MEMPHIS INVEST PURCHASES NEW BUILDING TO EXPAND CORPORATE HEADQUARTERS
The Daily News
By: Sarah Baker
In other commercial leasing news, 124 Timber Creek GP, an entity of Memphis Invest LLC, has bought the 4,800-square-foot office building at 124 Timber Creek in Cordova for $475,000.
Memphis Invest, which buys and renovates single-family real estate-owned properties to then sell to and manage for investors, has a staff of 39 and foresees a need for upward of 60 people by 2013.
The firm was one of 13 Memphis-based companies to recently make Inc. Magazine’s annual Inc. 500|5000 list of the fastest-growing businesses in the U.S.
Memphis Invest has sold 277 properties so far this year, 63 percent of which have gone to existing clients.
“When somebody buys, they don’t just buy once,” Clothier said. “They end up buying a second, a third, a fourth, even a fifth time. That means every single person that comes in is going to exponentially grow down the line. It’s a big reason why we’re growing the way that we’re growing.”
The company now has three buildings in a row for its corporate headquarters for all of its businesses, said Chris Clothier, Memphis Invest partner and director of sales and marketing.
“The key to this building is we are going to turn roughly 1,500 square feet into a state-of-the-art meeting room for our expanding staff and to meet with local contractors and groups about growing in Memphis,” Clothier said. “We doubled in size last year, we see ourselves doubling in size again by the end of next year, and that’s why we went ahead and bought the building now.”