VOL. 123 | NO. 14 | Tuesday, January 22, 2008
Memphis Real Estate Recap
Local Investors Plan Changes For Retail Center in C'ville Corridor
679 W. Poplar Ave.
Collierville, TN 38017
Sale Amount: $1.9 million
Sale Date: Jan. 14, 2008
Buyer: JW-Collierville LLC, PC-Collierville LLC, DB-Collierville LLC and SG-Collierville LLC (as tenants in common)
Seller: RJ Investments LLC
Loan Amount: $1.4 million
Loan Date: Jan. 14, 2008
Maturity Date: Feb. 1, 2011
Lender: SunTrust Bank
Details: An 8,400-square-foot retail center and adjacent convenience store built in the 1980s at the southwest corner of West Poplar Avenue and U.S. 72. Shelby County Assessor's 2007 appraisal was $1.4 million.
The buyers include Danny Buring, John Walker, Stan Graber and Phil Coop, Buring said, adding he, Walker and Graber have invested together before, while Coop is new to the group.
The investors plan to renovate the site, though exact plans are not decided.
"We think it's an underutilized piece of real estate, and it's very, very, very well-located - probably one of the busiest intersections in Collierville, and we're excited to buy it," said Buring, who also is with The Shopping Center Group. "It is income-producing right now, so we don't have to do something with it immediately. But we do think there's a higher and better use for that corner."
No timeline is in place, but the investors have told tenants they will give them as much notice of changes as possible, Buring said.
Tenants include Domino's Pizza, Nationwide Insurance, a tobacco store and a party-supply store, he said. The center also has one vacancy.