VOL. 125 | NO. 61 | Tuesday, March 30, 2010
Memphis Real Estate Recap
Real Estate Recap
American Esoteric Laboratories Buys Land for New Headquarters
By Eric Smith
1701 Century Center Parkway
Memphis, TN 38134
Sale Amount: $2 Million
Sale Date: March 18, 2010
Buyer: Memphis Pathology Laboratory/American Esoteric Laboratories
Seller: Whitten Partnership Ltd.
Details: American Esoteric Laboratories has formally bought the land where it will build a $14.3 million lab and headquarters for the company’s Mid-South division.
AEL, a regional provider of clinical laboratory services to physicians and hospitals, paid slightly less than $2 million for 10 acres of land at 1701 Century Center Parkway near the junction of Interstate 40 and Whitten Road.
Whitten Partnership Ltd., an entity related to Boyle Investment Co., was the seller. Memphis Pathology Laboratory, the company’s former name, was listed along with AEL as the buyer.
AEL two weeks ago filed a $9.2 million permit to build a one-story, 70,000-square-foot facility. The goal is to begin the six-month construction project soon and be in the building by Nov. 1.
AEL will consolidate its existing 33,000-square-foot building on Distribution Drive and 10,000-square-foot administrative office near Covington Pike, moving its entire Mid-South division into one space.
Company president John Mazzei said the Century Center locale is ideal for many reasons including proximity to the interstate.
Rusty Foster of Memphis-based Evans Taylor Foster Childress Architects is the architect of record for the project. Atlanta-based IDI, which has an office in Memphis, is the contractor.
Jeb Fields of Commercial Advisors represented AEL in its site selection.
6075 Winchester Road
Memphis, TN 38115
Sale Amount: $1.4 Million
Sale Date: Feb. 11, 2010
Buyer: Hickory Ridge Mall CD Corp.
Seller: World Overcomers Outreach Ministries Church Inc.
Details: World Overcomers Outreach Ministries Church Inc. has transferred ownership of the former Hickory Ridge Mall at 6075 Winchester Road to the Hickory Hill Community Redevelopment Corp. for $1.4 million.
In the warranty deed, the buyer is listed as Hickory Ridge Mall CD Corp. Though the sale closed in February, it wasn’t recorded by the Shelby County Register of Deeds until earlier this month.
The church, which bought the mall in 2008 after a storm damaged the building, has spent the past year and a half transforming the property into a community center with a restaurant, banquet hall, theater and other services.
World Overcomers bought the Hickory Ridge Mall property – excluding the Macy’s and Dillard’s department stores – in the fall of 2008 for $1.4 million. It paid $1 million for the 212,282-square-foot Macy’s in March 2009.
World Overcomers is retaining its congregational home at the former Central Church at 6655 Winchester Road, down the road from the mall. The church bought that property in 2001 for $10 million.
The Hickory Ridge Mall opened in 1981 and thrived for more than two decades before steadily declining.
3694 New Getwell Road
Memphis, TN 38118
Sale Amount: $480,000
Sale Date: March 19, 2010
Buyer: InSouth Bank
Seller: Franklin E. Childress Jr., substitute trustee
Details: The 40,050-square-foot warehouse at 3694 New Getwell Road in the Oakhaven/Parkway Village area has been sold back to the lender for $480,000 following a foreclosure.
InSouth Bank reclaimed the property March 19 in a substitute trustee’s deed. The seller was Franklin E. Childress Jr. of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.
The previous owner, Wilson M. Carruthers Jr., defaulted on a $688,500 loan through InSouth dated April 14, 2004.
Built in 1966, the Class C warehouse storage facility sits on 1.81 acres along the east side of New Getwell Road south of its intersection with Winchester Road. The property is in the Airport Industrial Park Section B subdivision.
The Shelby County Assessor of Property’s 2009 appraisal was $901,200.
400 E. Market Blvd.
Collierville, TN 38017
Loan Amount: $3.1 Million
Loan Date: March 16, 2010
Maturity Date: N/A
Borrower: Collierville Medical Center LLC
Details: Collierville Medical Center LLC has filed a $3.1 million loan through IBERIABANK on its 39,635-square-foot office medical building at 400 E. Market Blvd. in Collierville.
The company filed the deed of trust (with security agreement and assignment of rents and leases) March 16.
Known as the Collierville Medical Arts Building, the one-story property is listed for sale with Investec Realty Services LLC for $6 million.
Investec’s Web site says it has “built-out offices from 1,000 to 21,792 RSF (rentable square feet) available for immediate medical move-in.”
Built in 1998, the Class A office medical building sits on 3.91 acres along the east side of East Market Boulevard north of its intersection with West Poplar Avenue.
The Shelby County Assessor of Property’s 2009 appraisal was $5.7 million.