Commercial Real Estate in Memphis and our Galaxy

Don’t let people tell you the residential market’s bad.

From the Commercial Appeal:

Although the median price of a house in Shelby County is a modest $127,000, the number of houses priced 10 times that amount has increased substantially during the past five years in the Memphis area.

In 2001, the Memphis Area Association of Realtors reported 17 homes worth more than $1 million sold in the Memphis area. By 2006, the number of million-dollar houses sold rose to 73. Read more »

What are the best places around town to meet with clients and get deals made? Steakhouses? Mexican? Sushi? Lunch and Dinner options needed. Help me, gentle reader.

I’ll put together a proper list once I get enough recommendations.

Way back in my very first post, I talked about the Golden Tulip Hotels moving into Germantown. Since then, some of the locals have made it known that they're not so excited about that plan.

From The Commercial Appeal:

Residents near a proposed luxury hotel will get a chance to express their opinion on the project before the Germantown Planning Commission tonight. And the opponents are expected to line up against the idea.

Some residents along Forest Hill Lane north of the property and the recently-developed Poplar Grove subdivision have emerged in recent weeks opposing the hotel. Opponents worry amending the language could open the door to any hotel — economy or luxury — and set a precedent for more commercial uses on the site.

The issue is part of the 6 p.m Planning Commission agenda at the Municipal Center.

From the Memphis Business Journal:

Salvaggio Group will build three 5,000-square-foot office buildings, courting small professional firms to buy the properties in the Old Germantown area. The company paid $255,000 for two properties which it will combine into a 1.3-acre building site.

The Salvaggio Group's goal is to develop upscale professional office space that fits in with the rest of Old Germantown, Tony Salvaggio says.

The property will be divided into three 0.4-acre lots for each building. The lots will be priced at $375,000 each and Salvaggio says they will build to suit or approve plans from an outside contractor within the master plan guidelines.

The property was sold by Tucker Beck, just down the Crye-Leike Commercial hall from me. The buyers were represented by Chris Newsom of Crye-Leike's Hernando office. Read more »

The Memphis Business Journal has a story about Crescent Development and Golden Tulip Hotels planning a $55 million development at Poplar and Forest Hill-Irene. <whistle> This is right on the heels of their joint announcement they're building a $100 million hotel in McKinney, Texas.

There was a little discussion in the office this morning over whether the location will work for their concept with

"…a luxury European hotel on a 40-acre campus with five office and professional buildings."

The general consensus was "It will work". There were two notable exceptions of "That's an awful location" and one "That's an excellent location". We shall see.

If anyone knows why McKinney gets the 100 million dollars and Memphis gets "only" 55 million, let me know.