VOL. 121 | NO. 199 | Tuesday, October 10, 2006
Memphis Real Estate Recap
Cabot Scoops Up Ninth Memphis Property
4105 S. Mendenhall Road
Memphis, TN 38115
Sale Amount: $3 million
Sale Date: Sept. 18, 2006
Buyer: Cabot II-TN1W07 LLC
Seller: Boyle Investment Co.
Details: Massachusetts-based Cabot Properties bought a one-story, 107,500-square-foot warehouse on 6.82 acres on the west side of Mendenhall Road north of East Raines Road.
The warehouse was built in 1997 and includes 102,500 square feet of warehouse space and 5,000 square feet of warehouse office space. Shelby County Assessor's 2006 appraisal was $2.8 million.
The purchase was an off-market transaction, meaning the property wasn't for public sale on the real estate market.
Joel A. Fulmer IV, senior vice president of Boyle Investment Co., attributes the sale to a good broker bringing two parties together.
"We weren't actively offering it for sale," Fulmer said. "Dan (Wilkinson, chairman of Colliers Wilkinson & Snowden Inc.) used his initiative to bring the two parties together."
Wilkinson was one of the brokers involved in the transaction.
The Mendenhall property is 100 percent leased to Memphis-based Katt Worldwide Logistics Inc., which specializes in providing commercial customers comprehensive transportation and warehouse services.
"No changes will need to be made to the property," said Charles Forbes, Cabot's vice president of investments. "The building is in good shape."
The purchase was a good investment for Cabot because of its highly visible location at the corner of Mendenhall and Raines roads, Forbes said.
"It's a well-known location," he said. "And it's almost across the street from three of the buildings we bought from EastGroup earlier this year."
Cabot has bought a total of nine buildings in the Memphis area since March, totaling about 800,000 square feet. Cabot in March bought three of the buildings at 5425, 5445 and 5465 E. Raines Road from EastGroup Properties Inc.
The purchase marked a return to Memphis for Cabot, which hadn't had a presence in the city since 2001.
"We like the fundamentals in the market, and we decided to start buying property there again," said Andrew Ebbott, president of Cabot Properties' investment team, in an earlier interview.
For more information on Cabot Properties Inc.'s return to the Memphis area, see The Daily News' April 4 Real Estate Recap at www.memphisdailynews.com.