VOL. 123 | NO. 231 | Tuesday, November 25, 2008
Real Estate Recap
Chicago Firm Buys Another Memphis Warehouse
4219 Air Trans Road
Memphis, TN 38118
Sale Amount: $8.4 Million
Sale Date: Nov. 5, 2008
Buyer: Memphis Air Trans LP
Seller: TC Air-T Industrial LLC
Loan Amount: $6.7 million
Loan Date: Nov. 5, 2008
Maturity Date: N/A
Lender: Union Bank of California NA
Details: Memphis Air Trans LP, a local affiliate of Chicago-based HSA Commercial Real Estate, has bought a 342,860-square-foot, one-story warehouse at 4219 Air Trans Road for $8.4 million. The seller was TC Air-T Industrial LLC, which acquired the property in January 2007 for $5.8 million.
HSA Commercial Real Estate has beefed up its Memphis portfolio in the past two years by buying a variety of industrial space now totaling more than 2.6 million square feet.
HSA Commercial Real Estate chairman Jack Shaffer said in a statement: “Our acquisition arm continues to see opportunities as we further add to our portfolio and our long-standing reputation for honoring our commitments is serving us well in this current financial crisis.”
This recent acquisition is a fully leased warehouse that was built in 1977 and sits on 12.75 acres on the west side of Air Trans Road southwest of Pidgeon Roost Road. It’s just south of the East Raines Road and Lamar Avenue intersection. The Shelby County Assessor of Property’s 2008 appraisal is $5.5 million.
A company press release said the building has undergone significant renovation in the past five years and was attractive to the company for its proximity to Memphis International Airport and rail yards.
1231 N. Germantown Pkwy.
Memphis, TN 38016
Sale Amount: $1.4 Million
Sale Date: Oct. 28, 2008
Buyer: Cypress Realty Holdings Co. II LLC
Seller: NPK Cordova LLC
Loan Amount: $675,000
Loan Date: Oct. 29, 2008
Maturity Date: Nov. 1, 2013
Lender: Financial Federal Savings Bank
Details: Memphis-based Cypress Realty Holdings Co. has paid $1.4 million for a ground lease of the Red Robin restaurant at 1231 N. Germantown Parkway in Cordova. The building sits on a 1.68-acre outparcel of the former Kmart location at 1245 N. Germantown Parkway. That center was redeveloped into an America’s Incredible Pizza Co. and other stores by NPK Cordova LLC, which sold the ground lease to Cypress Realty Holdings. The transaction included an assignment of memorandum of ground lease and a quitclaim – or transfer – deed to the new owner. The Shelby County Assessor of Property’s 2008 appraisal is $1.8 million. Cypress Realty Holdings Co. II LLC principal Joe Jarratt said the purchase was a good addition to the company’s portfolio, and it won’t result in any changes to the restaurant or the land. “We just bought the ground lease,” Jarratt said. “It’s a long-term ground lease with Red Robin Gourmet Burgers, a publicly listed company. We just plan on holding that.”
1200 Marlin Road
Memphis, TN 38116
Sale Amount: $240,000
Sale Date: Nov. 3, 2008
Buyer: National Renal Alliance LLC
Seller: Marlin Lacey Mosby
Loan Amount: $1.3 million
Loan Date: Oct. 31, 2008
Maturity Date: June 14, 2010
Lender: First State Bank
Details: Franklin, Tenn.-based National Renal Alliance LLC has bought a vacant lot at 1200 Marlin Road in Whitehaven and filed a $1.3 million loan with First State Bank for the property. National Renal Alliance, which provides nephrology and dialysis services, bought the property in a special warranty deed for $200,000 from Marlin Lacey Mosby via Regions Bank. The 1.39-acre parcel of land is on the northwest corner of Marlin and Pace roads, near the intersection of East Raines Road and Elvis Presley Boulevard. It’s the second purchase National Renal Alliance has made in Memphis this year. In July, the organization bought an 18,482-square-foot commercial building at 1333-1341 Poplar Ave. from Loeb Realty for $500,000, filing a $1.5 million loan on the property. The company doesn’t have any facilities in Memphis, but it does have four locations in Middle Tennessee. M. David Skelton, chief financial officer for National Renal Alliance LLC, signed the trust deed with First State Bank. The transaction also included a collateral assignment of rents and leases.