VOL. 127 | NO. 138 | Tuesday, July 17, 2012
Memphis Real Estate Recap
Hickory Hill Warehouse Sells for $1.3 Million
By Kate Simone
5837 Distribution Drive
Memphis, TN 38141
5837 Distribution Drive • Memphis, TN 38141
Sale Amount: $1.3 million
Sale Date: July 11, 2012
Buyer: CLI Inc.
Seller: Tenoh LLC
Loan Amount: $1 million
Loan Date: July 11, 2012
Maturity Date: N/A
Details: Memphis-based CLI Inc. has bought the 102,570-square-foot warehouse at 5837 Distribution Drive in Hickory Hill for $1.3 million from Tenoh LLC. The sale closed July 11.
Built in 1976, the Class B warehouse sits on 5.6 acres on the south side of Distribution Drive and the west side of Hickory Hill Road near its intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million.
CLI, which lists an address of 5768 Distribution Drive, filed a $1 million trust deed through Iberiabank in conjunction with the purchase. Jershyang Lee and Anne Ho Lee signed the trust deed as president and secretary, respectively, of CLI.
The selling entity is an affiliate of Effingham, Ill.-based Agracel Inc., a site selection, development, construction management and consulting company that owns and operates industrial and office properties in close to 20 markets in the central U.S.
According to Agracel’s website, the Distribution Drive facility had been home to polystyrene manufacturer Dolco Packaging. The flex warehouse contains 100,300 square feet of manufacturing and warehousing and 5,470 square feet of office space.
The company bought the property – the lone Memphis asset in its portfolio – in 2003 from Packaging Realty Investors LP for $2.7 million.
10103 Raleigh-LaGrange Road
Eads, TN 38028
Permit Cost: $4.8 million
Project Cost: N/A
Permit Date: Applied July 2012
Owner: Briarcrest Christian School
Tenant: Briarcrest Christian Academy
Contractor: Linkous Construction Co. Inc.
Details: Briarcrest Christian School has filed a $4.8 million permit application with the city-county Office of Construction Code Enforcement for auditorium, administration and classroom additions.
The permit lists the address of 10103 Raleigh-LaGrange Road E. in Eads, site of the school’s main 90-acre campus at the intersection of Raleigh-LaGrange and North Houston Levee Road.
Linkous Construction Co. Inc. is the general contractor listed on the permit application.
The Memphis-based commercial construction firm in 2008 filed a $20.5 million permit to build Briarcrest’s 151,000-square-foot elementary and middle school. That facility is adjacent to Briarcrest’s high school, which opened in 2003.
Briarcrest is a private, non-denominational Christian school with an enrollment of about 1,600 students in grades PreK-12. The school also operates an East Memphis campus at 6000 Briarcrest Ave.
6980 E. Holmes Road
Memphis, TN 38141
Sale Amount: $3.5 million
Sale Date: June 20, 2012
Buyer: WG Memphis Holdings LLC
Seller: Trio Investments LLC
Loan Amount: $2.6 million
Loan Date: July 5, 2012
Maturity Date: July 1, 2019
Lender: Wells Fargo Bank NA
Details: Hamilton, N.J.-based WG Memphis Holdings LLC has bought a Walgreens property at 6980 Holmes Road for $3.5 million, the same price seller Trio Investments LLC paid for it a decade ago.
Built in 2000, the 13,833-square-foot, Class A retail building is situated on 1.8 acres at the northeast corner of Holmes and Riverdale roads in The Villages of Bennington Planned Development. The Shelby County Assessor of Property’s 2012 appraisal is $2.1 million.
Walgreen Co. entered into a 60-year lease for the site in December 2000.
WG Memphis Holdings financed the purchase with a $2.6 million loan through Wells Fargo Bank NA. The loan was processed July 5, about two weeks after the June 20 purchase date.
100 S. Main St.
Memphis, TN 38103
Loan Amount: $9.6 million
Loan Date: July 3, 2012
Maturity Date: Aug. 1, 2047
Borrower: 100 South Main Partners
Lender: Love Funding Corp.
Details: Barboro Flats, a mixed-use building at 100 S. Main St., has been financed for $9.6 million.
100 South Main Partners filed a 35-year trust deed through Love Funding Corp. for the five-story building’s 92-unit apartment section and 7,000-square-foot ground-floor retail space. The building’s garage was not included in the financing, according to loan documents filed with the Shelby County Register of Deeds.
Completed in 2010, Barboro Flats is on the east side of South Main Street between Barboro Alley and Gayoso Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $5.6 million for the apartment portion and $330,700 for the retail.
The 3,900-square-foot Aldo’s Pizza Pies is set to open in the ground floor space this month.