VOL. 129 | NO. 73 | Tuesday, April 15, 2014
Memphis Real Estate Recap
Dallas Company Buys Macon Road Center
By Eric Smith
6100 Macon Road
Memphis, TN 38134
Sale Amount: $1.2 million
6100 Macon Road • Memphis, TN 38134
Sale Date: March 26, 2014
Buyer: PNL Cumberland LLC
Seller: Flagstar Bank FSB
Loan Amount: $862,500
Loan Date: April 1, 2014
Maturity Date: N/A
Lender: Pinnacle Bank
Details: An affiliate of Dallas-based The PNL Cos. has paid $1.2 million for the 30,000-square-foot shopping center at 6100 Macon Road in Northeast Memphis.
PNL Cumberland LLC bought the Shelby Crossing phase II in a March 26 special warranty deed from Flagstar Bank FSB. The bank had acquired the property at a 2012 foreclosure sale for $2 million after the previous owner, Sun Shelby LLC, defaulted on a 2007 loan through the bank.
Built in 1988, the retail center sits on 3.2 acres on the east side of Sycamore View Road between Interstate 40 and Macon Road near Bass Pro Shops. Tenants include Yarbrough’s Music and Draper’s Catering.
The Shelby County Assessor of Property’s 2013 appraisal was $1.6 million.
Prior to the 2012 foreclosure, Sun Shelby – an entity affiliated with Tempe, Ariz.-based SUN 1031 LLC – bought the Class C center in November 2007 for $3.7 million, financing it with a $2.4 million loan through Flagstar.
The latest transaction included PNL financing the purchase with an $862,500 loan through Pinnacle Bank, also of Texas. PNL’s head of acquisitions, Daniel Levitan, signed the trust deed as manager of the borrower.
1495 Harbor Ave.
Memphis, TN 38106
Sale Amount: $781,577
Sale Date: March 31, 2014
Buyer: ReConserve of Memphis Inc.
Seller: KMA Manufacturing LLC
Details: ReConserve of Memphis Inc., the local affiliate of a California-based food recycling company, has bought the warehouse at 1495 Harbor Ave. on Presidents Island for $781,577.
The company bought the 110,960-square-foot industrial facility in a March 31 special warranty deed from KMA Manufacturing LLC, which had acquired the property in 2012 for $678,801 from Cargill Inc.
Built in 1969, the Class C warehouse sits on five acres on the south side of Harbor Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $709,100.
Santa Monica, Calif.-based ReConserve is a “recycler of bakery, cereal grain, snack foods, and related food by-products” with locations around the U.S., according to the company’s website.
No financing was associated with the transaction.
1824 Frisco Ave.
2452 Frisco Ave.
Memphis, TN 38114
Sale Amounts: $980,000; $504,000
Sale Date: April 1, 2014
Buyer: Glencore Grain (USA) LLC
Sellers: Atkinson Realty LP; Starr Storage Co. LLC
Details: An affiliate of Swiss commodities giant Glencore International AG has bought warehouses at 1824 Frisco Ave. and 2452 Frisco Ave. in the Defense Depot area.
Stamford, Conn.-based Glencore Grain (USA) LLC paid $980,000 for the 242,568-square-foot warehouse at 1824 Frisco Ave. from Atkinson Realty LP.
And the company paid $504,000 for the 188,864-square-foot warehouse at 2452 Frisco Ave. from Starr Storage Co. LLC.
No financing was associated with the purchases, which both closed April 1.
Built in 1941, the Class E industrial building at 1824 Frisco Ave. sits on 8.6 acres at the southeast corner of Frisco Avenue and Castalia Street. The Shelby County Assessor of Property’s 2013 appraisal was $432,300.
Built in 1950, the Class E industrial building at 2452 Frisco Ave. sits on 7.9 acres on the north side of Frisco at its intersection with Imogene Street. The assessor’s 2013 appraisal was $414,400.
7660 Polo Grounds Blvd.
Memphis, TN 38125
Permit Cost: $2.1 million
Project Cost: TBA
Permit Date: Applied April 2014
Owner: Michael Lightman Realty
Contractor: Linkous Construction Co. Inc.
Details: Michael Lightman Realty Co. has filed a $2.1 million building permit with the city-county Office of Construction Code Enforcement for a Marshalls retail store in Centennial Commons.
The 22,000-square-foot store will be built in the JCPenney-anchored center on the north side of Winchester Road at Tenn. 385 next to the Toys “R” Us and Babies “R” Us stores. The permit shows an address of 7660 Polo Grounds Blvd. and also lists Linkous Construction Co. Inc. as general contractor for the store. No architect is listed.
Marshalls is closing its store at 6441 Winchester Road in the Hickory Ridge Pavilion retail center to move into the new location.