TriGate Capital and ID3 Partners are planning a 354,640-square-foot speculative warehouse in Southeast Memphis, according to plans submitted to the Memphis and Shelby County Division of Planning and Development.
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Cal Throckmorton of ACRO Design submitted plans for a new construction permit for a new warehouse development at 4131 Clarke Road.
The pending construction site is located near the intersection of East Raines Road, across from the EGS Electrical Group building.
According to a submission letter from Throckmorton, on behalf of TriGate Capital, the warehouse will cost $16.9 million to build.
According to Matt Denny of JLL Memphis, ID3 Partners is handling the development of the warehouse and TriGate Capital is managing the capital for the project.
“This is going to be their first project in Memphis,” Denny said.
Denny said the team is looking to begin construction in June and looking to have the property delivered in the first quarter of 2022. The project site is 34 acres in total. Denny is handling the leasing on the property along with JLL Memphis colleague Stan Myers.
TriGate Capital is a Dallas-based real estate firm. The company was formed in 2007 and handles nearly $2 billion worth of assets, according to its website.
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ID3 Partners is also a Dallas-based real estate firm focused on industrial and residential management.
The Memphis-based architectural firm is tentatively set to move into the former Glass Factory Building at 435 Madison Ave. in the Edge District.
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The firm is the second confirmed tenant for the building, joining Memphis Made Brewing Co., which will be opening its second taproom on the ground floor along with an adjacent brewery on the first floor.
Shapiro Architects will move into a 6,000-square-foot office space on the building’s third floor said Ethan Knight of Development Services Group.
Shapiro Co. & Architects communication director Huntington Maddrey said the team is looking to move in by August. All 23 staff members will relocate from the firms 4646 Poplar Avenue offices to the new location.
“The development team has been laser-focused on building a ‘live, work, play’ neighborhood and Shapiro is the perfect addition to the scene,” Knight said in a statement.
Development Services Group is working on renovating the building along with the connecting $5.7 million The Ravine development.
The development firm has continued to expand its footprint in the Edge District. The firm completed a $73 million renovation of the former site of the Wonder Bread factory, converting it into The Rise apartments and Orion Federal Credit Union headquarters.
The team is also helping partner with the Chattanooga-based Chestnut Fund on the Cycle Shop building at 421 Monroe Ave. The historic building is undergoing renovations and is seeking commercial tenants.
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According to a May report from the Center for Economic Competitiveness, the greater Memphis region has hit a record number for employment, topping out at 661,400 jobs in April.
The report, which highlights new job data from April, highlighted that the current market is above the previous record set in February 2020 by 3,500 jobs. The Memphis market has fully recovered to pre-pandemic employment numbers, according to the report.
Additionally, Memphis has seen significantly stronger and faster recovery growth compared to peer cities and neighboring metro regions in Birmingham, Louisville and Oklahoma City.
The majority of the growth has been fueled by the construction, business services and trade/transportation industries. All of which have seen positive growth returns. Several industries remain below full recoveries, including the leisure and hospitality industry, manufacturing and education and health sectors.
The Center for Economic Competitiveness is an initiative from the Greater Memphis Chamber of Commerce.
Read the full article from The Daily Memphian here: https://dailymemphian.com/subscriber/section/business/article/28949/inked-texas-firm-plans-for-169m-warehouse-shapiro-moves-edge-district