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 Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Memphis’ Historic Sears Adaptive Reuse Receives $85M Financing

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Memphis’ Historic Sears Adaptive Reuse Receives $85M Financing

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About Dennis Kaiser