Here's how much an investor just paid for 1.1 acres of Pinch District parking lots

JACOB STEIMER | MEMPHIS BUSINESS JOURNAL

Tom Intrator has closed on another 1.1 acres of Pinch District property.

The New York-based investor spent $3.5 million on the three-parcel parking lot at 364 N. Front St. — more than six times the amount it sold for in 2006.

The purchase brings Intrator's recorded 2019 spend in the district up to about $11.8 million.

In May, he bought the old Precious Cargo building at 381 N. Main St., a sliver of land just north of 400 N. Main St., and the old T.J. Mulligan's property at 362 N. Main St. Earlier in the year, he purchased 400 N. Front St., 429 N. Main St., and 396 N. Main St.

In addition to these Pinch properties, Intrator has purchased four buildings on South Main Street; he told the Memphis Business Journal in April that he is currently more focused on South Main than on the Pinch.

“The Pinch is a more complicated project, whatever way you cut it. There’s not the same movement and momentum there as there is in South Main,” he said at the time. “There are more pieces to that puzzle, which need to come together [first]."