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VOL. 125 | NO. 232 | Tuesday, November 30, 2010

FedEx to Relocate Fueling, Recycling Centers

By Kate Simone

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2691 Democrat Road

2691 Democrat Road
Memphis, TN 38118
Permit Amounts: $2 million (fueling center); $1.5 million (recycling center)

Project Costs: $2 million; $1.5 million
Permit Date: Applied November 2010
Completion: May 2011
Owner: FedEx
Tenant: FedEx
Contractor: WG Yates & Sons Construction Co.
Architect: n/a

Details: FedEx has filed two building permits with the city-county Office of Construction Code Enforcement for a fuel center ($2 million) and a recycling center ($1.5 million). The permits are for a relocation of those two centers as part of a larger expansion for the FedEx facility.

“With the expansion, we are having to actually move different buildings on the Memphis hub property,” said spokeswoman Sally Davenport. “The two (permits) that you saw most recently have to do with a FedEx fueling station for our ground service vehicles, so that has to be relocated, as well as a recycling center.”

The property will be repurposed as a staging area – a place where trucks can wait for flights to come in or where containers can be stored while waiting to be taken somewhere else.

The permits are part of an expansion of FedEx’s secondary packing sorting facility – overnight letters and very small packages – at 2903 Sprankle.

“What that will do for us will allow us to increase our sort capacity by an additional 24,000 packages per hour, which will give us the capability when operating at peak to sort a maximum 180,000 packages per hour,” Davenport said.

4505 Delp St.
Memphis, TN 38118
Sale Amount: $4.3 million

Sale Date: Nov. 18, 2010
Buyer: BRE/TN Industrial Properties LLC
Seller: ProLogis-North Carolina LP
Loan Amount: $17.1 million
Loan Date: Nov. 18, 2010
Maturity Date: n/a
Grantor: BRE/TN Industrial Properties LLC
Lender: Wells Fargo Bank NA

Details: BRE/TN Industrial Properties LLC has bought a 300,000-square-foot warehouse at 4505 Delp St. from ProLogis-North Carolina LP for $4.3 million. The building, which the Shelby County Assessor of Property lists at 4485 Delp, sits on 18.7 acres on the west side of Delp Street south of Crowfarn Drive in Airport Industrial Park. The Shelby County Assessor’s 2010 appraisal is $5.8 million.

A $17.1 million loan was filed at the time of sale. The mortgage covers multiple properties, including five in Nashville, two in LaVergne, Tenn., and the Delp Street property.

Progress Center/Alabama LP bought the property in 1990 for $7.5 million. That partnership transferred the property to ProLogis prior to this sale, according to the sale documents.

1980 Getwell Road
Memphis, TN 38111
Permit Amount: $4.3 million

Project Cost: n/a
Permit Date: Applied November 2010
Completion: n/a
Owner: Crown Enterprises
Tenant: Crown Enterprises
Contractor: DF Chase Inc.
Architect: n/a

Details: Crown Enterprises has filed a $4.3 million building permit application with the city-county Office of Construction Code Enforcement. The November-dated application states it is “to construct an addition to Crown Enterprises Trucking Terminal.”

“It is a facility of ours that has been dormant, and we are in the process of renovating and expanding it for an anticipated future use,” a Crown spokesman said, declining further comment.

3222 Airways Blvd.
Memphis, TN 38116
Sale Amount: $615,000

Sale Date: Nov. 17, 2010
Buyer: Nezlife Memphis LLC
Seller: Taj Investments Inc.
Loan Amount: $615,000
Loan Date: Nov. 17, 2010
Maturity Date: Dec. 10, 2012
Lender: Taj Investments Inc.

Details: Nezlife Memphis LLC has bought a hotel at the northeast corner of Airways Boulevard and Brooks Road from Taj Investments Inc. for $615,000.

Nezlife financed the sale with a $615,000 loan through Taj with a maturity date of Dec. 10, 2012.

The property is a four-story, 130,495-square-foot hotel built in 1975 on 2.25 acres.

Taj Investments bought the property in December 2002 for $2.2 million. The Shelby County Assessor’s 2010 appraisal is $1.3 million.

656 S. Highland St.
Memphis, TN 38111
Sale Amount: $525,000

Sale Date: Nov. 15, 2010
Buyer: Marketplace Development LLC
Seller: Circle K Stores Inc.
Loan Amount: $1.2 million
Loan Date: Nov. 18, 2010
Maturity Date: May 15, 2014
Lender: Triumph Bank

Details: Marketplace Development LLC has bought a former gas station/convenience store at the northeast corner of Highland Street and Spottswood Avenue from Circle K Stores Inc. for $525,000. The property includes a 1,726-square-foot convenience store built in 1990 that sits on 0.64 acres. The site also includes a car wash.

A $1.2 million construction loan was taken out at the time of the sale.

Circle K Stores Inc. bought the property in December 2005 for $650,000. It was one of 12 Memphis-area Circle K Stores bought in separate deeds for a total $23.4 million.

Marketplace Development, which lists a Memphis address, could not be reached by press time.

PROPERTY SALES 91 158 16,219
MORTGAGES 98 179 18,735
BUILDING PERMITS 136 349 33,738
BANKRUPTCIES 63 115 10,429