VOL. 126 | NO. 24 | Friday, February 04, 2011
Wolfchase Auto Dealer Site Sells for $4M
By Sarah Baker
A Wolfchase auto dealership facility is officially changing hands and names.
First Tennessee Trust Department has bought the 48,085-square-foot auto dealership formerly known as Cadillac SAAB of Memphis, 7727 U.S. 64, for $4 million.
First Tennessee is serving as the trust for the Homer Skelton auto dealership, which is putting a superstore on the facility’s 6.8 acres.
John Waddell with Crye-Leike Inc.’s Arlington office represented the seller, K.B. Davis of Bud Davis Cadillac Inc.
Bert Adcock represented the buyer. At the time of the sale, Adcock was with Mid-South Realty Inc., but he is now an affiliate broker with Crye-Leike, working with Waddell.
The location appealed to several parties, hence the transaction was fast-paced, Waddell said.
“That shows the continued confidence and interest in the Wolfchase area,” Waddell said. “We had a tremendous amount of interest on the property and several people working, and Homer was the one that was fortunate enough to come out on top.”
In addition, Nabsal Enterprise LLC bought an 18,000-square-foot shopping center in Horn Lake, Miss., 2906 Goodman Road, from Iberia Bank for $875,000.
Tenants of the previously foreclosed center include Fitness Premier, a medical office and a nutrition center, with two remaining bays.
Waddell represented the buyer in this transaction and is currently in negotiations with a tenant to reduce the center’s vacancy rate.
• In other deals, LHC Group Inc. signed a 1,675-square-feet lease at 752 Walnut Knoll Lane in Cordova.
Lafayette, La.-based LHC Group is a national provider of home health and hospice services, providing cost-effective health care to patients within their own homes.
Currently, LHC Group has 35 locations throughout Tennessee, but the closest location to Memphis is in Jackson, Tenn. The new Cordova location will be a branch off of the Jackson provider and the company’s entrance into the Memphis market, said Eric Elliott, vice president of investor relations.
Mary Singer, president of Commercial Realty Group, represented the tenant in the deal. Conner Walker, leasing associate with Commercial Alliance Management LLC, represented the landlord, G & G Properties.
“The tenant needed a space in the Cordova area,” Walker said. “They liked that market, they liked being close to Germantown Parkway where their staff could get out to the different individuals’ homes, but they also liked the fact that it wasn’t a retail center, so it was somewhat private.”
The project has been state-approved and is waiting on pending approval from Centers for Medicare & Medicaid Services. Depending on CMS’s timeline, it may be a month or two before it opens. About 20 will be employed in the Memphis office, with additional hires as the market grows.
LHC’s lease brings the building to 100 percent occupancy, which positions the building well for the owner as it tries to sell, Walker said.
• Jason Green, owner of Think Signs Inc., has signed a new, five-year, 2,400-square-foot lease for at Cordova Town Center, 1134 N. Germantown Parkway, No. 103.
Barry D. Maynard, affiliate broker with Trezevant Realty Corp., represented the landlord, while Walker represented the tenant.
The Memphis-based company – which produces various signs, including real estate signage – chose to relocate to the center because it wanted to be further north on Germantown Parkway, Walker said.
• Loeb Properties Inc. affiliate Loeb Realty Group also announced a number of deals in recent weeks.
Christ Community Health Services Inc. signed a 13,500-square-foot lease in Frayser Plaza, 2130 Frayser Blvd.
Jeb Fields, vice president of Commercial Advisors, represented the tenant in the deal. LRG principal broker Frank Dyer III and affiliate broker Allen Israel were the landlord reps.
GameStop Inc. signed a 1,960-square-foot lease in Covington Springs Center, 3854 Austin Peay Highway.
Shawn Massey, principal with The Shopping Center Group LLC, represented the tenant. Dyer and Israel were the landlord reps.
“GameStop is looking forward to being next to Walmart,” Massey said.
Supercuts Inc. signed a 1,435-square-foot lease in Appling Crossing, 7065 Highway 80.
Dyer and Israel were the tenant reps in the deal, while Tammy Walton with Nashville-based Market Land Co. represented the landlord.