New York developer buys Pinch District parcels, with eye toward large development

JACOB STEIMER | MEMPHIS BUSINESS JOURNAL

New York developer Tom Intrator has purchased three Pinch District properties: 400 N. Front St., 429 N. Main St., and 396 N. Main.

Intrator said Tuesday he has no plans currently in place for the properties. However, he is targeting multiple other Pinch District properties for purchase and is planning a large, multi-use development in the district, according to multiple sources familiar with the matter.

“While we see great potential, there are no plans currently in place regarding our properties in the Pinch, but we will pay close attention to the 2016 Pinch Concept Study by LRK for the City of Memphis as a guide to future development of the area,” Intrator said.

Intrator is the developer behind 18 S. Main's renovation and is the new owner of Downtown's Royal Furniture store building.

“From the Royal Furniture building to 18 South Main and into the Pinch District, we continue to find opportunities in Memphis," Intrator said. "We are big believers in the continued growth of this city and see significant opportunity ahead."

Intrator purchased 400 N. Front for $3 million and 396 N. Main for $850,000, according sources close to the deals. The purchase price of 429 N. Main was $1.8 million, according to Intrator.

The Front Street building was built in 1916 and includes about 20,000 square feet on .5 acres. About 25 percent of it is warehouse space; the rest is office space.

The 429 N. Main property is currently home to RVC Outdoor Destinations' 4,300-square-foot headquarters building. The 396 N. Main property is home to a 7,200-square-foot industrial building.

Intrator took out a $5.1 million mortgage for the 429 N. Main property and the three vacant parcels surrounding it in January.

The Gary Myers Co.'s Melanie Myers Bland represented the seller of 396 N. Main. Cushman & Wakefield | Commercial Advisors' Jeff Higdon, Owen Mercer and Kemp Conrad represented the seller of 400 N. Front.

Intrator's firm, Hyde Capital Group, and its subsidiary, Lennox Cos., have owned and managed apartments in the Memphis region for more than six years.