VOL. 127 | NO. 60 | Tuesday, March 27, 2012
Memphis Real Estate Recap
Mitsubishi Chem Subsidiary Files Permit App for HQ
2665 Fite Road
Memphis, TN 38127
2665 Fite Road • Memphis, TN 38127
Permit Cost: $8.2 million
Permit Date: Applied March 2012
Owner: MC Ionic Solutions US Inc.
Tenant: MC Ionic Solutions US Inc.
Contractor: Smith-Doyle Contractors Inc.
Details: MC Ionic Solutions US Inc., a subsidiary of Mitsubishi Chemical Corp. that will produce an electrolyte solution used in lithium-ion batteries, is moving ahead with its North Memphis headquarters and production plant.
An $8.2 million building permit application has been filed with the city-county Office of Construction Code Enforcement for a solvent feed at the facility, 2665 Fite Road. The scope includes site work, structure modifications and fire and electrical work, according to the application. Cordova-based Smith-Doyle Contractors Inc. is listed as the general contractor.
Formed last year, MCIS US was awarded a 14-year payment-in-lieu-of-taxes by the city-county Industrial Development Board for the Memphis plant – the company’s first.
The PILOT recommendation states the facility, set to be built on land leased from Lucite International, will create 52 jobs with an average wage of more than $69,000 without benefits. Real property improvements by MCIS US would total $12 million, and personal property improvements would total $50 million.
MCIS US requested – and the IDB approved – two, four-year ramp-up periods before the PILOT begins. The terms of the first ramp-up period, which runs through the end of 2015, require that MCIS US create 27 jobs with an average base wage of $72,000 and a capital investment of $31 million.
In July, the company filed a permit application for $1.3 million to cover structural work on a pipe bridge and truck unloading area.
4444 Delp St.
Memphis, TN 38118
Sale Amount: $1.7 million
Sale Date: March 8, 2012
Buyer: 4444 Delp LLC
Seller: ASI Storage Solutions Inc.
Loan Amount: $1.2 million
Loan Date: March 8, 2012
Maturity Date: n/a
Lender: ChinaTrust Bank (U.S.A.)
Details: Logistics Team, a third-party logistics firm based near Los Angeles, has bought a 95,000-square-foot warehouse at 4444 Delp St. for $1.7 million.
Working as the entity 4444 Delp LLC, Logistics Team bought the property from ASI Storage Solutions Inc., financing the purchase with a $1.2 million loan through ChinaTrust Bank (U.S.A.).
Built in 1975, the Class B warehouse is on about 6 acres on the east side of Delp south of Crowfarn Drive in Airport Industrial Park. The warehouse includes about 6,500 square feet of office space.
The Shelby County Assessor of Property’s 2011 appraisal was $1.9 million. ASI Storage Solutions bought it in 2008 for $2.2 million.
Founded in 1989, Logistics Team offers warehousing, fulfillment, reverse logistics and transportation services and has more than 2.5 million square feet worldwide, according to the company’s website.
It operates another Memphis location on about 5 acres north of Interstate 55 at 410 Burma Road. Logistics Team also has locations in California, Chicago, New Jersey, Dallas and Atlanta as well as in Asia.
6033 Old Brownsville Road
Memphis, TN 38135
Loan Amount: $2 million
Loan Date: March 14, 2012
Maturity Date: May 1, 2019
Borrower: St. Elisabeth’s Episcopal Church
Lender: First Alliance Bank
Details: St. Elisabeth’s Episcopal Church has filed a $2 million construction loan through First Alliance Bank for 38 acres at the southeast corner of Old Brownsville and Billy Maher roads east of Austin Peay Highway. The property is adjacent to the St. Columba Episcopal Conference & Retreat Center.
St. Elisabeth’s bought the acreage in 2008 for $600,000. At the time, a 1,700-square-foot vacant house was on the site. A demolition permit was issued in March 2009.
The Shelby County Assessor of Property’s 2011 appraisal was $317,500.
The church, formerly on Yale Road, sold that property several years ago and moved to its current site at 2911 Elmore Park Road in Bartlett.
Memphis-based Hord Architects has designed the new building, according to the church’s website.
332 Washington Ave., 352 Washington Ave. and 364 Washington Ave.
Memphis, TN 38105
Sale Amount: $975,000
Sale Date: March 15, 2012
Buyer: Memphis Union Mission
Seller: WMC Investment Co., Equity Group 92 LLC and Bryan A. Crisman and Marie C. Crisman
Details: Memphis Union Mission has bought property behind its men’s emergency shelter at 383 Poplar Ave. for $975,000, part of an expansion plan approved by the city-county Land Use Control Board and Memphis City Council earlier this year.
The purchase of 332 Washington Ave., 352 Washington Ave. and 364 Washington Ave. from WMC Investment Co., Equity Group 92 LLC, Bryan A. Crisman and Marie C. Crisman closed Thursday, March 15.
The property includes warehouses built in 1972 and 1923, and the Shelby County Assessor of Property’s 2011 appraisal totaled $658,700.
In January, the Land Use Control Board recommended the council approve a special-use permit for the mission to expand onto 3.1 acres behind the current mission. The council approved that permit in February.
The property will be used to expand the mission to address overcrowding at its current facility and provide new services, according to Memphis Union Mission’s website.