VOL. 127 | NO. 202 | Tuesday, October 16, 2012
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Nashville Company Buys Wolf River Medical Building for $11 Million
By Eric Smith
8040 Wolf River Blvd.
Germantown, TN 38138
Sale Amount: $11 million
Sale Date: Oct. 9, 2012
Buyer: HRT of Tennessee Inc.
Seller: Bayrock Investment Co. LLC
Details: HRT of Tennessee Inc., an affiliate of Nashville-based Healthcare Realty Trust Inc., has paid slightly less than $11 million for the medical office building at 8040 Wolf River Blvd. in Germantown.
The company bought the 40,592-square-foot building Oct. 9 in a special warranty deed from Charlotte-based Bayrock Investment Co. LLC, which acquired the property in 2008 for $2.3 million.
Wolf River Medical Building
Built in 2007, the Class A medical office facility sits on 2.94 acres on the north side of Wolf River Boulevard where it turns into Kimbrough Road. The Shelby County Assessor of Property’s 2012 appraisal is $7 million.
The property is home to Memphis Orthopaedic Group.
The transaction also included a 0.2-acre parcel of land that fronts Wolf River Boulevard. No financing was associated with the transaction.
Healthcare Realty, a real estate investment trust founded in 1993, “provides on-site leasing and property management services to 10.3 million square feet” in its portfolio, according to the company’s website.
5828 Summer Ave. (U.S. 70)
Memphis, TN 38134
Sale Amount: $4 million
Sale Date: Oct. 1, 2012
Buyer: ARC WGMEMTN001 LLC
Seller: First Memphis WAG Investments LLC
Details: The 14,092-square-foot Walgreens store at 5828 Summer Ave. (U.S. 70) has sold for $4 million to an entity called ARC WGMEMTN001 LLC.
That company bought the property Oct. 1 in a special warranty deed from First Memphis WAG Investments LLC, which had paid $3.8 million for the property in 2005 from Webten Partners LP.
First Memphis WAG Investments lists the same address as Walgreen Co. in Deerfield, Ill.
Built in 2002, the freestanding Class A retail store sits on 1.73 acres at the northwest corner of Sycamore View Road and Summer Ave. The Shelby County Assessor of Property’s 2012 appraisal is $2.8 million.
No financing was associated with the sale.
3150 New Brunswick Road
Bartlett, TN 38133
Sale Amount: $3.2 million
Sale Date: Oct. 1, 2012
Buyer: 3150 New Brunswick LLC
Seller: David Hamilton Family LP
Loan Amount: $3.2 million
Loan Date: Oct. 1, 2012
Maturity Date: N/A
Lender: UMB Bank
Details: A Kansas City, Mo.-based company has bought the 51,040-square-foot warehouse at 3150 New Brunswick Road in Bartlett for $3.2 million.
The entity, 3150 New Brunswick LLC, bought the industrial facility Oct. 1 from Eads-based David Hamilton Family LP.
According to a listing on LoopNet.com, the facility is home to Impact Engineered Labor Solutions and Impact Logistics Inc. Both companies list David Hamilton as the contact with the former listing him as member and the latter listing him as CEO.
Built in 2008, the Class A industrial warehouse sits on five acres on the east side of New Brunswick Road north of U.S. 64 and south of Ellis Road. The Shelby County Assessor of Property’s 2012 appraisal is $2.6 million.
The buyer filed a $3.2 million loan through UMB Bank in conjunction with the purchase. Christopher Cella signed the trust deed as manager of 3150 New Brunswick LLC.
450 Mulberry St.
Memphis, TN 38104
Permit Cost: $7.5 million
Project Cost: TBA
Permit Date: Applied October 2012
Owner: State of Tennessee
Tenant: National Civil Rights Museum
Contractor: Flintco LLC
Details: The National Civil Rights Museum has filed a $7.5 million permit application with the city-county Office of Construction Code Enforcement for facility renovations.
General contractor Flintco LLC filed the permit for 450 Mulberry St. in the South Main Historic Arts District on behalf of the museum and its owner, the state of Tennessee.
The Civil Rights Museum last year set a goal of $40 million for a capital campaign to renovate the 20-year-old museum as well as establish an endowment.
During last fall’s campaign kickoff, Tennessee Gov. Bill Haslam renewed the state’s commitment to an expanded and updated museum with state funding of nearly $2.5 million. The first half of the $5 million in state funding came during the last year of Phil Bredesen’s tenure as governor.
The museum – housed in the Lorraine Motel, where Dr. Martin Luther King Jr. was assassinated in 1968 – now draws 200,000 visitors annually.
But that number is limited by the museum’s size, Civil Rights Museum executive director Beverly Robertson said last year.
Robertson also expressed concern about the aging technology that once was considered cutting edge but now is difficult to find replacement parts for and maintain.
Of the $40 million total for the museum project, $27 million would be for construction and renovation that will give the museum a new look, inside and out.
The remaining $13 million would be for an endowment.