Value-add Prime HQ Class A Office | 495 Union Ave
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Value-add Prime HQ Class A Office 495 Union Ave
128,672 SF Vacant Office Building Online Auction Sale Memphis, TN 38103
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Investment Highlights
- 495 Union Avenue is a 128,672-SF Class A office building with five stories, featuring a modern glass façade, shell space, gated parking, and more.
- Vacant customizable shell space, ideal for a corporate headquarters or investors looking to modernize and lease at competitive market rates.
- Strong corporate presence with over 32 headquarters in the area, including industry giants like FedEx, AutoZone, and First Horizon.
- Located in Downtown Memphis, the property sits between the flourishing Medical District and Downtown, offering prime visibility and connectivity.
- Excellent access to key highways, such as I-69 and I-40, Memphis International Airport, and Memphis Central Amtrak Station for seamless travel.
- Located near the International Port of Memphis and within a foreign trade zone, companies benefit from transportation, logistical, and tax advantages.
Executive Summary
495 Union Avenue is a 128,672-square-foot, Class A five-story office building located in the heart of the thriving Medical District in Downtown Memphis. Once the headquarters of the Commercial Appeal, a daily newspaper in Memphis, Tennessee, the office building and the connected warehouse were separated. They are still physically connected by a party wall with easements in place. The asset for sale sits on a 2.95-acre lot and features stunning architectural details, including a glass façade, two-story glass atrium, floor-to-ceiling windows, open floor plans, elevators, and gated parking for up to 208 vehicles. The vacant office building offers shell space, offering potential tenants or investors a blank canvas to customize and modernize the space to fit their business needs. This property presents a unique opportunity for a corporate headquarters or an investor looking to implement a strategic lease-up plan at competitive market rates.
Situated between the Medical/Edge District and Downtown Memphis, 495 Union Avenue is positioned along Union Avenue (Highway 51), a key thoroughfare with high visibility and traffic exposure, seeing over 12,500 vehicles daily. The surrounding area is home to 32 corporate headquarters, including industry giants like FedEx, AutoZone, and First Horizon, which draw from Memphis’ strong workforce and educational institutions. The area is supported by a robust infrastructure that includes easy access to Memphis International Airport and Amtrak Station, alongside entertainment venues like the FedEx Forum and Memphis Music Hall of Fame. In addition, over 180 restaurants, bars, and multiple hospitality options cater to the needs of businesses and travelers alike.
As a strategic location for businesses requiring transportation and logistical support, 495 Union Avenue offers convenient access to key highways such as Interstates 69 and 40 and the International Port of Memphis. The metro area has attracted a growing and diverse population of over 157,560, with an annual consumer spending of $1.5 billion within a 5-mile radius of the property. The area is part of a foreign trade zone, providing companies with significant financial advantages. With over $5 billion in planned developments within the city and a highly educated workforce, Memphis continues to be an attractive market for business growth. Top industries that continue to grow in the area are advanced manufacturing, supply chain and logistics, corporate and tech, and life science. 495 Union Avenue offers a rare opportunity to be part of a dynamic, rapidly growing district with all the amenities a modern business could require.
Situated between the Medical/Edge District and Downtown Memphis, 495 Union Avenue is positioned along Union Avenue (Highway 51), a key thoroughfare with high visibility and traffic exposure, seeing over 12,500 vehicles daily. The surrounding area is home to 32 corporate headquarters, including industry giants like FedEx, AutoZone, and First Horizon, which draw from Memphis’ strong workforce and educational institutions. The area is supported by a robust infrastructure that includes easy access to Memphis International Airport and Amtrak Station, alongside entertainment venues like the FedEx Forum and Memphis Music Hall of Fame. In addition, over 180 restaurants, bars, and multiple hospitality options cater to the needs of businesses and travelers alike.
As a strategic location for businesses requiring transportation and logistical support, 495 Union Avenue offers convenient access to key highways such as Interstates 69 and 40 and the International Port of Memphis. The metro area has attracted a growing and diverse population of over 157,560, with an annual consumer spending of $1.5 billion within a 5-mile radius of the property. The area is part of a foreign trade zone, providing companies with significant financial advantages. With over $5 billion in planned developments within the city and a highly educated workforce, Memphis continues to be an attractive market for business growth. Top industries that continue to grow in the area are advanced manufacturing, supply chain and logistics, corporate and tech, and life science. 495 Union Avenue offers a rare opportunity to be part of a dynamic, rapidly growing district with all the amenities a modern business could require.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Broker Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Third Party Report
- Lot 1 Easement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Memphis - TN USA
Market Cap Rate
Memphis - TN USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
128,672 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
1977
Percent Leased
Vacant
Tenancy
Multiple
Number of Floors
5
Typical Floor Size
25,734 SF
Building FAR
1.00
Land Acres
2.95 AC
Opportunity Zone
Yes
Zoning
O
Parking
44 Spaces (0.34 Spaces per 1,000 SF Leased)
Bike Score ®
Very Bikeable (80)
About Downtown Memphis
Downtown Memphis encompasses much of Memphis’ urban core and is a primary office node in the city. The population of Downtown Memphis has expanded at one of the fastest rates in the metro, an indicator that many highly educated workers are choosing to live in this area. The ongoing revitalization of the city core and the neighborhood’s growing population have incentivized more office users to locate here.
