VOL. 126 | NO. 169 | Tuesday, August 30, 2011
Memphis Real Estate Recap
Brentwood Place Apartments Sells for $8.5 Million
1835 Sycamore View Road
Memphis, TN 38135
Sale Amount: $8.5 million
1835 Sycamore View Road • Memphis, TN 38135
Sale Date: Aug. 22, 2011
Buyer: Southern Breeze LLC
Seller: Grant Investment LLC
Details: Slidell, La.-based Southern Breeze LLC has bought the Brentwood Place Apartments complex at 1835 Sycamore View Road from Grant Investment LLC for $8.5 million.
Patrick T. Jordan, an investment specialist in Marcus & Millichap Real Estate Investment Services’ Memphis office, represented both the seller and the buyer in the transaction.
The 217-unit, two-story complex was built in 1989, according to the Shelby County Assessor of Property. It began operation in 1990, Jordan said in a statement. The complex sits on 18.8 acres bounded by Sycamore Ridge Road to the north, Sycamore View Road to the east and Pleasant View Road to the south. The development is in Treetops Planned Unit Development.
The site includes a tennis court, fitness center, clubhouse, swimming pool and storage units.
Everything at Brentwood is original and requires about $300,000 in capital improvements, according to real estate sales site LoopNet.
The property has historically operated at 92 percent occupancy, with 94 percent occupancy at closing, according to Jordan’s statement.
Grant Investment Co. quitclaimed the property to Grant Investment LLC in August 2003. Grant Investment Co. bought the then-vacant land in November 1987 for about $623,000.
The assessor’s 2011 appraisal is $6.6 million.
486 Jack Carley Causeway
Memphis, TN 38113
Permit Amount $7.3 million
Permit Date: Applied August 2011
Owner: SCF Development
Tenant: SCF Development
Contractor: Continental Construction Co. Inc.
Details: SCF Development has filed a $7.3 million permit application with the city-county Office of Construction Code Enforcement for new construction at 486 Jack Carley Causeway on Presidents Island. The permit doesn’t elaborate on the type of construction planned for the property.
The Jack Carley property is home to SCF Waxler Transportation Co., part of Fort Lauderdale, Fla.-based SEACOR Holdings Inc.’s Inland River Services and sister company to SCF Marine Inc. Waxler is a vessel and barge inland company specializing in the transportation of refined and chemical products, according to its website.
No one from Waxler was available for comment.
The contractor listed is Memphis-based Continental Construction Co. Inc., whose specialties include industrial buildings and marine construction, among other things.
SEACOR’s inland river fleet moves cargo and liquid tank barges carrying agricultural, industrial, chemical and petrochemical products on primarily the Mississippi River, Illinois River, Tennessee River, Ohio Rover, their tributaries and the Gulf Intracoastal Waterways, according to SEACOR’s website. The business segment also owns towboats, fleeting operations used to load and unload barges, and deck barges for special projects, according to SEACOR’s site.
SCF Real Estate LLC bought the property from Waxler Towing Co. in March 2007 for $1.6 million. It is about 10.5 acres on the west side of Jack Carley Causeway northwest of West Trigg Avenue and southwest of DeSoto Park, according to the Shelby County Assessor of Property. The site, which encompasses two parcels, includes an 11,700-square-foot warehouse. The assessor’s total 2011 appraisal is $864,300.
406 Gragson Drive
Memphis, TN 38106
Permit Amount: $2.1 million
Permit Date: Applied August 2011
Owner: RockTenn Co.
Tenant: RockTenn Co.
Contractor: C&M Builders Inc.
Details: RockTenn Co. has filed a $2.1 million permit application with the city-county Office of Construction Code Enforcement to install recycling equipment at a facility on Gragson Drive.
An entity named Rock-Tenn Converting Co. in March bought 422 Gragson Drive for $2.1 million from Belden Inc. The property includes a nearly 150,000-square-foot, one-story warehouse built in 1972. It sits on 7.2 acres bounded by Gragson Drive to the south, Burma Road to the north and Texas Drive to the east. The entire site is just north of Interstate 55.
The Shelby County Assessor of Property’s 2011 appraisal is $1.8 million.
Norcross, Ga.-based RockTenn operates more than 245 facilities in the U.S., Canada, Mexico, Chile, Argentina and China, according to the company’s website.
The company, which employs about 26,000 people and is traded on the New York Stock Exchange, has annualized net sales of about $10 billion, according to the site.
14.6 Acres On
Sale Amount: $1.1 million
Sale Date: Aug. 18, 2011
Buyer: Halle Acquisition Fund
Seller: ECG Wolf River
Details: Collierville-based Halle Acquisition Fund has bought vacant land in Collierville from ECG Wolf River for $1.1 million. No loan documents were filed with the Shelby County Register of Deeds at the time of sale.
The parcel is 14.6 acres at the southwest corner of Byhalia Road (to the north) and Wolf River Boulevard (to the east) in the Wolf River Ranch Planned Development Outline Plan. It is one of three that Nashville-based ECG Wolf River acquired via quitclaim from SunTrust Bank in January. The Shelby County Assessor of Property’s 2011 appraisal is $2.6 million.