Local real estate developer closes on purchase of historic Sterick Building
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MEMPHIS, Tenn. (WMC) – On Friday, Stuart Harris, principal of Constellation Properties, announced that his team closed on the purchase of the historic Sterick Building at the corner of North B.B. King Boulevard and Madison Avenue.
Their agreement also resolves outstanding issues regarding a ground lease that had previously divorced the property from the actual land on which it sits.
“This deal would not have been possible without a number of local and national investors who share our commitment to making sure this historic building sees a bright new future,” says Harris. “I also want to thank Equitable, CBRE, Henry Grosvenor on behalf of the sellers’ families, and the Downtown Memphis Commission for their steadfast partnership and belief in our vision.”
Harris previously oversaw the redevelopment of The Commonwealth building at 240 Madison Avenue on behalf of lead investor Michael Cook, CEO of SouthernSun Asset Management.
In addition to the acquisition of the Sterick, Constellation Properties has also purchased parcels between The Commonwealth and the Sterick at 220 Madison Avenue and 224 Madison Avenue for future development.
Known as “the Queen of the South,” the Sterick Building is a 340,000-square-foot, 29-story, Gothic Revival skyscraper that was the tallest building in the American South from the time of its completion in 1929 until 1957.
It was added to the National Register of Historic Places in 1978 but has been vacant since 1986.
Constellation’s acquisition unites the building and ground for the first time in the Sterick’s existence.
The full redevelopment plan and eventual uses for the Sterick Building are still under consideration.
When the redevelopment scenarios are finalized, Constellation will be seeking additional strategic resources, including appropriate public incentives.
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