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MEMPHIS, TN-Cooper Realty Investments of Bella Vista, AR owns two trophy class A office properties today in the prime East Memphis, TN submarket after paying Irving, TX-based Archon Group $54.9 million or an average $110.13 per sf for two landmark suburban structures.

“This combined 500,000-sf sale marks the largest office transaction in Memphis history,” broker Eric Everett of CB Richard Ellis Inc.’s Memphis office tells GlobeSt.com. CBRE negotiated for Archon.

Cooper Realty paid $15.7 million or $96.44 per sf for Forum 1, a 19-year-old, 162,800-sf, 73.3%-leased building. For Crescent Center, a 15-year-old, 335,700-sf, 90.6% leased property, Cooper paid $39.2 million or $116.77 per sf.

Forum’s full-service asking rent is $19 per sf; Crescent’s, $23 per sf. Forum is at 6750 Poplar Ave., on the northeast corner of Kirby Parkway and Poplar Avenue. Crescent Center is at 6075 Poplar Ave., on the southwest corner of Ridgeway and Poplar Avenue.

“The East Memphis submarket is historically the best submarket in the city with the highest absorption, highest occupancy, highest rental rates and most demand overall,” Everett tells GlobeSt.com. “The East Memphis market has seen stable activity overall, but these particular properties, because of superior location and amenities, are seeing increased activity in the market.”

Key players in the two transactions, besides Everett, were CBRE brokers Earl Blankenship, John Lamberson and Will Yowell.

Archon Group was founded by New York-based Goldman Sachs Group Inc. in 1996 when it acquired and consolidated the investment, asset management and development functions previously performed by third parties for a mix of private and institutional clients. Archon manages investments totaling $15 billion in North America, Asia and Europe.

Cooper Communities Inc. is the parent of Cooper Realty Investments whose portfolio comprises 3.7 million sf of office, retail and industrial product among 650 tenants. The family of John A. Cooper Sr. and Mildred B. Cooper founded the holding company in 1954. John A. Cooper Jr. is chairman/president/CEO. John A. Cooper III is executive vice president.

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