VOL. 121 | NO. 63 | Tuesday, March 21, 2006
Memphis Real Estate Recap
California Investor Buys Trinity Place for $7.9 Million
7990 Trinity Road
Cordova, TN 38018
Cost: $7.9 million
Buyer: Kapree Trinity LLC
Seller: Crews Trinity Place LLC
Property: 4.61 acres at 7990 Trinity Road near Moriarty Road.
The 48,270 retail center, which is on 4.62 acres at the corner of Trinity Road and Germantown Parkway, will serve as an investment property, said Raj Grewal, chief manager of Kapree Trinity.
Leases currently are in place with Baumer's Birkenstock Shoes, McAlister's Deli, State Farm Insurance and Underground Sound, among other tenants. Grewal said the center will continue to be managed by Memphis-based Lurie & Associates.
Based in Yorba Linda, Calif., Grewal serves as president of several entities that represent real estate interests in California and elsewhere. Local properties include Cordova Station shopping center, purchased from Gill Enterprises in July for $2.3 million, and the 72-unit Beacon Manor Apartments in Frayser, purchased from Fleming and Pence Investments in January 2005 for $891,000.
As for future purchases in the Memphis area, Grewal said, "Yeah, we have plans, but we can't talk about those right now."