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Started By
Message
Need 315,000 square foot office campus for a really low price?
Posted on 11/11/14 at 7:16 am
Posted on 11/11/14 at 7:16 am
quote:
This week you can acquire a sizeable piece of Memphis business history at a deep discount.
The Commerce Center complex on Lamar Avenue – former home to Memphis-based corporate titans Holiday Inn and FedEx – is on the auction block.
With a starting bid of $2.5 million, the 313,843-square-foot, three-building campus on 33 acres comes in at $7.97 per square foot.
“That’s just absurd because the property is basically rent-ready,” said Harry Atlick, senior adviser to Sperry Van Ness Auction Services, which is handling the auction.
LINK /
quote:
“Lamar Avenue, as you know, it has its own challenges, but you’ve got close proximity to the airport, rail and everything else,” said Atlick. “And it’s a secure, gated facility.”
quote:
However, the neighborhood has largely seen better days. Signs of neighborhood decay – from payday lenders to nearby strip clubs and shuttered buildings – dot the urban landscape
FedEx moved "out east" to unincorporated Shelby County and into Collierville because their employees no longer felt safe.
This giant office complex can be yours for the price of a nice beach house!
This post was edited on 11/11/14 at 7:23 am
9
Posted on 11/11/14 at 7:28 am to dewster
You should buy it and start some wacko church compound type deal. You could be the big grand poo bah.
Posted on 11/11/14 at 7:35 am to dewster
Chicken should buy it and make it the new TD campus.
Posted on 11/11/14 at 8:11 am to dewster
What do they call white flight when corporations do it?
This post was edited on 11/11/14 at 8:12 am
Posted on 11/11/14 at 8:13 am to dewster
Damn.
Posted on 11/11/14 at 8:14 am to fr33manator
Business?
Posted on 11/11/14 at 8:25 am to dewster
Damn. That's cheap.
Posted on 11/11/14 at 8:26 am to fr33manator
quote:
What do they call white flight when corporations do it?
It's a strong trend here. People who ride corporate desks into retirement seem to like doing it near their homes and their kid's schools.
The major employers are following their employees into the suburbs. In Memphis's case, that's along Poplar avenue to the eastern side of Memphis. The litigation lawyers are still downtown and always will be...but the corporate lawyers are out east.
FedEx's massive World Tech center campus is just a mile or two from my house in Collierville. Their corporate office is just a few minutes farther up Winchester. Jennings could probably throw a football from International Paper's corporate campus and hit Germantown.
Downtown seems to be attracting residents and hotels, but there is a lot of office vacancy there....but the worst office market by far is the Lamar avenue area near the airport. They call it Parkway Village. The only one left there is FedEx's major hub (which will never leave) and Medtronics. I suspect Medtronics will move either to downtown, east Memphis, or to Collierville within the next 5 years as well.
You notice in the article how they are pushing for the state and local governments to buy up or lease these office complexes that no one wants anymore. The city is supposed to be taking over an entire vacant mall on the north side of Memphis. I guess they'll be taking the old Holiday Inn corporate HQ on Lamar avenue as well.
The facility has an underground tornado-proof bunker where FedEx used to house their server farm. It would be ideal for a zombie or doomsday shelter.
This post was edited on 11/11/14 at 8:33 am
Posted on 11/11/14 at 8:32 am to dewster
Do you think the area where the IP towers are is in any danger of gettin too "ghetto"? I haven't lived there since high school but my parents are still there. From what I remember the area was pretty nice and plus they're building a new tower right across the street.
Posted on 11/11/14 at 8:33 am to Patrick_Bateman
quote:
Damn. That's cheap.
The problem with deals like this is the cost to operate the property. Between insurance, property tax, security and repairs the property could have a very large monthly bill.
Posted on 11/11/14 at 8:33 am to Neako27blitzz
(no message)
This post was edited on 11/11/14 at 8:35 am
Posted on 11/11/14 at 8:34 am to Neako27blitzz
quote:
Do you think the area where the IP towers are is in any danger of gettin too "ghetto"? I haven't lived there since high school but my parents are still there. From what I remember the area was pretty nice and plus they're building a new tower right across the street.
No that area is fine. I think Poplar/240 is one of the most sought after commercial or retail space in the county. That's basically the new "downtown".
Poplar is kind of the main street in town. I don't think it's going to transition into ghetto anytime soon.....I just anticipate major office users in that airport/hickory hill/parkway sub market relocating into east Memphis or Collierville in the next few decades.
quote:
The problem with deals like this is the cost to operate the property. Between insurance, property tax, security and repairs the property could have a very large monthly bill.
Per the article, the only people dumb enough to actually buy or lease it will probably be a public sector entity. Any office user would have to spend a fortune creating a demilitarized zone around their building to keep their employees safe.
The city is probably taking over the shuttered Raleigh Springs mall, they are pressured to take over the old state office space vacated downtown, and I'm sure they'll pony up to put some BS office in this massive campus.
In reality, the office building provides what is no longer desired in that area. It should be torn down and converted into warehousing or distribution space. That's what the market seems to be demanding near the intermodal facility.
It's just fascinating seeing an area that was the home to major corporate titans just 10-20 years ago now be reduced to truck stops, hookers, and hourly hotels. What was once the flagship corporate Holiday Inn across the street is now an empty boarded up shell.
The employees left, and the employers followed them.
quote:
You should buy it and start some wacko church compound type deal.
No shortage of that around here. I'll call the new religion Dewism. Maybe Dewslam.
This post was edited on 11/11/14 at 8:50 am
Posted on 11/11/14 at 8:41 am to dewster
Great deal, buy it and start a college.
Posted on 11/11/14 at 8:47 am to dewster
quote:
the neighborhood has largely seen better days. Signs of neighborhood decay – from payday lenders to nearby strip clubs
sounds like increased commerce to me
Posted on 11/11/14 at 8:50 am to dewster
quote:
dewster
quote:
You notice in the article how they are pushing for the state and local governments to buy up or lease these office complexes that no one wants anymore. The city is supposed to be taking over an entire vacant mall on the north side of Memphis. I guess they'll be taking the old Holiday Inn corporate HQ on Lamar avenue as well.
The facility has an underground tornado-proof bunker where FedEx used to house their server farm. It would be ideal for a zombie or doomsday shelter.
Truth be told, when the State under Mark Drennen built those new office buildings and parking garages downtown it really sparked the Baton Rouge downtown Renaissance.
Posted on 11/11/14 at 8:52 am to GFunk
quote:
Truth be told, when the State under Mark Drennen built those new office buildings and parking garages downtown it really sparked the Baton Rouge downtown Renaissance.
This is true....they shuttered a lot of leased office space throughout Baton Rouge to do that. BREC took over what I think was the old Department of Revenue on Florida Blvd, right?
BREC seems to have very deep pockets these days.
This post was edited on 11/11/14 at 8:56 am
Posted on 11/11/14 at 9:02 am to ehidal1
quote:
Chicken should buy it and make it the new TD campus.
Then we could add boards we always wanted because we'll have the space and personnel.
Like the buy, sell, trade board.
Posted on 11/11/14 at 9:26 am to dewster
IF I was a baller, Id say frick it and live out my days there
Posted on 11/11/14 at 9:35 am to The Pirate King
quote:
IF I was a baller, Id say frick it and live out my days there
no baller would live out his days in a shitty part of Memphis.....or any part of Memphis
Posted on 11/11/14 at 9:47 am to dewster
quote:
No shortage of that around here. I'll call the new religion Dewism. Maybe Dewslam.
Dewsianity
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