10% Cap Rate | Medical & Traditional Office with Retail

Highlights:

• Modern Office Building in High-Growth East Memphis Market A 58,032 square foot, four-story office building strategically located in East Memphis, a prime commercial corridor with strong employment and demographic fundamentals.
• Epicenter of Redevelopment & Capital Investments The Poplar corridor has significant projects planned and under construction. A few notable projects include Oak Court Mall mixed-use redevelopment (immediately adjacent), Leftwich Tennis Center, Eastgate Shopping Center, and the recently announced 50,000 SF+ mixed-use development of the former First Horizon Bank building and Houston’s restaurant (Poplar Avenue and Mendenhall).
• Recently Renovated with Value-Add Upside Comprehensive renovations have been completed since 2009-2019 position the asset for continued tenant attraction and retention, with additional value-add opportunities to enhance returns.
• Solid Occupancy and Diversified Tenant Base Currently 70.11% occupied as of July 2026, providing immediate cash flow while offering significant upside potential through leasing of available space to creditworthy tenants while also providing income stability with its 6.43-year WALT..
• Abundant Parking and Modern Amenities 205 parking spaces provide excellent tenant convenience and competitive positioning, with modern facilities supporting Class A office operations in a desirable submarket.
• Fee Simple Ownership with Ground Lease Outparcel Clean fee simple title and institutional-quality asset characteristics provide investor confidence, stability, and long-term appreciation potential in a resilient market. Ground lease expiring in 2038 with no renewal options; includes ±2,550 SF restaurant.

Description:

CBRE, in partnership with Apex Commercial Exchange, is pleased to present an exceptional value-add opportunity to acquire 555 Perkins, a strategically positioned office asset located in the desirable East Memphis submarket of Memphis, Tennessee. This ±58,032 square foot, four-story office building represents a compelling investment opportunity in one of the region's most dynamic markets.

Property Overview: Originally constructed in 1966, rebuilt in 2009, and all office suites were built from shell between 2009 and 2019. 555 Perkins combines modern infrastructure with contemporary finishes across its four-story structure. The property sits on ±0.74 acre with an additional ±0.39 acre outparcel and features ample parking with a total of 205 covered and surface lot spaces, providing excellent tenant convenience and flexibility. Currently operating at 70.11% occupancy as of July 2026, the asset presents meaningful upside potential through lease-up and operational optimization. The building's Class M office designation positions it competitively within the East Memphis market for a diverse tenant base.

Key Investment Attributes: The property's recent renovation ensures modern systems, updated finishes, and reduced capital expenditure requirements for new ownership. The abundant parking ratio of approximately 3.5 spaces per 1,000 rentable square feet significantly exceeds market norms, providing a competitive leasing advantage and strong tenant retention potential. The multi-floor layout offers flexibility for various office configurations, from traditional corporate headquarters to mixed-use professional services, positioning the asset to capture diverse market demand.

Strategic Location & Market Position: 555 Perkins benefits from its prominent East Memphis location, a submarket characterized by strong employment growth, institutional anchors, and robust demographic fundamentals. The property's visibility and accessibility make it an attractive option for quality-conscious tenants seeking modern office space in an established, well-serviced area. This combination of strategic positioning, recent capital improvements, and current occupancy dynamics creates a compelling platform for value creation and strong investor returns.

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