VOL. 123 | NO. 74 | Tuesday, April 15, 2008
Memphis Real Estate Recap
Memphis International Airport To Install Backup Generator
3977 Airways Blvd.
Memphis, TN 38116
Permit Amount: $2 million
Project Cost: $2 million
Permit Date: April 2, 2008
Completion: October 2008
Owner: Memphis-Shelby County Airport Authority
Tenant: Terminal diesel generator plant
Contractor: Grinder & Haizlip Construction Inc.
Details: The Memphis-Shelby County Airport Authority has received approval to build a structure that will house its new emergency generator, providing backup power to the airport terminal in case of an electrical outage, said airport development director Robert Beesley.
"If Memphis Light, Gas and Water has a problem, it will be seamless," Beesley said. "Our generators will kick on automatically and the traveling public will never even know."
The airport has several small generators for emergency power, including to the airfield and passenger areas, but this latest generator will target the airport's extensive concessionaire and office space. Beesley said the airport has lost power only twice in the past seven years, so while it's not a frequent occurrence, this assures the airport will not go dark.
The generator will have its own building and its own power source, both of which will be built next to MLGW's other power equipment along Airways, on the west side of the airport. This has been planned for at least three years and is part of the airport authority's massive $400 million capital improvement plan, which includes a new air-traffic control tower ($55 million), Tennessee Air National Guard base ($230 million) and parking garages. The airport's new entrance roads and signage already are complete.
3363 Miac Cove
Memphis, TN 38118
Sale Amount: $4.5 million
Sale Date: April 8, 2008
Buyer: Kansas City Life Insurance Co.
Seller: Miac Cove Investors LLC
Details: Kansas City Life Insurance Co. has bought a warehouse in the MIAC (Memphis International Airport Center) business park in the Oakhaven/Parkway Village area from an affiliate of Hartford, Conn.-based UBS Realty Investors LLC. It was the second local purchase for Kansas City Life, which now has a portfolio of nearly $11 million in industrial investments here. The company spent $6.3 million in February for the facility that ScanSource Inc. vacated at 4100 Quest Way in the Memphis Distribution Center. Greg Galvin, real estate director for Kansas City Life, said the company was attracted to the warehouse because of its "close proximity to the airport," and because of the "quality of park it's in, and the quality of the building itself." Galvin said the warehouse, built in 1990, is about 131,000 square feet, although the Shelby County Assessor lists its size as 142,302 square feet. It sits on 7.7 acres, and the Assessor's 2007 appraisal was $3.6 million. The warehouse is 100 percent occupied by a single tenant, Memphis-based Krone North America Inc., a farm-equipment distribution company.
Trendex Industrial Subdivision
Sale Amount: $3.3 million
Sale Date: April 1, 2008
Buyer: PMC Biogenix Inc.
Seller: Chemtura Corp.
Loan Amount: $3.3 million
Loan Date: April 1, 2008
Maturity Date: N/A
Lender: CitiGroup Business Credit Inc.
Details: PMC Biogenix Inc. has bought various lots in the Trendex Industrial Subdivision, taking out a loan in conjunction with the sale. PMC Biogenix Inc. is a wholly owned subsidiary of PMC Group, which was created by the acquisition of Chemtura's oleochemicals division. PMC Group Inc. completed the purchase of Chemtura's oleochemicals business - including its Memphis manufacturing facility at 1231 Pope St. - in March, and operates under the name PMC Biogenix Inc. The 260 employees at what was Chemtura's Memphis facility now work under the PMC Group Inc. name.
161 Byhalia Road
Collierville, TN 38017
Sale Amount: $325,000
Sale Date: April 4, 2008
Buyer: Car Wash USA LLC
Seller: GRL Investors LLC
Loan Amount: $1.6 million
Loan Date: March 24, 2008
Maturity Date: n/a
Lender: Paragon National Bank
Details: Car Wash USA LLC bought an existing car wash and took out a loan for $1.6 million. The car wash is a 2,944-square-foot, one-story building built in 1991 that sits on a 24,930-square-foot lot on the west side of Byhalia Road south of U.S. 72. The Shelby County Assessor's 2007 appraisal of the property was $320,500. Byhalia-based Car Wash USA is a car wash supply company owned by Ray Holley, who also owns Car Wash Superstore. The Collierville car wash is open, with upgrades such as credit card payment capability forthcoming.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).