VOL. 129 | NO. 9 | Tuesday, January 14, 2014
Memphis Real Estate Recap
Collierville Fred’s Sells for $1.5 Million
By Eric Smith
450 U.S. 72, Collierville, TN 38017
450 U.S. 72
Collierville, TN 38017
Sale Amount: $1.5 million
Sale Date: Dec. 20, 2013
Buyer: Collierville Realty Holdings LLC
Seller: Washington Square Properties (a Tennessee general partnership composed of Thomas W. Taylor, trustee of the Thomas W. Taylor Revocable Living Trust dated April 27, 2000, and Thomas W. Hart)
Loan Amount: $793,000
Loan Date: Dec. 20, 2013
Maturity Date: Dec. 20, 2016
Lender: First Capital Bank
Details: The 19,152-square-foot fred’s retail store at 450 U.S. 72 in Collierville has sold for $1.5 million.
Collierville Realty Holdings LLC bought the retail property in a Dec. 20 warranty deed from Washington Square Properties, a Tennessee general partnership composed of Thomas W. Taylor, trustee of the Thomas W. Taylor Revocable Living Trust dated April 27, 2000, and Thomas W. Hart.
Built in 1988, the Class C retail store sits on three acres at the southeast corner of the intersection of U.S. 72 and Harris Street. The Shelby County Assessor of Property’s 2013 appraisal is $863,500.
In conjunction with the purchase, Collierville Realty Holdings filed a $793,000 loan through First Capital Bank. Adir Levitas signed the loan as managing partner of Faropoint LLP, the managing member of Collierville TN Realty Holdings LLC, which is the sole member of the buying entity.
3100 New Frayser Blvd.
Memphis, TN 38128
Permit Cost: $1.4 million
Project Cost: $301 million
Permit Date: Applied January 2014
Owner: Nike Inc.
Tenant: Nike Inc.
Contractor: Wynright Corp.
Details: Nike Inc. has filed a $1.4 million building permit with the city-county Office of Construction Code Enforcement for work on its North Memphis distribution center at 3100 New Frayser Blvd.
Elk Grove, Ill.-based Wynright Corp. applied for the permit, which calls for engineering materials and installation.
One of many permits filed for the $301 million project, it follows a $4.3 million building permit in the fall, also by Wynright, as well as a $4.4 million mechanical permit for work by S.A. Comunale Co. Inc. and a $3 million permit for the installation of “industrial steel storage racks” by Wynright, both filed earlier in 2013.
Nike one year ago paid $2.2 million to buy about 200 acres in Frayser from Belz Investco GP for the distribution center.
Operating in the transaction as Nike TN Inc., the Beaverton, Ore.-based sports giant bought the land in two parcels – a 162.5-acre tract and a 38.4-acre tract, both north of Nike’s 1.1 million-square-foot facility in Belz Enterprises Inc.’s Northridge Industrial Park.
The board of the Memphis and Shelby County Economic Development Growth Engine approved in 2012 a 15-year payment-in-lieu-of-taxes (PILOT) agreement with Nike for the project.
According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 once the expanded facility opens. The PILOT amounts to a $57.8 million tax break with a local tax benefit of $105.3 million in return.
420 S. Germantown Parkway
Cordova, TN 38018
Sale Amount: $2.3 million
Sale Date: Dec. 31, 2013
Buyer: Wolf River Commons 8 LLC
Seller: Wolf River Commons 132 LLC
Loan Amount: $2 million
Loan Date: Dec. 30, 2013
Maturity Date: Jan. 10, 2024
Lender: First Capital Bank
Details: The 20,842-square-foot Wolf River Commons retail strip center at 420 S. Germantown Parkway in Cordova has sold for $2.3 million.
An entity called Wolf River Commons 8 LLC bought the Class A retail center in a Dec. 31 special warranty deed from Wolf River Commons 132 LLC, which had acquired the property in a 2010 quitclaim deed from Z Wolf River LLC.
Built in 2003, the center sits on 3.1 acres on the east side of Germantown Parkway between Wolf River Boulevard to the south and South Walnut Bend Road to the north. The property fronts the Lowe’s store at 430 S. Germantown Parkway.
The Shelby County Assessor of Property’s 2013 appraisal was $1.9 million.
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.
7807 Interstate 40
Memphis, TN 38016
0 Market Farms
Memphis, TN 38016
Sale Amount: $1.3 million
Sale Date: Dec. 30, 2013
Buyer: Investment Properties LLC
Seller: TomBo Properties Inc.
Details: About 40 acres of vacant land near Interstate 40 and Germantown Parkway in Cordova has changed hands for $1.3 million.
An entity called Investment Properties LLC bought part of three parcels from TomBo Properties Inc. in a Dec. 30 warranty deed
The properties, whose addresses are listed as 7807 Interstate 40 and 0 Market Farms, are behind Countrywood Crossing shopping center and also front I-40.
The 7807 Interstate 40 parcel is 42.3 acres and had a 2013 appraised value of $3.8 million, according to the Shelby County Assessor of Property. The 0 Market Farms parcel is 0.7 acres and had a 2013 appraised value of $100.
No financing was associated with the purchase.