J. Tucker Beck has been selling real estate with Crye-Leike Commercial for 18 years. But when the market dried up in the fall of 2007, he turned to an old fraternity brother to help him line up a job at Huey’s.
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International Paper's recent decision to relocate its global headquarters to Memphis could be viewed as an overall reflection of the city's commercial real estate sector. Memphis is experiencing a steady level of commercial investment activity, led by a surge in retail transactions.
From Aug. 1, 2004 to July 31, 2005, the Memphis area saw 1,033 commercial property sales, according to Chandler Reports, www.chandlerreports.com. The number marks a decline from 1,195 sales in the 12-month period ended July 31, 2004, but signs are encouraging that Memphis remains a strong investment market, analysts said.
A lot of activity. Total square footage in the market has increased from 19.3 million to 19.5 million.
"There is a lot of activity right now," said Tucker Beck, a broker with Crye-Leike Commercial. "It seems to be recently picking up. The train has gained momentum insofar as I think people would speculate that interest rates may be on a marginal rise over the long term. There is a lot of activity going on in commercial and residential."
Read MoreThe building, at 345-347 N. Main St., was purchased for $475,000. A separate limited liability corporation was established for the renovation work that originally was budgeted at $200,000.
We want to own our own place and stay Downtown, Evans said. Its a great old building.
Tucker Beck of Crye-Leike Commercial represented the buyer in the purchase. Ambassador Construction Co. of DeSoto County, Miss., is the contractor for the renovation project.
Read MoreA dilapidated warehouse long included in the eclectic fabric of a historic Midtown neighborhood is now for sale and facing an uncertain fate, after year-old plans to renovate the site failed to materialize. The 35,475-square-foot Keathley Pie Factory building, 2271 Young Ave., within the Cooper-Young community, was recently listed at a cash-only price of $350,000, said Crye-Leike Commercial agent Tucker Beck.
Read MoreMany people who spend time Downtown may be familiar with the name Tucker Beck.
Thats because his name, along with partner Sam Bond, is prominently displayed on Crye-Leike Commercial real estate signs throughout the Downtown area. Although Beck handles commercial real estate transactions in other areas of town, his work is concentrated Downtown, he said.
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