A Downtown property that real estate investor Terry Lynch once planned for residential and retail space was sold back to the lender for slightly less than $1 million.
Southland Development Partners of Memphis sold a 3.8-acre vacant parcel on South Riverside Drive to Renasant Bank for $993,043 in lieu of foreclosure.
“Over the years, it’s been different things, but the master plan for it was to be a mixed-use development that had retail and residential in it,” said Terry Lynch, managing partner of Southland Development Partners, who confirmed that the deal had fallen through.
The Downtown property contains multiple parcels across 164,277 square feet of land at the corner of South Riverside and West Carolina Avenue. Southland bought the property in May 2004 and filed three quitclaims in 2006, according to the Shelby County Register of Deeds.
Southland Development Partners, operating as State Place LLC, is the group behind State Place condominiums at 665 Tennessee St. State Place LLC in March sold 7 E. Georgia Ave., a 1.78-acre property at Carolina Avenue and Florida Street, to Renasant Bank for $483,856 in lieu of foreclosure.
• In other commercial leasing news, FEDEX Employees Credit Association, a financial services provider for FedEx Corp. employees and their families, has leased 24,384 square feet in Nonconnah Corporate Center, 2731 Nonconnah Blvd.
Nonconnah Corporate Center is a 1.1-million-square-foot, multipurpose business park with more than 800,000 square feet of office/flex buildings and 350,000 square feet of industrial space in the Southwest industrial submarket.
The credit union is leasing about half of a single-story, 56,631-square-foot office and industrial flex building built in 1972 within the park.
Cushman & Wakefield/Commercial Advisors Asset Services LLC vice president Phil Dagastino Jr. represented the building owner, Brooklyn, N.Y.-based Hampshire Properties.
Jill Schmitt, principal with CresaPartners, represented the tenant, along with Mary Singer of Commercial Realty Group/CresaPartners.
Schmitt said the deal would not have been possible without Patricia Lowery of Premium Assets Inc. who oversees Nonconnah Corporate Center, and Ron Kastner of CB Richard Ellis Memphis who started the project more than two years ago and continued to stay involved.
Schmitt said FEDEX Employees Credit Association will relocate from its nearby 14,000-square-foot space at 2124 Democrat Road but will keep its Cordova branch at 8115 Country Village Drive.
“They wanted to combine a lot of the back office into one location; as opposed to having two 15,000-square-foot faculties, to have one,” Schmitt said. “They kept all of the back-of-the-house stuff and then have just one small branch operation in Cordova. Like everyone else I guess, they’re just trying to be cognizant of where they’re spending their money.”
• In other deals, Hackmeyer Properties of Florida, an entity made up of the same partners as Memphis-based Hackmeyer Properties, bought 590 N. Germantown Parkway from Winthrop Income Properties for $650,000.
The Class B, 35,767-square-foot space was built in 1990, according to the Shelby County Assessor of Property. Boston-based Winthrop has owned the property since 1990.
The property once housed Haverty Furniture Co. Inc., which then subleased space to Four Seasons furniture, said Jeff Hackmeyer, partner with Hackmeyer Properties of Florida.
“When Four Seasons vacated, Winthrop had two other properties in the area and the opportunity was presented to us to purchase the property from Winthrop,” Hackmeyer said. “We’re planning on either leasing the property or selling the property.”
• And the former 2,050-square-foot Krystal restaurant at 951 Getwell Road has been leased by Joseph Williams, president of Ben Inc., who plans to open a Dixie Queen by the end of the month.
J. Max Hamidi of RE/MAX Elite represented Williams, as well as the landlord, Ziad Ozrail.
“They have already remodeled that space and painted and everything,” Hamidi said. “It looks beautiful.”