The Offering
CBRE is pleased to present to qualified investors the opportunity to acquire 1407 Union Avenue (“the Property”), a prominent medical 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.
Call For Offers: June 30, 2016
Investment Highlights
- Unique Value-Add Opportunity to acquire a well-positioned medical office location with a strong tenant base at a significant discount to replacement cost.
- 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.
- Strong Base of Credit Tenants including approximately 70,000 RSF of medical-related tenancy including UT Medical Group, Omni Community Health, Inc., Memphis Neurology, Complete Healthcare and Memphis Health and Wellness Center.
- 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.
Property Summary
| Rentable SF | 214,856 SF |
| Acreage | 1.2 AC |
| Floors | 16 |
| Occupancy | 58% |
| In-Place NOI | $775,048 |
| Offers Due | June 30, 2016 |
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
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
