VOL. 126 | NO. 41 | Tuesday, March 1, 2011
Memphis Real Estate Recap
Real Estate Recap
Renovations Begin at Pinnacle Headquarters
By Kate Simone
40 S. Main St.
Memphis, TN 38103
Permit Amount: $8.7 Million
Project Cost: $8.7 million
Permit Date: Applied February 2011
Owner: Memphis Commerce Square Partners
Tenant: Pinnacle Airlines Corp.
Contractor: Grinder, Taber & Grinder Inc.
Details: Memphis Commerce Square Partners has filed an $8.7 million permit application with the city-county Office of Construction Code Enforcement for renovation work to One Commerce Square, 40 S. Main St., Pinnacle Airlines Corp.’s future headquarters.
According to the permit, which was filed in late February, the work includes renovation of the concourse and floors two through 14. Grinder, Taber & Grinder Inc. is listed as the contractor on the permit.
In mid-December, Pinnacle signed a long-term lease to occupy 170,000 square feet in One Commerce Square. Pinnacle will move about 650 employees to its new headquarters by November.
Memphis-based Pinnacle Airlines Corp. is the parent company of Pinnacle Airlines Inc., Colgan Air Inc. and Mesaba Aviation Inc., employing more than 7,000. Memphis International Airport is one of Pinnacle’s 11 U.S. hubs.
6504 Raines Road,
3891 Thomas St.
And 4720 Getwell Road
$1.3 million (TSRE III Kirby Raines);
$1.3 million (TRSE III Northwest LLC);
$1.1 million (TRSE III Southern LLC)
Loan Date: Feb. 1, 2011
Maturity Date: March 1, 2036
Borrower: TSRE III Kirby Raines LLC (6504 E. Raines Road), TSRE III Northwest LLC (3891 Thomas St.); TRSE III Southern LLC (4720 Getwell Road)
Lender: Standard Insurance Co.
Details: Three limited liability companies affiliated with Gulfport, Miss.-based Tellus Equity GP have financed self-storage facilities the LLCs bought in July.
TSRE III Kirby Raines LLC financed a facility at 6504 Raines Road near the northwest corner of Kirby Parkway and Raines Road for $1.3 million. The facility was built in 1995 on 3.73 acres. The Shelby County Assessor’s 2010 appraisal was $1.4 million.
TSRE III Northwest LLC financed a facility at 3891 Thomas St. for $1.3 million. The storage facility was built in 1995 on 3.53 acres on the northwest side of Thomas Street between North Watkins Street to the north and Creston Avenue to the south, in Northside Commercial subdivision. The Shelby County Assessor’s 2010 appraisal was $1.7 million.
TSRE III Southern LLC financed a facility at 4720 Getwell Road for $1.1 million. The storage facility was built in 1998 on 4 acres on the east side of Getwell Road south of East Shelby Drive. The assessor’s 2010 appraisal was $1.5 million.
Tellus Equity GP is listed as the managing entity of the three LLCs.
Property in Enclave
And Forestbrook Subdivisions
$2.3 million (Enclave 4 & 5);
$1.9 million (Enclave 3);
Sale Date: Feb. 17, 2011
Buyer: Magna Bank
Seller: Duntreath Partners (Enclave); Kateland Inc. (Forestbrook)
Details: Duntreath Partners and Kateland Inc. have sold property in lieu of foreclosure to Magna Bank. G. Benjamin Clark signed the sale documents as general partner in Duntreath Partners and president of Kateland Inc.
Duntreath Partners sold two properties to Magna totaling $4.2 million. The first is 36 lots in Enclave phase 3, sold for $1.9 million. Addresses are on Enclave Hollow Lane East and West, Terrene Lane, Enclave Green Lane West and Prestwick Drive. Enclave phase 3 is on the north side of Wolf River Boulevard west of Forest Hill-Irene Road. It was approved in 2008 for 50 lots on 16 acres.
The second parcel Duntreath Partners sold is $2.3 million and included 32.1 acres in Enclave Planned Development, phases 4 and 5. No plat was on record for those phases.
Kateland Inc. sold seven lots to Magna for $875,000. Those lots are in Forestbrook Subdivision on Fern Brook Drive and Hollybrook Lane North and South. Forestbrook is on the west side of Forest Hill-Irene Road between Poplar Pike to the north and Jenna Road to the south.
8249 Highway 72
Germantown, TN 38138
Sale Amount: $2 million
Sale Date: Feb. 17, 2011
Buyer: FSP-Germantown LLC
Seller: Eugene L. Barzizza (1/2 interest) and John M. Barzizza (1/2 interest)
Loan Amount: $32.9 million
Loan Date: Feb. 17, 2011
Maturity Date: March 1, 2018, with option for two, 12-month extensions
Lender: HCP Inc.
Details: FSP-Germantown LLC has bought three parcels totaling 14.41 acres off East Poplar Avenue in Germantown from Eugene L. Barzizza (1/2 interest) and John M. Barzizza (1/2 interest) for $2 million.
The first parcel, 9.61 acres, lists an address at 8249 Highway 72. It contains a 4,277-square-foot house built in 1948. The Shelby County Assessor of Property’s 2010 appraisal was $825,000. The second parcel is 4.48 acres of vacant land with an address of 8199 Highway 57. The assessor’s 2010 appraisal is $326,300. The third parcel is 0.05 acres on Highway 57 with an appraised value of $1,100. The parcels are on the south side of Poplar Avenue east of the dead end of Kimbrough Road.
In conjunction with the purchase, FSP-Germantown filed a $32.9 million loan through HCP Inc.
FSP-Germantown LLC’s address is care of Alpharetta, Ga.-based Formation Development Group LLC.
1385 Corporate Ave.
Memphis, TN 38132
Permit Amount: $600,000
Permit Date: Applied February 2011
Owner: nexAir LLC
Tenant: nexAir LLC
Details: Local gas distributor nexAir LLC has filed a $600,000 permit with the city-county Office of Construction Code Enforcement to renovate its headquarters at 1385 Corporate Ave., near the intersection of Interstate 240 and Millbranch Road.
The permit calls for a “phase two renovation” of an existing 22,869-square-foot office space on the property, which sits along the south side of Corporate Avenue.
The company has been making capital improvements recently. For example, nexAir built a $1.5 million, 3,500-square-foot hydrogen gas plant at one of its sites, 1211 N. McLean Blvd., which opened last May.
nexAir has five locations in Memphis, including its headquarters, plus four sites elsewhere in Tennessee, two in Alabama, three in Arkansas, one in Georgia, two in Louisiana and five in Mississippi.