VOL. 126 | NO. 223 | Tuesday, November 15, 2011
Memphis Real Estate Recap
Trinity Ridge Business Ctr. Sells for $7.6 Million
7730 Trinity Road, 7740 Trinity Road, 7750 Trinity Road, 7760 Trinity Road and 7866 Trinity Road
Cordova, TN 38018
Sale Amount: $7.6 million
7730, 7740, 7750, 7760 and 7866 Trinity Road • Cordova, TN 38018
Sale Date: Oct. 26, 2011
Buyer: Shofar Realty ADA Compliant LP
Seller: BACM 2007-4 Trinity Ridge LLC
Details: Montreal-based Dalfen America Corp. has bought the eight-building Trinity Ridge Business Center in Cordova for $7.6 million, just less than a year after the industrial park was sold in foreclosure.
Dalfen America, working under the name Shofar Realty ADA Compliant LP, bought the park from BACM 2007-4 Trinity Ridge LLC.
The eight-building, 235,000-square-foot industrial park is on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. It was built between 1998 and 2007.
Trinity Ridge went into foreclosure in late 2010 after its then-owner defaulted on a $17 million loan. The seller, BACM – which was also the lender behind the $17 million loan – bought the park for $4.5 million at a December foreclosure sale.
The seller is affiliated with loan servicer LNR Partners LLC, according to a statement from Dalfen.
Dalfen America is the U.S. arm of Dalfen’s Ltd., a private equity real estate firm based in Montreal with satellite offices in Orlando and Tampa, Fla., as well as Dallas, according to the company.
5.5 Acres of Vacant Land
In Gallina Centro
Sale Amount: $2.1 million
Sale Date: Oct. 31, 2011
Buyer: Montex Exploration Co.
Seller: Gallina Centro LLC
Loan Amount: $5.8 million
Loan Date: Nov. 3, 2011
Maturity Date: Oct. 31, 2015
Lender: Magna Bank
Details: Vacant land in Gallina Centro shopping center has been bought for $2.1 million, with the property slated to become a HomeGoods home décor store. It marks HomeGoods’ first store in the Memphis area.
Sugar Land, Texas-based Montex Exploration Co. bought the property from Gallina Centro LLC, an entity affiliated with Memphis-based Boyle Investment Co., which developed Gallina Centro.
Montex financed the purchase with a $5.8 million construction loan through Magna Bank. The loan matures in October 2015. A note on the bottom of the trust deed lists it as “Gil Ryan HomeGoods.” Developer Gil Ryan is behind the Gallina Centro infill development slated to include a 21,360-square-foot Michael’s, a 24,000-square-foot HomeGoods and 3,200 square feet of speculative tenant space, according to an October report presented to the Collierville Board of Mayor and Aldermen.
Gallina Centro is bounded by Poplar Avenue to the north, Houston Levee Road to the east and Winchester Road to the south, within Collierville’s annexation reserve area. Built in 2001, the main portion of the 350,000-square-foot retail center is anchored by Kohl’s and Stein Mart department stores and Kroger grocery store, according to Boyle Investment’s website.
HomeGoods is a division of The TJX Cos. Inc., also the parent company of Marshalls and TJ Maxx. HomeGoods currently has six stores in Tennessee: in Brentwood, Chattanooga, Hendersonville, Knoxville, Morristown and Mt. Juliet, according to TJX Cos.’ website.
4836 Southridge Blvd.
Memphis, TN 38141
Permit Amount: $6 million
Permit Date: Applied October 2011
Owner: McKesson Corp.
Tenant: McKesson Corp.
Contractor: Intelligrated Inc.
Details: Ohio-based Intelligrated Inc. is planning construction at McKesson Corp.’s Memphis operation at 4836 Southridge Blvd., according to a $6 million building permit application filed with the city-county Office of Construction Code Enforcement.
Intelligrated Inc. plans to “install conveyor and structure (with) no mechanical or gas,” according to the application.
Based in San Francisco, McKesson is the parent corporation of a number of health care-related businesses. It is the largest pharmaceutical distributor in North America, distributing one-third of medications, according to the company’s website.
The company has had a Memphis presence since the 1940s, the Greater Memphis Chamber reports.
Listed as the contractor on the project, Intelligrated is a provider of automated material-handling solutions with operations in the U.S., Canada and Mexico, according to its website.
The construction proposed in the application is part of a much bigger deal hammered out in July. That’s when the Memphis-Shelby County Industrial Development Board approved a retention PILOT (payment in lieu of taxes) for McKesson to build two new facilities at the Southridge Boulevard address.
The company will retain 246 jobs with the new facilities.
McKesson still intends to move another part of its operations, a $115 million distribution center, to Olive Branch, Miss., in 2013.
7555 U.S. 64
Bartlett, TN 38133
Sale Amount: $1 million
Sale Date: Nov. 8, 2011
Buyer: Dilbag Singh Dhaliwal and Kanwaljit Kaur
Seller: Thomas M. Black
Loan Amount: $867,000
Loan Date: Nov. 8, 2011
Maturity Date: Nov. 8, 2016
Lender: Regions Bank
Details: Dilbag Singh Dhaliwal and Kanwaljit Kaur have bought an auto-service garage at 7555 U.S. 64 from Thomas M. Black for $1 million. The purchase was financed with an $867,000 loan through Regions Bank that matures in November 2016.
The property is a 13,928-square-foot auto garage built in 1996, including an 10,381-square-feet auto parts/service area and a 3,547-square-foot office area. It sits on 1.1 acres on the southeast corner of Stage Road and Appling Way in Appling Business Center Planned Development. The Shelby County Assessor of Property’s 2011 appraisal is $1.1 million.