Shelby County says it has closed on several parcels for Regional 1 campus; lease terms, oversight and $30 million escrow discussed

At a meeting of the Shelby County Board of Commissioners Black Caucus Regional 1 Black Economic Inclusion Task Force, county and Regional 1 representatives said Shelby County has completed purchases of several parcels intended for the Regional 1 hospital campus and will transfer lease-management responsibilities for some properties to the Shelby County Health Corporation.

Steve Collins, the attorney who represented Regional 1 and Shelby County in the acquisitions, said the county "has initiated the purchase and close on, I think, about 3 of these properties," identifying the former Commercial Appeal office building and a storage-warehouse parcel among those closed. Collins told the task force the Meineke property also has been purchased but carries an existing tenant lease.

The procurement team represented by Darryl Cobins and Brandon Ingram of Universal Commercial Real Estate said the work over the past…