VOL. 129 | NO. 171 | Wednesday, September 03, 2014

The West Tennessee Home Builders Association has paid $4.4 million for an office building at 5400 Poplar Ave. in East Memphis that will house the organizations new headquarters.

We wanted to make a statement about our commitment to Memphis by purchasing an office within the city limits, said Kim Grant Brown, president of the association. The location is convenient for most of our members and we are looking forward to having a permanent space to call our own for years to come.

The association closed on the property Friday, Aug. 29. Holice Jeffries of Sperry Van Ness represented the association in the deal, while Shane Soefker of Cushman & Wakefield/Commercial Advisors represented the seller.

Brown said the organization is looking to move into the new space around Sept. 18, and then it will begin construction on the building to transform it into a high-quality property that will be a central location for its members to meet and work.

We want this to be a Class A property by the time we get done with our renovations, Brown said. Were going to build out our space, make some repairs and renovate the lobby, so we think its going to be a very nice property by the time we get done with it.

Brown said the association, which has been leasing a space at 7990 Trinity Road since it sold its old headquarters building at 776 Germantown Parkway four years ago, thought long and hard about where it should place its new flagship building.

It was a long labor of love, Brown said. With the recession, we decided to wait and find the perfect property and I think we found that.

The new location gives the association an asset along the most highly sought after corridor for office space in the Memphis area. Including the roughly 5,000-square-foot space for the organizations new headquarters, the 42,000-square-foot building has only 4,000 square feet of available space. Tenants include Paragon Bank, Roebuck Auctions and Borland, Heflin, Alvarez, Minor & Matthews PLC.

Its going to be a nice income-producing asset for our association, Brown said. We think it will give us some stability for the future.

See the original post here:
Home Builders Group Buys Building for Headquarters

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September 3, 2014 at 7:43 am by Mr HomeBuilder
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