Real Estate Developer Eyes Memphis, TN, Building for Self-Storage Conversion
Copyright 2014 by Virgo Publishing.
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Posted on: 08/20/2013



 

Real estate development company Trezevant Enterprises Inc. is planning to convert a 1945 building it recently purchased in Memphis, Tenn., into a self-storage facility with drive-through and climate-controlled units. The company, led by owner Trip Trezevant, purchased the 2.1-acre site at 666 W. Riverside Drive in April. The three-story building has 100,174 square feet, a basement and about 100 parking spaces. Although recently appraised at $1.2 million, Trezevant Enterprises purchased the property from Renasant Bank for $564,000.

The Memphis and Shelby County Zoning Board of Adjustments approved the variances for the property at its June meeting, paving the way for the self-storage conversion. The vacant property was once home to Cummins Mid-South LLC, a manufacturer of power-generation equipment. Although the building has been vacant for several years, other companies have considered various development projects for the property over the years. In 2007, Southland Development Partners acquired the property and planned to convert it into a $25 million mixed-use project. However, the company later lost the property in foreclosure.

Based in Germantown, Tenn., Trezevant Enterprises is a commercial real estate firm.