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VOL. 128 | NO. 49 | Tuesday, March 12, 2013

 

FedEx Headquarters Building Sells for $22.6 Million

By Eric Smith

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942 S. Shady Grove Road Memphis, TN 38119

Sale Amount: $22.6 million

Sale Date: Feb. 21, 2013

Buyer: Terraza 9 LLC

Seller: Norman FX World LLC

Details: The building that houses the corporate headquarters of FedEx Corp. at 942 S. Shady Grove Road in East Memphis has sold for $22.6 million.

942 S. Shady Grove Road • Memphis, TN 38119

Terraza 9 LLC, an affiliate of Escondido, Calif.-based Realty Income Corp., bought the 101,308-square-foot office building in a Feb. 21 special warranty deed from Norman FX World LLC of Poway, Calif.

Built in 1999, the Class A office facility sits on 4 acres along the east side of Shady Grove between Briarcrest and Poplar avenues. The Shelby County Assessor of Property’s 2012 appraisal was close to $16 million.

This marked Realty Income’s third Memphis purchase in the past few months. In December it paid $16.6 million for the Herbalife International of America Inc. distribution center at 5025 Crumpler Road in Hickory Hill.

Operating as Terraza 2 LLC, the company bought the 131,672-square foot facility in a Dec. 20 special warranty deed from Memphis Herb GP, an affiliate of Sherman Oaks, Calif.-based Cardinal Industrial.

Also in December, it paid $1.1 million for the Advance Auto Parts store at 9811 U.S. 64 in Arlington. Operating as Realty Income Properties 18 LLC, the company bought the 6,708-square-foot retail store in a Dec. 7 special warranty deed from Advance Stores Co. Inc. of Roanoke, Va.

2745 Airways Blvd.

Memphis, TN 38132

Sale Amount: $1.7 million

Sale Date: Feb. 25, 2013

Buyer: Meridian Hospitality LLC

Seller: PNRCY LLC

Details: The 106-room Budget Host Inn & Suites at 2745 Airways Blvd. next to Memphis International Airport has sold for $1.7 million. Meridian Hospitality LLC bought the 45,972-square-foot hotel Feb. 25 from PNRCY LLC.

Pallaviben Patel signed the warranty deed as chief manager of PNRCY, which had bought the hotel in 2009 – then branded as an Econo Lodge – for $1.7 million from R & B Lodging Inc.

Built in 1983, the hotel sits on 3.01 acres at the northwest corner of the intersection of Airways and Democrat Road.

The sale also included a 3,373-square-foot restaurant, which sits on a 0.63-acre outparcel. The restaurant, formerly called Jazz Café, was built in 1983 and had a 2012 appraised value of $186,700.

4895 Outland Center Drive; 4900 Outland Center Drive; 4900 Outland Center Drive; 4935 Outland Center Drive; 4985 Outland Center Drive; 4995 Outland Center Drive; and 5000 Outland Center Drive

Memphis, TN 38118

Sale Amount: $11.8 million

Sale Date: Feb. 21, 2013

Buyer: Outland Center Drive LLC

Seller: Outland Center Drive LP

Details: A partnership between real estate investment companies from Denver and Atlanta has paid $11.8 million for an industrial portfolio in Oakhaven.

Operating as Outland Center Drive LLC, Denver-based Amstar and Atlanta-based Huntington Industrial Partners bought the following seven properties: 4895 Outland Center Drive; 4900 Outland Center Drive; 4900 Outland Center Drive; 4935 Outland Center Drive; 4985 Outland Center Drive; 4995 Outland Center Drive; and 5000 Outland Center Drive.

The sale closed in a Feb. 21 limited warranty deed with Outland Center Drive LP as the seller. That entity acquired the portfolio in 2006 for $15.8 million.

Two of the seven parcels are classified as accessory improvements. The other five were built in 1988 and 1989, and include roughly 400,000 square feet on about 28 acres and have an appraised value of $9 million, according to the Shelby County Assessor of Property’s 2012 data.

Built in 1988, the 35,200-square-foot property at 4895 Outland Center Drive sits on 4.8 acres and has an appraised value of $767,400.

Built in 1988, the 33,932-square-foot property at 4900 Outland Center Drive sits on 5.4 acres and has an appraised value of $970,500.

Built in 1988, the 102,656-square-foot property at 4935 Outland Center Drive sits on 7.2 acres and has an appraised value of $2.3 million.

Built in 1989, the 99,625-square-foot property at 4985 Outland Center Drive sits on 4.7 acres and has an appraised value of $2.2 million.

And built in 1989, the 122,824-square-foot property at 4995 Outland Center Drive sits on 5.7 acres and has an appraised value of $2.7 million.

3810 Crowfarn Drive

Memphis, TN 38118

Sale Amount: $1.2 million

Sale Date: Feb. 21, 2013

Buyer: 3884 Crowfarn Drive LLC

Seller: Crowfarn Drive LP

Details: A partnership between real estate investment companies from Denver and Atlanta has closed on another industrial purchase in Oakhaven.

Operating as 3884 Crowfarn Drive LLC, Denver-based Amstar and Atlanta-based Huntington Industrial Partners bought a 158,175-square-foot industrial facility at 3810 Crowfarn Drive for $1.2 million.

The entity bought the Class B warehouse in a Feb. 21 limited warranty deed from Crowfarn Drive LP, which had acquired the property in 2006 for $4 million.

Built in 1974, the warehouse sits on 7.1 acres along the north side of Crowfarn Drive, east of Getwell Drive near Memphis International Airport. The Shelby County Assessor of Property’s 2012 appraisal was $2.3 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 16 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 81 211 13,214
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 39 72 4,269

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