VOL. 126 | NO. 193 | Tuesday, October 4, 2011
Memphis Real Estate Recap
Defense Depot Property Sells for $1.1 Million
2085 W.E. Freeman Drive
Memphis, TN 38114
Sale Amount: $1.1 million
2085 W.E. Freeman Drive • Memphis, TN 38114
Sale Date: Sept. 14, 2011
Buyer: Varma Family LP
Seller: The Depot Redevelopment Corp. of Memphis and Shelby County, Tennessee
Loan Amount: $1.1 million
Loan Date: Sept. 14, 2011
Maturity Date: n/a
Lender: Bank of America NA
Details: Varma Family LP has bought a 14.4-acre site with an existing building at 2085 W.E. Freeman Drive in Memphis Defense Depot from The Depot Redevelopment Corp. of Memphis and Shelby County, Tennessee, for $1.1 million.
The property is on the west side of W.E. Freeman Drive north of Memphis Depot Parkway, according to the amended plat of Memphis Depot Business Park, phase 2, filed with the Shelby County Register of Deeds in March. The 14.4 acres contains a 141,134-square-foot existing building, according to the plat.
The purchase was financed with a $1.1 million loan through Bank of America NA.
Memphis Defense Depot, the 4.2 million-square-foot industrial park and former U.S. Army base just north of Memphis International Airport, went back on the market this spring.
Memphis Depot Redevelopment Corp. took over the property deed from the Army in 1997, but at that time, market conditions weren’t favorable for a sale, Tommy Farnsworth III, chairman of the redevelopment group, told The Daily News in March.
CB Richard Ellis Memphis and Boyle Investment Co. were retained as the exclusive brokers for the marketing and sale of the Depot, according to the Daily News report in March.
The 642-acre Depot had an occupancy level of more than 85 percent, including local, regional and national tenants, as of a Daily News report in August.
Some of the Depot property has already sold. In June, Barnhart Real Estate LLC bought 1701 Dunn Ave. for $1.4 million. And in August, Memphis Depot Associates LLC, an entity affiliated with Dallas-based Mayfield Properties LP, bought 260 acres containing 4.2 million square feet of buildings for $35.8 million.
5305 Distriplex Farms Drive
Memphis, TN 38141
Sale Amount: $3 million
Sale Date: Sept. 23, 2011
Buyer: JSR Properties LLC
Seller: DFS Services LLC
Loan Amount: $3.3 million
Loan Date: Sept. 23, 2011
Maturity Date: March 1, 2017
Lender: Financial Federal Savings Bank
Details: JSR Properties has bought two properties in Holmes/Mineral Wells Planned Development from Illinois-based DFS Services LLC for $3 million. One parcel contains a warehouse at 5305 Distriplex Farms Drive; the second is adjacent vacant land.
The purchase was financed with a $3.3 million loan through Financial Federal Savings Bank that matures March 1, 2017.
The first parcel is a 92,390-square-foot, Class A warehouse built in 2000.
The second parcel is 7.1 acres of vacant land adjacent to the west of the warehouse property.
2855 Houston Levee Road
Cordova, TN 38016
Loan Amount: $2.2 million
Loan Date: Sept. 20, 2011
Maturity Date: Sept. 20, 2018
Borrower: Extra Space Properties Seventy Three LLC
Lender: Compass Bank
Details: Extra Space Properties Seventy Three LLC, an affiliate of Salt Lake City-based Extra Space Storage Inc., has filed a $2.2 million loan through Compass Bank for its storage center at 2855 Houston Levee Road in Cordova.
The loan document was filed with the Shelby County Register of Deeds concurrently with a Sept. 22 deed that quitclaimed the site from Extra Space Properties Two LLC to Extra Space Properties Seventy Three LLC.
Extra Space Properties Two LLC bought the property in April from JF Storage Holding LLC for $2.6 million. It is a 75,266-square-foot, two-story mini-warehouse built in 2006 on 3.69 acres.
12 Lots In
Sale Amount: $1.4 million
Sale Date: Sept. 22, 2011
Buyer: J. Terry Pitts, trustee
Seller: CRM Central Properties LLC
Details: J. Terry Pitts, as trustee, has bought 12 lots in Enclave Planned Development from Atlanta-based CRM Central Properties LLC for $1.4 million. Pitts lists a Cordova address.
The property includes two parcels in Enclave, which is near the northeast corner of Forest Hill-Irene Road and Wolf River Boulevard in Germantown. The first parcel includes nine vacant lots in Enclave phase two; the second parcel includes three vacant lots in Enclave phase one.
The lots are among 17 the seller, CRM Central Properties LLC, bought in June from Duntreath Partners for $939,473.
1700 S. Third St.
Memphis, TN 38109
Sale Amount: $415,000
Sale Date: Sept. 22, 2011
Buyer: Renasant Bank
Seller: Paul N. Royal, Substitute Trustee
Details: Renasant Bank has bought an industrial property at 1700 S. Third St. at a foreclosure sale for $415,000. The substitute trustee in charge of the sale was Paul N. Royal, and the deal closed Sept. 22.
The substitute trustee’s sale occurred because borrower B&C LLC defaulted on a 2006 loan through Renasant. B&C bought the property in August 2006 from International Paper Co. for $835,343, financing it at that time for $900,000.
The property is a 207,944-square-foot, one-story industrial or manufacturing building built in 1960 and including about 10,000 square feet of office space and support area.