The Offering
CBRE is pleased to present to qualified investors the opportunity to acquire 1407 Union Avenue (“the Property”), a prominent office address in Memphis, Tennessee. Containing 214,856 rentable square feet, the offering consists of a sixteen (16) story, multi-tenant office building with a strong base of credit tenancy.
Positioned in Memphis’ thriving Union Avenue corridor, 1407 Union Avenue is strategically located one block east of a world-renowned medical district which includes St. Jude Children’s Research Hospital, Methodist University Hospital, Le Bonheur Children’s Hospital, Regional Medical Center, Memphis VA Medical Center, and the University of TN Health Science Center.
1407 Union Avenue represents a unique value-add opportunity for investors to acquire an institutionally owned, well-positioned office location with a strong tenant base at a significant discount to replacement cost.
Investment Highlights
- Unique Value-Add Opportunity to acquire a well-positioned office location with a strong tenant base at a significant discount to replacement cost.
- Strong Base of Credit Tenants including UT Medical Group as well as 48,919 RSF of GSA tenancy including Department of Veteran’s Affairs, Equal Employment Opportunity Commission and USDA.
- Institutionally Owned & Maintained with approximately $1.5 million expended on capital improvements since 2007 including a new roof, a new chiller, remodeled common areas, and lighting upgrade in the garage.
- Immediately Adjacent to World Class Medical District which includes St. Jude Children’s Research Hospital, Methodist University Hospital, Le Bonheur Children’s Hospital, Regional Medical Center, Memphis VA Medical Center, and the University of TN Health Science Center.
Property Summary
| Rentable SF | 214,856 |
| Acreage | 1.2 |
| Floors | 16 |
| Occupancy | 58% |
| In-Place NOI | $775,048 |
Contact Information
Johnny Lamberson
CBRE, Inc.
+1 901 260 1060
john.lamberson@cbre.com
Terry Radford
CBRE, Inc.
+1 901 260 1022
terry.radford@cbre.com
Justin Parsonnet
CBRE, Inc.
+1 404 923 1483
justin.parsonnet@cbre.com
Underwriting Support
Will Weston
CBRE, Inc.
+1 404 812 5108
will.weston@cbre.com
Debt & Equity
Cliff Joyner
CBRE, Inc.
+1 615 248 1134
cliff.joyner@cbre.com
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