VOL. 129 | NO. 7 | Friday, January 10, 2014
Midtown Medical Office Building Sells for $2.6 Million
A partnership of two Utah-based companies has acquired a medical office building on Union Avenue near Overton Square.
Trivalis LLC and Novalis LLC, both based in Utah, acquired the medical office building built in 1967 at 2076 Union Ave., next door to the IHOP restaurant, for $2.6 million. The property, at the corner of Union Avenue and Florence Street, was appraised at $1.3 million in 2013, according to the Shelby County Assessor of Property’s office. The sellers, Missouri-based Roundabout Real Estate LLC and Visual Projects LLC, acquired the property in 2008 for $2 million.
A local investment group has purchased a 20,000-square-foot retail center in front of a Lowe’s Home Improvement store on Germantown Parkway in Cordova.
The Wolf River Commons strip center, which was built in 2003 and sits on 3.1 acres at 420 S. Germantown Parkway, sold for $2.3 million. The property was appraised at $1.9 million in 2013, according the Shelby County Assessor’s office.
Brian Califf with NAI Saig Co. represented the purchaser, Wolf River Commons 8 LLC. Stanton Falk with Marcus and Millichap represented the seller, Ram Real Estate Services.
In conjunction with the purchase, Wolf River Commons 8 filed a $2 million deed of trust through First Capital Bank. Eileen Liu, Feiyu Chen, Gang G. Tian and Haiqiu E. Wang signed the deed on behalf of the borrower.
In leasing news, Loeb Properties has seen a flurry of activity at several of its properties.
Laboratory Corp. of America renewed its 1,060-square-foot lease at the Primacy Place retail center in East Memphis. Laura Warren represented the landlord, Loeb Properties.
Smart Choice Tax Service signed a new lease for 1,060 square feet at 4614 Winchester Road. Chris Heinz represented Loeb.
The Shot Nurse renewed its 1,600-square-foot lease at Trinity Commons. Liberty Tax Service also renewed its 1,393-square-foot lease at Trinity Commons. Laura Warren represented Loeb Properties in both transactions. Ridgeway Liquors renewed its 2,585-square-foot lease at 6205 Mount Moriah Road. Chris Heinz represented Loeb.
In other leasing news, Professional Capital Management of Memphis has renewed its lease at Clark Tower.
The Memphis-based company that offers bookkeeping, payroll, business evaluation and training services renewed its 1,247-square-foot lease in the East Memphis property. Anna Tranum and Phil Dagastino Jr. of Cushman & Wakefield/Commercial Advisors represented the landlord, In-Rel Properties.
The venerable Clark Tower has seen decent leasing activity lately.
Swain Wealth Partners at Raymond James recently renewed its lease for 1,888 square feet at Clark Tower, and CoWorx Staffing Service recently signed a new lease for 1,787 square feet there.
A Jackson, Tenn.-based company has purchased a warehouse building near Downtown.
WellFit Functional Fitness LLC, which has its principal office in Jackson, has purchased 600 Madison Ave., a 9,750-square-foot industrial facility built in 1935, for $230,000. The property was appraised at $225,000, according to the Shelby County Assessor of Property’s office.
Bill Caller and Tucker Beck of Crye-Leike Commercial represented the sellers, Six Hundred Madison LLC.
In other news, a warehouse building inside Cordova Industrial Park has changed hands. The 16,000-square-foot building at 1228 Midas Cove in Cordova Industrial park was sold for $535,000.
Khalil Sarwar acquired the property from JGE Partners. Brian Califf with NAI Saig Co. negotiated the sale.