Avison Young brokers sale of 54,500-sf Embassy Office Building in Memphis

Memphis, TN - Avison Young is pleased to announce that it has negotiated the sale of 795 Ridge Lake Boulevard, a three-story, 54,469-square-foot (sf) Class A office building. The property is located in the Ridgeway Center Master Planned Development in the heart of East Memphis, the Memphis Metropolitan Area’s premier office submarket, with convenient access to Interstate 240 and numerous national retailers along the Poplar Corridor. Building renovations were recently completed and included updates to the lobby, elevators, restrooms, and first floor common areas. Current tenants include Dental Implant Aesthetic Center and Titan Orthopedics.

The seller, Embassy Properties, LLC, obtained the property in December 2005. Avison Young’s Michael Donahoe and Greg deWitt represented the seller in the transaction. Memphis-based Silver Tree Residential, represented by Avison Young’s Jeff Higdon, purchased the building for $6,100,000. Silver Tree Residential will locate its corporate headquarters on the third floor of the building. Approximately 18,000 sf on the second floor will be available for lease.

“The East Memphis office market continues to show its strength in both the sales and leasing sectors,” says deWitt. “Demand persists for well-placed assets for owners and tenants who want to be close to the amenities that the Ridgeway Center and Poplar Avenue / I-240 area offer.”

For further information/comment/photos:

• Michael Donahoe, Vice President, Avison Young: 901.231.1402
• Greg deWitt, Vice President, Avison Young: 901.231.1409
• Jeff Higdon, Vice President, Avison Young: 901.410.1784

 

www.avisonyoung.com