Bass, Berry & Sims represented the Crosstown development team in the $200 million, mixed-use redevelopment of the historic Sears & Roebuck retail and distribution facility in Memphis. The redevelopment consisted of converting a 1.4 million square foot building that had been abandoned for 20+ years into a vertical, urban village consisting of office, retail and residential components. The scope of our representation included the real estate acquisition work, leasing work and financing work, consisting of a senior syndicated secured credit facility, mezzanine financing, governmental grants, and new market and historic tax credits.
In connection with the lease up of the development, we have negotiated:
- office leases covering more than 600,000 rentable square feet to more than 20 different office users including medical office uses, educational uses and traditional office uses;
- retail leases covering more than 45,000 rentable square feet to more than 15 different retail users including restaurant uses, retail goods and services and retail banking uses; and
- residential block leases for more than 100 of the approximate 250 available residential units with four different users.
We also assisted in the negotiation of the residential management agreement for the multifamily units and commercial management agreement for the office/retail operations. We have been integrally involved in the planning for day-to-day operations at the project.