Germantown medical building almost completely leased
March 11, 2015
Memphis Business Journal
By Michael Sheffield
It may not be scheduled to open until May, but the Medical Arts II building is almost fully leased.
The 36,000-square-foot building being developed by Cypress Realty Holdings Co. is 85 percent leased to a group of medical tenants, including Mid-South Ear, Nose and Throat P.C. and Mid-South Imaging and Therapeutics P.A. Located at 7600 Wolf River Blvd., the only space remaining for lease in the building is 6,500 square feet of office space on the ground floor.
"It is rare for a facility of this size and caliber to enter the final stages of construction with an occupancy rate approaching 90 percent," said Joe Jarratt, principal of Cypress Realty Holdings Co. "We believe its popularity is a result of the combination of the quality of the facility itself and of the excellent location."
The new building is a companion to the one at 7550 Wolf River Blvd. and will mirror the look, feel and amenities of the first building, including the cast stone porte-cochere entrance and brick and cast stone with performance glass exterior. The building was designed by The Crump Firm and is being built by Grinder Taber & Grinder Inc.
Brian Barbeito, CEO of Mid-South Imaging, said the company has long received requests from physicians and patients to provide a new location, and the new building fits all of their needs.
"Our attempt to meet this demand led to the decision to relocate both our corporate office and clinical operations to the new medical office building being constructed at 7600 Wolf River Blvd.," Barbeito said. "This location is in the heart of the medical corridor for Germantown and East Memphis and provides convenient access to state-of-the-art imaging services desired by physicians and their patients."
While he's confident the building will be 100 percent occupied by the time it is completed, Price Ford, principal with Cypress Realty, wants the project to meet the same standards as its predecessor.
"We've done this for 22 years, and it's very rare we've had something at 85 percent before we finish," Ford said. "Our focus right now is getting it finished at a high level so they can start seeing patients."