TOP SELLER: The Barclay House apartments at 3427 Southern Ave. was part of a multifamily portfolio that ranked among the top commercial deals in October, a month that saw a decent number of transactions and one of the highest sales averages all year. -- PHOTO BY ERIC SMITH

High-dollar transactions involving a wide range of properties – vacant land, a strip center, an apartment complex and a couple of warehouses – helped Shelby County’s commercial market register a relatively decent month by 2009 standards during October.

Overall, the county saw 54 commercial sales in October, an 18 percent decrease from 66 sales in October 2008 but an impressive 32 percent increase from 41 sales in September, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

An increase in lucrative deals also kept the average sales amount much higher than normal. October’s sales averaged $802,523, marking a 29 percent improvement from October 2008’s $616,759 and a 25 percent improvement from September’s $644,112.

Also, the total sales volume was $43.3 million, up 6 percent from $40.9 million in October 2008 and up 64 percent from $26.4 million in September.

In all, October notched the third-highest sales total, the second-highest sales average and the second-highest sales volume of 2009.

But the most notable statistic from last month was the number of sales – 12 – that surpassed the $1 million mark, an accomplishment rarely achieved this year as the credit crunch curtailed lending on large transactions.

Leading the way

October’s top sale involved the transfer of 609.33 acres of vacant land in Southeast Shelby County. Mark and Melinda George, owners of Intermodal Cartage Co. Inc., paid $5.1 million for the land in three parcels zoned farm and residential. The largest parcel – of which just a portion was bought – is on the south side of East Holmes Road. The other two are on the west side of Forest Hill-Irene Road.

Next was International Cotton Depots Inc., which bought the 335,080-square-foot warehouse at 3965 Pilot Drive in Oakhaven/Parkway Village for $5.1 million from CLP Industrial Properties LLC. International Cotton Depots is affiliated with Noble Americas Corp., a subsidiary of Hong Kong-based Noble Group Ltd.

Third, the Market of Riverdale Bend, a three-parcel retail portfolio on Winchester Road in Southeast Shelby County, sold for $4.8 million to an entity called Market at Riverdale Bend HH LLC following a foreclosure of the property. The parcels’ addresses are listed as 7110-7136 Winchester Road and are on the north side of Winchester between Riverdale and Riverdale Bend roads. The buyer is related to the original lender, Capmark Finance Inc.

Fourth was Polk Rental Properties of Memphis LLC buying a multifamily portfolio of three University of Memphis-area apartment complexes for $2.4 million. The apartments are at 3251, 3341 and 3427 Southern Ave. The seller was Sycamore Bank, which weeks before had reacquired the properties in a substitute trustees’ sale following a foreclosure.

Rounding out the top five, Cal Western Packaging Corp. paid $2.4 million for the 100,000-square-foot warehouse at 2665 Riverport Road in the Rivergate Industrial Port in South Memphis. Operating in the transaction as HHTP Leasing Co. LLC, Cal Western Packaging bought the property from Rivergate Terminal Co. LP, an entity managed by Belz Investco GP and Haketenn Inc.

Sales Variety

Last month was defined by a wide variety of commercial types that sold. The leading category was vacant land over 1 acre; 17 of those parcels sold at an average of $750,000. It was followed by office buildings (seven, $340,000); apartments (six, $840,000); service stations (six, $400,000); warehouses (three, $2.5 million); and single-tenant commercial buildings (three, $640,000).

The top ZIP code for number of commercial sales during October was Raleigh’s 38128 with five sales averaging $740,400 and totaling $3.7 million. The top ZIP code for sales volume was Oakhaven/Parkway Village’s 38118 with four sales averaging $1.6 million and totaling $6.5 million.

Despite a respectable showing in October, commercial sales are down 33 percent for the year. To date, Shelby County has notched 495 sales, down from 737 during the same period of 2008.

This year’s commercial deals have averaged $593,828, a 37 percent dropoff from $946,549, while this year’s total sales volume of $293.9 million is a 58 percent dropoff from $697.6 million in 2008.

Chandler Reports is a division of The Daily News Publishing Co. Inc.