Oberdier Ressmeyer Entity Buys Cancer Center for Nearly $6M; Henry Turley Expands Apartments with $8.1M Investment
- Sep 23, 2014
By Liviu Oltean, Associate Editor
Memphis West Clinic LLC, an entity belonging to law firm Oberdier Ressmeyer LLP, recently purchased The West Clinic cancer center at 1580 Union Ave. and two vacant parcels for approximately $6 million. As reported by the Memphis Daily News, the seller was TN MS Owner DST, which had acquired the asset as part of a $12.1 million portfolio.
Located between South Willett Street and South Belvedere Boulevard, the center specializes in hematology, oncology and gynecologic oncology treatment. The clinic is renowned for the emphasis it puts on oncology research. In collaboration with the National Cancer Institute and various cooperative groups, it conducts cancer Phase I to Phase IV clinical trials.
In other real estate news, developer Henry Turley Co. announced plans for an $8.1 million addition to the South Junction apartments. According to the Memphis Business Journal, the developer will add 84 units, which will bring the company’s total investment in South Junction to $26 million. The development will encompass about 280 units at build-out. The expansion will rise at the southeast corner of Georgia and Florida Street, on a 2.81-acre plot.
The South Junction project picked up steam last year when it had received a 15-year payment in lieu of taxes for Phase I of the project, which saved the company more than $4 million. Similarly, the recent expansion is being incentivized with tax breaks that have just been approved by The Center City Revenue Finance Corp., a Downtown Memphis Commission board.