VOL. 128 | NO. 44 | Tuesday, March 05, 2013
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California Company Buys Former Quebecor Facility
By Eric Smith
828 E. Holmes Road Memphis, TN 38116
Sale Amount: $2.7 million
Sale Date: Feb. 15, 2013
Buyer: Memphis Business Park LLC
Seller: QG LLC (successor to World Color (USA) LLC)
Details: An affiliate of Downey, Calif.-based Industrial Realty Group LLC has paid $2.7 million for the former Quebecor World Inc. warehouse at 828 E. Holmes Road in Whitehaven.
828 E. Holmes Road • Memphis, TN 38116
The single-purpose entity, Memphis Business Park LLC, bought the 257,740-square-foot industrial facility in a Feb. 15 special warranty deed from QG LLC, successor to World Color (USA) LLC.
The Shelby County Assessor of Property shows the current owner as QW Memphis Corp. of Sussex, Wis., where Quad/Graphics – the company that bought Quebecor (later known as Worldcolor) – is based.
Built in 1958, the warehouse sits on 10.62 acres along the north side of East Holmes Road, east of its intersection with Tulane Road and adjacent to Whitehaven Country Club. The assessor’s 2012 appraisal was $6.2 million.
In 2009, Quebecor World, then based in Montreal, Quebec, notified state officials that the commercial printing company would close the Holmes Road facility, eliminating as many as 111 workers. The previous year, the printing company filed for Chapter 11 bankruptcy protection in New York and creditor protection in Canada.
The buyer, Industrial Realty Group, is a privately held real estate development and investment firm “specializing in the acquisition, development and management of commercial and industrial real estate across the country,” according to its website.
The transaction also includes two smaller vacant parcels, as well as two property restrictions signed by a representative of the seller and Industrial Realty Group president and chairman Stuart Lichter.
4155 E. Holmes Road
Memphis, TN 38118
Sale Amount: $25.2 million
Sale Date: Feb. 28, 2013
Buyer: Investors Warranty of America Inc. (c/o Aegon USA Realty Advisors LLC)
Seller: David J. Harris, substitute trustee
Details: The 922,500-square-foot Technicolor warehouse at 4155 E. Holmes Road in Oakhaven has sold for $25.2 million following a foreclosure.
Investors Warranty of America Inc. – affiliated with Cedar Rapids, Iowa-based Aegon USA Realty Advisors LLC – bought the Class A facility in a Feb. 28 substitute trustee’s deed from David J. Harris of Burch, Porter & Johnson PLLC.
A first-run foreclosure notice was filed in February against the previous owner, Techno DVD LLC, which defaulted on a $28.4 million trust deed from 2004.
Built in 2001, the warehouse sits on 64.5 acres along the south side of East Holmes Road between New Getwell and Malone roads. The Shelby County Assessor of Property’s 2012 appraisal was $26.4 million.
3251 Southern Ave.
Memphis, TN 38111
3341 Southern Ave.
Memphis, TN 38111
3427 Southern Ave.
Memphis, TN 38111
Sale Amount: $2.4 million
Sale Date: Jan. 28, 2013
Buyer: Tenants in common: Gideon D. Zook and Mary A. Cook; Campus Property Management LLC; and Summit Asset Mgt. LLC
Seller: WI Memphis LLC
Details: Three tenants in commons have paid $2.4 million for three apartment complexes on Southern Avenue in the University of Memphis’ 38111 ZIP code.
The three tenants are Gideon D. Zook and Mary A. Cook; Campus Property Management LLC; and Summit Asset Mgt. LLC, whose percentage of ownership varies with each parcel.
They bought the multifamily properties at 3251 Southern Ave., 3341 Southern Ave. and 3427 Southern Ave. in a Jan. 28 warranty deed from WI Memphis LLC. Together, the properties have 138 units totaling 127,253 square feet.
Built in 1986, the 70-unit, 68,020-square-foot complex at 3251 Southern sits on 2.3 acres and had a 2012 appraised value of $560,000 from the Shelby County Assessor of Property.
Built in 1968, the 38-unit, 34,133-square-foot complex at 3341 Southern sits on 1.6 acres and had a 2012 appraised value of $304,000.
And built in 1964, the 30-unit, 25,100-square-foot complex at 3427 Southern sits on 1.4 acres and had a 2012 appraised value of $320,000.
27.8 acres on Hacks Cross Road
Unincorporated Shelby County
Sale Amount: $2.8 million
Sale Date: Feb. 21, 2013
Buyer: American Way Motors Inc.
Seller: The Gurley Cos. LP
Details: American Way Motors Inc. has paid $2.8 million for 28.8 acres of land on Hacks Cross Road near its Tenn. 385 interchange.
The company bought the vacant parcel from The Gurley Cos. LP in a Feb. 21 special warranty deed.
American Way Motors is affiliated with AutoNation and will build a Dobbs Honda dealership on the site.
The dealership will move from the location it has had at 2785 Mendenhall Road for 20 years.
The new dealership is a $10.5 million project that is expected to produce 30 jobs once completed.
Shelby County Commissioners approved the plan in October.
Cheryl Followell signed the warranty deed as chief manager of The Gurley Cos, which had acquired the property in a 2005 quitclaim deed from Followell, serving as trustee of a trust for Betty J. Gurley.
The land sits along the west side of Hacks Cross Road between Nonconnah Creek and Tenn. 385. The Shelby County Assessor of Property’s 2012 appraisal was $22,200.