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Ramada Inn Gets Makeover, Becomes Cedar Hotel

Ramada Inn Gets Makeover, Becomes Cedar Hotel

By Eliza Theiss, Associate Editor The former Ramada Inn at 1471 Brooks Road is getting a multimillion dollar facelift from a group of Chicago investors. According to The Memphis Daily News, Cedar Street Hospitality purchased the 245-key hotel in a 2010 auction for $1.55 million. Re-branded as the Cedar Hotel…

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Monmouth Acquires $16.2M Industrial Facility; Mall of Memphis Site Goes Industrial

Monmouth Acquires $16.2M Industrial Facility; Mall of Memphis Site Goes Industrial

By Eliza Theiss, Associate Editor Freehold, N.J.-based Monmouth Real Estate Investment Corp. has purchased a 234,660-square-foot industrial facility in Olive Branch’s Metro Industrial Park for $16.2 million, reports the Memphis Business Journal. The Class A, built-to-suit facility located at 8644 Polk Lane is near another building owned by Monmouth that…

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Southern College of Optometry Announces $9.4 M Expansion

Southern College of Optometry Announces $9.4 M Expansion

By Eliza Theiss, Associate Editor Southern College of Optometry (SCO) has announced a $9.4 million plan to add a new building to its midtown campus. The project will be college’s most ambitious undertaking since The Eye Center, a state-of-the-art eye-care clinic that opened in 2002. The new 23,016-square-foot facility will…

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Dogwood Creek Sells for $26 Million; Hunters Trace Apartments Financed for $11 Million

Dogwood Creek Sells for $26 Million; Hunters Trace Apartments Financed for $11 Million

By Eliza Theiss, Associate Editor New York-based Somerset Partners LLC has purchased Dogwood Creek, a 278-unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC, a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York-based DRA Advisors LLC, sold…

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Community Bank Buys Back Condos; Staples Store Purchased by US Real Estate

Community Bank Buys Back Condos; Staples Store Purchased by US Real Estate

By Eliza Theiss, Associate Editor Nine units at One One O’Six Lofts Condominiums have been bought back by Community Bank – North Mississippi for a reported $1.5 million. The buy also included 2,660 square feet of commercial property at 92 S. Main St. and 96 S. Main St. The purchased…

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FedEx to Build $142 Million Flight Facility; Memphis Multifamily Properties to Be Auctioned Online

FedEx to Build $142 Million Flight Facility; Memphis Multifamily Properties to Be Auctioned Online

By Eliza Theiss, Associate Editor FedEx Express, a unit of Memphis-based FedEx Corp., plans to build a $141.9 million flight-training facility adjacent to the existing Airways Boulevard location, reports The Memphis Daily News. The company currrently leases several flight-training facilities scattered throughout Shelby County. The new Air Operation Training Center…

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AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community

AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community

By Amalia Otet, Associate Editor AREA Properties Partners, a global real estate investment and asset manager headquartered in New York City, recently acquired a $23.6 million industrial portfolio in Memphis from Kansas City Life Insurance Co. The package includes Southpark H at 4650 Quality Dr., Southpark G at 4481 Pleasant…

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Belmont Village Sells for $16.9 Million; Sullivan Branding Moves to the Toyota Center in Downtown

Belmont Village Sells for $16.9 Million; Sullivan Branding Moves to the Toyota Center in Downtown

By Amalia Otet, Associate Editor Belmont Village, a Class A senior living community, recently sold for $16.9 million to an affiliate of Ohio-based Health Care REIT Inc. 6605 Quail Hollow Road purchased the three-story senior living center from Texas-based Belmont Village Memphis LLC. The 120-unit complex sits on a 3.8…

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French Quarter Suites to be Rebranded as Comfort Suites; Plans Move Forward for New Biotech Building at STCC

French Quarter Suites to be Rebranded as Comfort Suites; Plans Move Forward for New Biotech Building at STCC

By Amalia Otet, Associate Editor The French Quarter Suites at Overton Square in midtown is under contract to be purchased by two local businessmen, Rishi Chopra and Jay Kumar, who plan to renovate the vacant facility and brand the new hotel as a Comfort Suites, a member of Choice Hotels.…

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Grubb & Ellis Acquire Nursing Homes for $30 million; Kimberly-Clark to Open Southaven Distribution Center

Grubb & Ellis Acquire Nursing Homes for $30 million; Kimberly-Clark to Open Southaven Distribution Center

By Amalia Otet, Associate Editor Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT II, Inc. has recently completed, through one of its affiliates, the acquisition of two nursing homes in the greater Memphis area for nearly $30 million. The company acquired the one-story Parkway Health & Rehab Center from Tennessee…

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Morgan Keegan Deal Expected to Close During First Quarter of 2012

Morgan Keegan Deal Expected to Close During First Quarter of 2012

By Amalia Otet, Associate Editor Regions Financial Corp. has entered into a stock purchase agreement to sell Morgan Keegan & Co. Inc., its Memphis-based investment unit, to Raymond James Financial Inc., for $930 million. The transaction is expected to close during the first quarter, subject to regulatory approvals and customary closing…

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Hertz Investment Group to Enter Memphis market; EdR Acquires St. Louis Property for $28.45M

Hertz Investment Group to Enter Memphis market; EdR Acquires St. Louis Property for $28.45M

By Amalia Otet, Associate Editor Santa Monica, Calif.-based Hertz Investment Group LLC, a fully integrated national real estate investment company specializing in the acquisition, marketing and management of  properties throughout the country, recently announced plans to enter the Memphis market by acquiring five office buildings totaling 672,247 square feet, as part…

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