of the Hacks Cross Distribution Center located in Desoto County, MS. At the time of the acquisition, the 240,000-square-foot distribution center was fully leased by hardlines distributor Orgill Inc.
Innotrac Pulls Permit for $42M Redevelopment of Property as Target Fulfillment Center
Innotrac Corp., a Georgia-based commerce services provider, recently pulled a $42 million permit for the redevelopment of the facility at 5461 Davidson Road in Memphis, TN as a new Target fulfillment center.