MONTREAL, QUEBEC--(Marketwired - March 20, 2014) - The Cutler Property Group announced today it has closed on its acquisition of two commercial/industrial buildings comprised of approximately 65,000 sf of gross leasable area on two acres of land. The buildings are located at 296 Adams Avenue and 273 Washington Avenue, directly across from Memphis police headquarters and county justice center in downtown Memphis. Located a few hundred feet from Memphis City Hall, the county court-house and other federal buildings, 296 Adams is ideal for office/warehouse/distribution use and can be subdivided for up to 3 tenants. The Washington property lends itself to many redevelopment possibilities including showroom/retail space.
The two buildings back onto each other and were occupied by Tennessee Valley Electric Supply Company (TVESCO) from the 1960's until 2008. In 2008 HD Supply, a spinoff entity of Home Depot, acquired TVESCO and relocated its operations. Since 2008, the properties have been vacant but well maintained including a security alarm system, heating and air conditioning.
"We see this as a tremendous redevelopment opportunity," said Adam Cutler, President. "It enables us to establish a presence in Memphis and deploy many of our same turn-around strategies that ignited interest and demand for commercial loft space along Montreal's Lachine Canal. This acquisition is part of our plan to acquire up to $10 million of property in the Memphis area."
"Memphis is not just a city with amazing music, food and culture, it has an abundance of beautiful historic buildings waiting to be redeveloped. Affordable inspiring spaces is one reason why in 2013, Forbes ranked Memphis as one of the top US cities with Emerging Downtowns."
About The Cutler Property Group
The Cutler Property Group is a leading developer and investor in undervalued, distressed and early market property opportunities. They has purchased and developed more than 1.5M square feet of commercial space. During its history, The Cutler Property Group has also worked with many institutions and was an important development partner of Alexis Nihon REIT.