Memphis Property Auction: Former Commercial Appeal Offices on the Block
Residents of Memphis, brace yourselves because something big is happening in your city! The historic *former offices of The Commercial Appeal*, a building that has been a fixture of downtown since 1933, is going up for auction! That’s right, this iconic property, which has witnessed countless stories and events, is ready for a new chapter.
A Bit of History
For more than eight decades, this *129,000-square-foot Class A office building* served as the beating heart of Memphis journalism, housing up to *1,500 employees at its peak*. However, after *2016*, when the newspaper ceased printing on-site, the building has been searching for a new purpose. Fast forward to today, and the property has remained without a permanent tenant following The Commercial Appeal’s relocation in 2019.
During the initial months of the COVID-19 pandemic, the building got a brief moment of spotlight as it was outfitted to serve as a temporary overflow hospital. Never a dull moment in real estate, right?
What’s Up for Auction?
Earlier this year, the building was divided into two parcels – the office space on the western half and a warehouse on the eastern side. The eastern section has already found new owners from California, who are keen on turning it into a *self-storage facility*. This move, however, has not sat well with many local leaders, including *Memphis Grizzlies president Jason Wexler*, who expressed his disappointment online, calling it a “major gateway to our downtown core.”
Wexler noted the potential impact on Memphis’s future, pointing out that self-storage facilities may not align with the vision many have for enhancing downtown. Interestingly, it seems the development project has not been approved yet. According to records, their site plan is still marked as “*revisions required*.”
Details of the Auction
So, what about the *office portion*? The western half of this storied building is now ready for its own auction, set to take place from *December 2 to December 4*. The starting bid? A surprisingly reasonable *$1.1 million*. Sounds like a steal when you consider that it was initially listed for *$4.9 million* last year!
Research shows that this auction could signify yet another pivotal moment for the downtown Memphis skyline. Other significant office properties have also changed hands recently, including the former home of *BlueCross BlueShield of Tennessee*, which was sold to local investors just a month ago.
Who’s Behind the Sale?
The sales advisors for this auction are *Andrew Phillips and Ron Riley* from Colliers, a well-known name in the real estate world. This auction is another exciting opportunity for investors or developers who see potential in a building that has so much history and a prime location.
What’s Next?
For those watching the Memphis real estate market closely, this could be a thrilling few days come December as bids start rolling in. We’ve seen how vacant office spaces can be transformed into vibrant parts of the city, and who knows? The new owners might have a vision that revitalizes the surrounding area again.
The upcoming auction not only embodies the opportunity but also raises questions about the future of Memphis’s downtown vibe. Will it breathe new life into the area? Or will we see a continuation of self-storage developments? Whatever the outcome, one thing’s for sure: this kind of transition holds plenty of potential for our beloved city.
So, mark your calendars for December and keep an eye on this auction. It might just be the start of something exciting for Memphis!
