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VOL. 123 | NO. 196 | Tuesday, October 7, 2008

BNSF Adds Fueling Facility To Memphis Intermodal Yard

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5280 E. Shelby Drive
Memphis, TN 38118
Permit Amount: $1.6 Million

Project Cost:$100 million
Permit Date:Applied October 2008
Completion:Second Quarter 2009
Owner:BNSF
Tenant:BNSF
Contractor:Ames Construction

Details:BNSF Railway Co. has filed a $1.6 million application for permit with the city-county Department of Construction Code Enforcement to build a “hostler” fueling facility, which services the trucks moving cargo containers and trailers within the railroad’s facility.

The construction is part of BNSF’s $100 million intermodal yard improvement project here. It comprises an overhaul of the company’s 185-acre property on the northeast corner of East Shelby Drive and Lamar Avenue and will increase the Memphis facility’s lift capacity to a million units per year, said Steve Forsberg, general director of public affairs for the Fort Worth, Texas-based railroad.

“The improved intermodal facility will have wide-span electric cranes to load and unload truck trailers and containers from the trains. It will have six 8,000-foot tracks to accommodate longer, more fuel-efficient trains,” Forsberg said in an e-mail. “The intermodal business segment – the shipment of truck trailers and containers by train – is the fastest-growing traffic base for BNSF and the rail industry. This facility will help create economic growth for the Memphis economy and will solidify the city’s role as a transportation and distribution center.”

7660 Old Poplar Pike

Germantown, TN 38138

Sale Amount: $1 Million

Sale Date:Sept. 19, 2008

Buyer:Bregenzer Properties LLC

Seller:Nancy S. Waddell

Loan Amount:$412,500

Loan Date:Sept. 19, 2008

Maturity Date:Sept. 19, 2013

Lender:Trustmark National Bank

Details:The office building at 7660 Poplar Pike in Germantown isn’t quite finished, but it already has a new owner. Bregenzer Properties LLC bought the 5,000-square-foot structure from Nancy S. Waddell, who acquired it in March from the builder, The Salvaggio Group LLC. Salvaggio Group principal Tony Salvaggio said the building, as well as two other similar office buildings on the 1.4-acre development, will be completed in about a month. The two-story, 5,000-square-foot building that Bregenzer Properties bought resembles a 1920s, Midtown-style residence and sits on a roughly 0.4-acre parcel (as do the other two buildings). Bregenzer Properties owner Dale Bregenzer said because of the building’s investment and lease potential, it was too good an opportunity to pass up. “I thought it was the best property in Germantown for professional office space,” he said. “I’m looking for doctors, dentists, attorneys, CPAs, professional people (to lease the space). It’s going to be a beautiful property.” The Poplar Pike property includes a common open space and 60 parking spaces, all of which are behind the buildings per the city’s “O-G” – or Old Germantown – zoning code. It falls outside the city’s recently implemented Smart Growth initiative.

3055 Directors Row

Memphis, TN 38131

Sale Amount: $900,000

Sale Date:Sept. 24, 2008

Buyer:Lawrence Migliara

Seller:Allen C. Dunstan, Trustee

Loan Amount:$1.4 million

Loan Date:Sept. 24, 2008

Maturity Date:Oct. 10, 2011

Lender:General Investments LLC and Laurence Bloch

Details:Lawrence Migliara has bought a flex warehouse/office building near Memphis International Airport in a trustee’s sale, with Allen C. Dunstan serving as substitute trustee. In conjunction with the purchase, Migliara filed a $1.4 million loan and plans to overhaul the property. The Shelby County Assessor of Property lists the building’s address as 3035 Directors Row and the size of the building as 13,596 square feet, although Migliara said the property is 90,000 square feet. The building was built in 1973 and sits on 8.56 acres where Directors Row meets Vanguard Drive, just west of Airways Boulevard. The assessor’s 2008 appraisal is just shy of $900,000. “It was bought at the right price, I think,” Migliara said. “The plan is to go in there and rehab it and try to lease it back up. It’s got occupants in it now, but nothing really has been done to it significantly in the last 10 years. Just going to go in there and see what we can do with it.” Migliara said the property is about 25 percent occupied. He plans to identify an attractive rental rate for the building, which is in an area that has seen occupancy decline over the years. “I think those areas have a lot of vacancies out there, but I think they’re going to come back, mainly because the rents are going to be good, and also if you fix these places up,” he said. “I have high hopes for it.” Specifically, Migliara wants to give the building new paint, new carpet, new landscaping and new asphalt, all to attract new tenants. “It just needs to be spruced up some,” he said.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
FORECLOSURE NOTICES 8 52 151
BUILDING PERMITS 158 699 2,751
BANKRUPTCIES 37 157 618
BUSINESS LICENSES 12 77 276
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0