Lake Worth firm buys into Memphis office market

Miami /
Apr.April 03, 2016 01:00 PM

A company based in Palm Beach County bought an office building in Memphis, Tennessee, and started a a multi-million-dollar renovation of another office building next door.

Lake Worth-based In-Rel Properties paid $19.25 million for the iBank Tower in East Memphis and started a $6 million renovation of the next-door office building, called the Clark Tower.

Dennis Udwin, president of In-Rel Properties, told the Commercial Appeal, a Memphis newspaper, that the occupancy rates of the two buildings are 80 percent to 85 percent at iBank Tower and 65 percent at Clark Tower.

With the two office buildings and adjacent parking lots, In-Rel Properties has an opportunity to develop the area into a commercial campus, the newspaper reported.

Lease rates range from $18.50 to $20 per square foot at Clark Tower, a 44-year-old building, well below rates in excess of $30 per square foot for Class A office space in Memphis. [Commercial Appeal]Mike Seemuth


Related Articles

arrow_forward_ios
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Blink’s Michael Farkas and Lionstone’s Diego Lowenstein with 605 Lincoln Road (Google Maps)
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
5040 Northwest Seventh Street (Google Maps, iStock)
Northeast Capital pays $15M for Miami office building
Northeast Capital pays $15M for Miami office building
Jon Paul Pérez and Jorge Pérez with renderings of One Island Park (Related)
Related wins Miami Beach board approval for office project on Terminal Island
Related wins Miami Beach board approval for office project on Terminal Island
Jonathon Yormak and New World Tower at 100 Biscayne Boulevard (Google Maps)
Australian investors sue East End Capital over downtown Miami office building
Australian investors sue East End Capital over downtown Miami office building
Vision Properties’ Fred Arena and Steelbridge’s Gavin Campbell with 5900 North Andrews Avenue (Google Maps)
Vision Properties pays $44M for Cypress Creek offices
Vision Properties pays $44M for Cypress Creek offices
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...