VOL. 125 | NO. 91 | Tuesday, May 11, 2010
Memphis Real Estate Recap
Wright Medical Files Permit For Arlington Distribution Center
11481 Gulf Stream Ave.
Arlington, TN 38002
Permit Amount: $2.2 Million
Project Cost: N/A
Permit Date: Applied May 2010
Owner: Wright Medical Group Inc.
Tenant: Wright Medical Group Inc.
Details: Wright Medical Group Inc. has filed a $2.2 million building permit with the city-county Office of Construction Code Enforcement to renovate its recently acquired building at 11481 Gulf Stream Ave. near its Arlington campus.
The 56,340-square-foot building, which the Arlington-based orthopedic medical device company bought in November for $1.6 million, will be used to increase distribution capacity.
Wright Medical Group employs more than 1,000 people in the Mid-South.
The company’s products include devices for injured or arthritic hips, wrists, shoulders, knees, feet and ankles. It also makes biologic devices to promote bone and tissue healing.
Built in 1973, the company’s new distribution facility sits on 4.29 acres near the intersection of Tenn. 385 and U.S. 70.
The Shelby County Assessor of Property’s 2010 appraisal is $1.3 million, although a payment-in-lieu-of-taxes (PILOT) program through the city-county Industrial Development Board means it is exempt from property taxes.
The company recently announced sales of $131.2 million during the first quarter of 2010, a 9 percent increase over the same period a year ago.
Net income for the first quarter also increased 9 percent to $8.5 million, compared to $7.8 million for the same period a year ago.
28 N. Claybrook St.
Memphis, TN 38104
Permit Amount: $600,000
Project Cost: $1.2 million
Permit Date: Applied May 2010
Owner: Friends for Life
Tenant: Aloysius New Beginnings
Details: The nonprofit organization Friends for Life has filed a $600,000 permit with the city-county Office of Construction Code Enforcement to build a 10-unit housing facility at 28 N. Claybrook St. in Midtown.
Dubbed “Aloysius New Beginnings,” the $1.2 million building will sit on property already owned by Friends for Life, the oldest and largest HIV/AIDS service organization in the Mid-South.
The nonprofit last year announced its plans for the building, which will sit on the east side of North Claybrook on the lot that once housed the organization’s Aloysius Home building.
The property is around the corner from Friends for Life’s headquarters at 43 N. Cleveland St.
The 10-unit single room occupancy facility will “provide permanent supportive housing to 10 chronically homeless adults living with HIV/AIDS and co-occurring disorders,” according to a release.
The cost of the facility was to be raised through federal, state and local grants. Friends for Life already had received about $500,000 combined from Tennessee Housing Development Agency and the city of Memphis.
1340 Clementine Road Memphis, TN 38106; 4717 and 4787 Tulane Road Memphis, TN 38109
Sale Amounts: $2.6 Million; $845,310; and $944,746
Sale Dates: April 30, 2010
Buyers: Warren Apartments LLC; Tulane Apartments I LLC; and Tulane Apartments II LLC
Seller: Warren and Tulane Apartments LP
Details: The Warren and Tulane apartment complexes sold April 30 for a combined $4.4 million. A trio of Rapid City, S.D.-based entities – Warren Apartments LLC, Tulane Apartments I LLC and Tulane Apartments II LLC – bought the properties.
The seller was Warren and Tulane Apartments LP, which sold the complexes in three separate special warranty deeds. Robert Qualls signed the deeds as general partner for the seller.
The first property, the 248-unit Warren apartments at 1340 Clementine Road, sold for $2.2 million.
Built in 1970, the Class D complex sits on 14.08 acres on the north side of Clementine Road east of Elvis Presley Boulevard. The Shelby County Assessor of Property’s 2010 appraisal is $1.6 million.
The second property, the 200-unit Tulane Apartments at 4717 and 4787 Tulane Road, sold in two warranty deeds for $845,310 and $944,746.
The first parcel was built in 1968; it is a 100-unit Class D complex that sits on the west side of Tulane. Its appraised value is $1.4 million.
The second parcel was built in 1969. It is a 100-unit Class D complex that is adjacent to the other Tulane property. Its appraised value is $845,400.
1300 Getwell Road
Memphis, TN 38111
Sale Amount: $757,000
Sale Date: April 30, 2010
Buyer: Islip U-Slip LLC
Seller: Aaron’s Inc.
Details: Aaron’s Inc., formerly known as Aaron’s Rents Inc., has sold the retail store at 1300 Getwell Road in the University of Memphis area for $757,000 to a Huntington, N.Y.-based entity called Islip U-Slip LLC.
The sale closed April 30 in a special warranty deed.
Built in 1959, the 11,952-square-foot store sits on 0.98 acres along the east side of Getwell Road a couple blocks south of the U of M’s Park Avenue campus.
The Shelby County Assessor of Property’s 2010 appraisal of the Class C store is $915,300.
Gilbert L. Danielson signed the warranty deed as executive vice president and chief financial officer for Georgia-based Aaron’s, which bought the store for $721,000 in 2007.
No financing was associated with the purchase, and attempts to reach the buyer were unsuccessful.