Michael Lightman Realty Builds $7M Retail Center in Olive Branch; Bartlett Warehouse Sold for $2.2M
- May 30, 2014
By Eliza Theiss, Associate Editor
Oliver Branch is set for a new shopping center courtesy of Michael Lightman Realty Co., reported the Memphis Business Journal. Ground will be broken on the new retail facility within the next 30 days on Goodman Road, near the recently opened 12-screen Malco theater. Dubbed the Malco Collection, the 31,000-square-foot facility is expected to open in spring 2015 and will feature upscale retailers.
According to the Memphis Business Journal, the developer initially planned a smaller, 5,500-square-foot stand-alone speculative retail development. The area has seen a flurry of activity recently, with the opening of the brand-new Malco theatre and a new 4,500-square-foot Corky’s restaurant. Developer Michael Lightman Realty Co. has also recently embarked on a $35 million expansion of the 901-unit Fieldstone Apartments (detail here).
In other news, Titan Investment Group Inc., an affiliate of Titan Medical Manufacturing LLC, has acquired a Bartlett warehouse for $2.2 million, reports The Memphis Daily News. The entity purchased the 50,635-square-foot warehouse from Radian Inc. affiliate JSR Properties LLC, which paid $442,000 for the property a decade ago. The buyer filed a $2.5 million deed of trust through Renasant Bank in conjunction with the purchase.
Located at 750 Bartlett Corporate Drive, the Class A industrial facility was built in 2004. It sits on 3.1 acres. According to real estate website propertyshark.com, the property’s 2013 market value was a little over $2.43 million.
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