VOL. 123 | NO. 94 | Tuesday, May 13, 2008
Real Estate Recap
OrthoOne Secures Land For New Facility
By Eric Smith
3.57 Acres on Market Center Drive
Collierville, TN 38017
Sale Amount: $914,513
Sale Date: April 25, 2008
Buyer: Attilla Group LLC
Seller: MED-A.R.M. Inc.
Loan Amount: $3.5 million
Loan Date: April 25, 2008
Maturity Date: N/A
Lender: Magna Bank
Details:Attilla Group LLC, the real estate arm of recently formed orthopedic surgery group OrthoOne, has bought 3.57 acres in Collierville’s Schilling Farms Planned Development. The company also took out a construction loan to build a one-story, 13,000-square-foot facility that will house orthopedic surgery and physical therapy space and serve as OrthoOne’s headquarters. Construction is set to begin in late June or early July with completion scheduled for April or May 2009, said OrthoOne principal Dr. Jeffrey Dlabach.
OrthoOne currently leases space in Collierville, but the principals wanted to have their own facility.
“We’re extremely excited about it,” Dlabach said. “We might as well pay the money and build equity instead of giving it away in rent.”
Staying in Collierville also is important to the company.
“The population keeps growing that way, and Collierville, much like Germantown, keeps such a tight grip on development in general that you don’t have to worry about something going up next to you that you don’t want,” Dlabach said.
The Crump Firm Inc. is architect and Barnes and Brower Inc. is contractor for the project. Dr. Johnny Mitias opened the practice March 1; Dlabach and Dr. Robert Pickering joined April 1. OrthoOne also has offices in Olive Branch and New Albany, Miss.
4400 and 4585 Quality Drive, and 4500 E. Shelby Drive
Memphis, TN 38118
Permit Amounts: $5.4 Million, $6.9 Million and $444,000
Project Cost:$12.7 million
Permit Date:Applied May 2008
Owner:TIAA Realty Inc.
Contractor:The Nashoba Group LLC
Details:Building permits totaling $12.7 million have been filed to rebuild or repair three warehouses severely damaged by the storms that ripped through the Mid-South on Feb. 5. The permits were issued to the building’s owner, TIAA Realty Inc., which bought four buildings on five lots in that park for $35.4 million in September 2005. General contractor for the repair work is The Nashoba Group LLC, and construction is under way.
100 Crescent Drive
Collierville, TN 38017
Sale Amount: $1.8 Million
Sale Date:May 6, 2008
Buyer:Rhealty Partners LLC
Seller:New Canaan Properties LLC
Details:An office building in Collierville’s Schilling Farms P.D. has sold to Rhealty Partners LLC, an entity of Memphis-based Loeb Properties Inc. The company bought the 20,017-square-foot building from Eads-based New Canaan Properties Inc. The building has a single tenant, Orion Packaging Inc., and the structure was built to suit for the company in 2000. The building sits on 1.94 acres in Schilling Farms, south of Poplar Avenue and north of Winchester Road, and was developed by New Canaan. The Shelby County Assessor of Property’s 2008 appraisal is $1.6 million. Earl Williams, senior vice president for Loeb Properties, said the company didn’t have any holdings in that area, and viewed it as a solid investment. “It was an opportunity that presented itself, and as we looked at the property, we realized it’s in a great location and has a great tenant, so we felt it would fit our portfolio well for a long-term hold,” Williams said.
Sale Amount: $2.4 Million
Sale Date:May 1, 2008
Buyers:Belz Investco GP (50 percent); LMR LP (31.22 percent); LMR V LP (17.78 percent); and MRG LLC (1 percent)
Seller:Colonial Properties LLC
Details:A group of investors related to Belz Enterprises Inc. and Makowsky Ringel Greenberg LLC has bought 18.31 acres of land in Collierville’s Schilling Farms P.D. The property, which is on the north side of Winchester Road near West Schilling Boulevard, eventually will be developed into multifamily housing, said Michael Greenberg, CEO of Makowsky Ringel Greenberg. “It’s premature, although our plan pretty far down the line will be to develop it for apartments,” Greenberg said. “The land is vacant and zoned, and we’re just now going into the design process, so it will be a while before we submit plans and try to pull permits.” Despite not pinning down a timeline, Greenberg said it made sense to invest in Schilling Farms and Collierville. “We think Collierville is a good market,” he said. The seller, Colonial Properties, bought the land in June 2006 for $2.2 million from Runnels Family Holdings LLC.