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VOL. 126 | NO. 59 | Friday, March 25, 2011

Sarah Baker

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Sarah Baker, who can be reached at 521-2464 or sbaker@memphisdailynews.com.

Hickory Hill Apartments Sell for $10M

By Sarah Baker

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Three apartment communities in the Hickory Hill Road/Knight Arnold Road area have sold for a combined price of $10 million.

Tommy Bronson III and Blake Pera with CB Richard Ellis Memphis’ multifamily division represented Hallmark Capital in the sale to Bellevue, Wash.-based Emerald Apartment Group. Wilson Management Inc., the managing entity behind Emerald Apartment Group, will retain and manage the properties.

The properties – Emerald Park, Emerald Pointe and Emerald Square – had been on the market for quite a while, Bronson said, and the sale was ultimately possible because Hallmark’s lender stepped up to the table and was willing to provide financing for the new buyer.

“They gave them some favorable terms and that really helped the deal,” Bronson said. “This transaction was the definition of a group effort, which is sometimes necessary to consummate a deal. All sides – buyer, seller and lender – worked together to help facilitate the sale and position new ownership to be successful.”

The Emerald properties enjoy a strong location in Memphis’ Southeast submarket, located in one of the most densely populated areas within close proximity to Tennessee Highway 385 and the Lenox Park office complex.

All three Emerald Properties are located within a one-mile radius of each other and provide some of the largest units in the Southeast submarket.

Emerald Park consists of one-, two- and three-bedroom flat and townhouse units averaging 969 square feet and $574 in rent. Amenities include a playground, swimming pool and clubhouse.

Emerald Pointe consists of two- and three-bedroom townhouse units averaging 1,402 square feet and $629 in rent. Amenities include a playground, two pools and a clubhouse.

Emerald Square consists of two-, three- and four-bedroom townhouse units averaging 1,600 square feet and $803 in rent. Amenities include a playground, swimming pool, clubhouse and covered parking.

“They’re all in really close proximity, which for previous ownership – and hopefully for new ownership – can create some really good operating efficiencies,” Bronson said.

For more details on the three properties, including loan and appraisal information, see the Daily Digest in the March 23 edition of The Daily News or at The Daily News Online, www.memphisdailynews.com.

In other commercial leasing news, the former Walmart building at 1361 W. Market St. in Bolivar, Tenn., has sold for $873,000.

The building is being redeveloped into a multitenant space that will include the lead tenant, Tractor Supply Co. of Nashville, and Dollar Tree Inc.

Calvin and Brenda Howell sold the building to RBA Bolivar LLC, an entity associated with Birmingham, Mich.-based Robert B. Aikens Co., a preferred developer of Tractor Supply Co.

Dollar Tree was represented by Scott Barton, senior vice president of retail services with CBRE.

The Shopping Center Group partner Shawn Massey and broker Robert Sloan represented the landlord.

“This is exciting news for Bolivar, who recently opened a Hibbett’s Sporting Goods Store and just completed a $10 million dollar renovation of the Town Square,” Massey said. “Bolivar is open for business.”

Existing tenant, Mike Dunavant, Tennessee district attorney, will remain. Other tenants in the adjacent property include a Save-A-Lot food store and Dollar General Corp.

Two 3/4-acre outparcels remain for sale by the Howells, who are represented by Massey and Sloan.

Massey also recently represented GameStop in a new, 1,600-square-foot store opening in Paris, Tenn., in the shadow of Walmart Super Center at the Memorial Plaza Shopping Center.

The landlord was represented by McLain Real Estate, a Huntsville, Ala., franchise of Coldwell Banker Commercial Real Estate LLC. The store will open this spring.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751