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Hot medical office corridor gets more

Hot medical office corridor gets more

 Cypress Realty in talks with prospects for second building
Andy Ashby
Staff writer- Memphis Business Journal
June 14, 2013


Ford Jarratt Realty & Development Co. is doubling down on its investment in the Wolf River medical corridor by developing a second Class A office building.

The Memphis-based commercial real estate firm is planning a two-story, 36,000-square-foot building on 2.9 acres near the intersection of Wolf River Boulevard and Miller Farms Road. Site work has started, with construction beginning mid-July. The company filed a $4 million building permit this week.

Price Ford and Joe Jarratt are the principals of Ford Jarratt Realty & Development. They are also the principals of Cypress Realty Holdings Co., the company which will own the medical office building at 7600 Wolf River Blvd.

“The demand for true Class A medical office is very strong right now,” Jarratt says.

The new building would mirror Cypress Realty’s 44,000-square-foot building at 7550 Wolf River. That building, which has Trumbull Laboratories LLC as an anchor tenant, sits on 3.72 acres adjacent to the new one.

The company bought the parcels for the two Wolf River Medical Arts buildings from Jeffrey Bronze and Kevin Hyneman in 2007 for $3.8 million.

The Crump Firm Inc. is the project architect, while SR Consulting LLC is the civil engineer. Grinder, Tabor & Grinder Inc. is the general contractor.

“It’s the single strongest Class A medical office submarket in the city,” Ford says.

Several prospects are talking with Ford and Jarratt about the new building, which should be available for occupancy by December.

The property will have many high-end features, including Italian marble floors and mahogany paneling inside. The property is located between Wolf River Boulevard, which offers high traffic counts and visibility, and the Wolf River biking and hiking trail. It’s also near Baptist Memorial Health Care Corp.’s East Memphis campus, Methodist Germantown-Hospital, Campbell Clinic and UT Medical Group.

“Wolf River Boulevard has become a prime destination for medical office users largely because of its proximity to an intersection with numerous transportation arteries on the eastern side of the county,” Daniel Shumate, chief financial officer at Campbell Clinic, says. “When we moved here two decades ago, the area was largely undeveloped, but our vision was always that this would grow to become a preferred, convenient location for our patients.”