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Memphis’ Historic Sears Adaptive Reuse Receives $85M Financing

Crosstown Concourse, a 1.2-million-square-foot premier mixed-use development in Memphis, has received $85 million in permanent financing. HFF worked on behalf of the borrower, a joint venture between Crosstown, LLC, Crosstown Arts, and Kemmons Wilson Companies, LLC, to secure the 20-year, fixed-rate permanent loan through JP Morgan Asset Management on behalf of investment advisory clients.

The adaptive reuse transformed the former Sears, Roebuck & Company catalog order plant and retail store that originally opened in 1927. The historic 12-acre property has been preserved and redeveloped into a “vertical urban village” comprising 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units averaging 1,044 square feet each. Crosstown Concourse is the largest historic adaptive reuse LEED Platinum redevelopment in the world.

HFF’s debt placement team representing the borrower included Brian Carlton and Jason Nettles.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
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