VOL. 127 | NO. 253 | Friday, December 28, 2012
CashSaver Trades Hands for $3.2 Million
By Sarah Baker
The CashSaver in Midtown has traded hands.
Kansas City, Kan.-based Super Market Developers Inc. bought the 69,017-square-foot building at 1620 Madison Ave. at Avalon Street from 1620 Madison LLC for $3.2 million. Fred Monks III, president/chief manager of 1620 Madison LLC, signed the special warranty deed.
Built in 1962, the Class C property has a 2012 appraisal from the Shelby County Assessor of Property of $2 million.
Super Market Developers was also amended in the lease agreement as the landlord and Kansas City-based Associated Wholesale Grocers Inc. as the tenant for 20 years beginning Jan. 1. Jerry Garland, president and CEO of Associated Wholesale Grocers, signed the deed on behalf of landlord and tenant.
Super Market Developers is a subsidiary of Associated Wholesale Grocers.
• In other commercial real estate news, plans are under way for The Capital Grille’s first Memphis and Tennessee location at the Crescent Center, according to a recent permit application with the city-county Office of Construction Code Enforcement.
A $1.3 million building permit was filed for the construction of a new 8,946-square-foot The Capital Grille restaurant at 6065 Poplar Ave. The upscale steakhouse, owned by Orlando, Fla.-based Darden Concepts Inc., will be to the west in front of the Crescent Center’s attached garage along Poplar.
Other nearby steakhouses in the area include Ruth’s Chris Steak House in Boyle Investment Co.’s Regalia Shopping Center and Flemming’s Prime Steakhouse & Wine Bar at 6245 Poplar, owned by Lake Worth, Fla.-based In-Rel Properties Inc.
Raleigh, N.C.-based Highwoods Properties Inc. owns the Class A, 337,916-square-foot Crescent Center. Brenda Solomito is handling the land planning for Darden and for Highwoods.
Plans for a 9,231-square-foot Season 52 were filed in November at 6085 Poplar at the corner of Poplar and Ridgeway Road. Seasons 52’s menu changes four times a year, and none of the dishes exceed 475 calories.
• In more restaurant news, Table 613 has leased 2,000 square feet in Sanderlin Centre, 5101 Sanderlin Ave., Suite 103. Built in 1989, the 47,290-square-foot neighborhood shopping center is anchored by Fox and Hound Bar & Grill and also houses Napa Café, Cosmic Coconut and Muddy’s Bake Shop.
Table 613 is a kosher restaurant concept and should open shortly after the first of the year.
Pat Surratt and Wilson McCloy with Crye-Leike Commercial represented the tenant. John Schaffler, agent with McKee & McFarland Inc. represented the landlord, Sanderlin Centre Partners and Levy Family Investments LLC, in care of Michael A. Lightman.
McCloy and Surratt also brokered the $280,000 sale of a triple-net ground lease for a Jiffy Lube at 3202 Austin Peay Highway.
Naperworth LLC was transferred the 1,440-square-foot property from Broadmoor Investment Corp.
• Meanwhile, Patrick H. O’Leary acquired the former Billy Ross Photography studio at 5168 Wheelis Drive for $350,000.
Built in 1954, the Class B, 3,053-square-foot property’s 2012 appraisal is $346,500.
The buyer was represented by his wife, Leslie O’Leary, an agent with Keller Williams Realty. Jess Ossorio of Crump Commercial LLC represented the building owners, William Joseph Ross, Mary Carolyn Norfleet, James Johnson Ross and Cynthia Fuller.
Patrick O’Leary is going to use the space for his office, Ossorio said.
O’Leary also filed a $323,000 mortgage for the property through Triumph Bank that matures Jan. 21, 2023.
• And M. Hanetite inked 4,230 square feet of industrial flex space in Nonconnah Corporate Center, 2803 Longate Drive.
Hanetite located in the park six months ago and occupied 1,815 square feet. This deal represents a renewal and expansion for the tenant.
Able Moving Co. has also leased a 1,815-square-foot warehouse in Nonconnah Corporate Center, 2701 Barris Drive.
Able Moving Co., a local resident and commercial moving firm, is relocating from an industrial park near Sam Cooper Boulevard and Hollywood Street.
Elliot Embry and Hank Martin with NAI Saig Co. represented the landlord, Nonconnah Holdings LLC, in both transactions. Neither tenant was represented.