July 22, 2015
Conditions Line Up for Office Space
By Deborah M. Clubb
– The Commercial Appeal –
It’s a buyer’s market among the big office properties in Memphis.
With cheap financing and owners ready to sell, the list of purchases in Memphis in 2003 roams from the river bluff to Interstate 40 and Mt. Moriah.
Eight major office buildings changed hands from April through September for a total of nearly $124 million deal downtown on the vacant, elegant Lincoln American Tower, which will be converted into apartments, to the $41.1 million sale of Clark Tower on Poplar.
Often investors in office property intend to hold a certain number of years, usually three to seven, so in some local cases, time was up and owners were ready to move on.
“Every building had its own set of circumstances that made it the right time to do something,” said Mark Halperin, executive vice president with Boyle Investment Co.
“Prices were pretty good, which didn’t hurt.”
Boyle’s acquisition of 155,000 square foot Moriah Woods office park was “a great piece of property at a great price,” Halperin said.
We bought it with lots of vacancy and we’re spending money to make improvements, fence it, and add new roofs, build it back up. … We’re longtime owners.”