Memphis is the home of the global headquarters for FedEx, which employs more than 30,000 individuals throughout the region. The area also recently landed a major economic development win, when Ford announced it will open a new electric vehicle plant here, which will add 6,000 new jobs when it opens.
Office investment activity has picked up in Memphis over the past several quarters, with firms seeking value-add and net-leased deals alike throughout the region. Investors can often acquire office properties here at a discount to other large cities throughout the Southeast.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
15,488
89,110
157,560
2020 Population
13,723
80,291
141,071
2029 Population
15,709
90,010
159,303
2024-2029 Projected Population Growth
1.4%
1.0%
1.1%
Daytime Employees
45,675
87,588
120,547
Total Businesses
4,561
8,734
12,160
Average Household Income
$57,784
$68,676
$61,769
Median Household Income
$34,467
$42,693
$39,137
Total Consumer Spending
$151.9M
$1B
$1.5B
Median Age
37.9
37.8
37.6
2024 Households
8,411
42,894
71,516
Percent College Degree or Above
17%
19%
15%
Average Home Value
$332,415
$282,360
$236,879
$ values in USD
zoning
| Zoning Code | O |
| O |
PROPERTY TAXES
| Parcel Number | 00-7006-0-0002C | Improvements Assessment | £1,514,323 |
| Land Assessment | £669,834 | Total Assessment | £2,184,156 |
PROPERTY TAXES
Parcel Number
00-7006-0-0002C
Land Assessment
£669,834
Improvements Assessment
£1,514,323
Total Assessment
£2,184,156
Sale Advisors
Sale Advisors
Ron Riley, Senior Vice President
(901) 312-5787
Contact
Ron Riley is the senior vice president of Colliers International – Asset Services, where he is responsible for overseeing the leasing, acquisition, disposition, advisory services and business development. Ron provides guidance to and is directly involved in the overall direction of the office division.
Ron regularly provides advisory services to banks, servicers, investors, insurance companies and owners. Some examples of services provided; financial analysis, due diligence including property level, as well as market level, qualitative analysis, investment concerns and highlights, lease modeling etc.
Ron regularly provides advisory services to banks, servicers, investors, insurance companies and owners. Some examples of services provided; financial analysis, due diligence including property level, as well as market level, qualitative analysis, investment concerns and highlights, lease modeling etc.
Andrew Phillips, President of Brokerage Services & Principal
(901) 312-4916
Contact
Andrew Phillips is President of Brokerage Services and a Principal in the Colliers Memphis office. In addition to overseeing day to day operations. Andrew specializes in advising private and institutional clients with their Retail, Office and Industrial leasing and disposition needs in the Memphis Region and across the Southeast. Additionally, Andrew manages the Colliers Asset Resolution Team (CART) for the Memphis market, providing comprehensive representation for special servicers and lending institutions on distressed and non-performing assets in the Mid-South. He began his career in the commercial real estate industry in 2002, completing over $1 Billion in volume and over 40 million square feet of commercial transactions.
Prior to joining Colliers International, Andrew was responsible for opening a Memphis branch for Lehman Brothers, FSB where he focused on business development and commercial real estate lending for both owner-occupied and investment properties throughout the Southeast. He began his career in commercial real estate working in the Memphis office of NAI. Andrew holds the SIOR and CCIM designation and is licensed in Tennessee and Mississippi.
Prior to joining Colliers International, Andrew was responsible for opening a Memphis branch for Lehman Brothers, FSB where he focused on business development and commercial real estate lending for both owner-occupied and investment properties throughout the Southeast. He began his career in commercial real estate working in the Memphis office of NAI. Andrew holds the SIOR and CCIM designation and is licensed in Tennessee and Mississippi.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Mary Humphreys
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 265318. (888) 952-6393
-
Power Broker Ron Riley -
Andrew Phillips -
Colliers International Memphis
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PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Value-add Prime HQ Class A Office | 495 Union Ave
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