VOL. 127 | NO. 151 | Friday, August 3, 2012
Raleigh Office Complex Sold To Local Entity
By Sarah Baker
An office complex in Raleigh has traded hands after being under the same family ownership for more than 30 years.
Commercial Real Estate Network LLC, a local investor, has purchased the 40,756-square-foot Raleigh Center Office Complex at 2974 Austin Peay Highway from Charles R. Averwater Living Trust for $299,000.
Built in 1965, the Class B strip center’s 2012 appraisal from the Shelby County Assessor of Property is $500,000.
Bill Caller, broker with Crye-Leike Commercial, represented the seller, who was interested in pursuing other ventures. The buyer was unrepresented.
Caller said the property is 55 percent occupied and includes a “diverse mixture of small businesses,” many of which have been there for 10 to 30 years.
“It was an appealing sale because it was producing a double-digit cap rate at that price and it was attractive to the buyer,” Caller said.
• In other commercial real estate news, new restaurant concept E’s 24/7 Café has signed a 1,315-square-foot lease at 4275 Summer Ave.
E’s 24/7 Café is owned by The Tushek Co. LLC, made up of Rip Crain and his stepson Eric Tushek, who also own four local TCBY stores. The restaurant is a take off the old Dobb’s House and CK’s Coffee Shop but slightly more upscale and inviting.
“Hamburgers, a lot of breakfast items – just your clean 24-hour diner,” Crain said. “It’s a place that a family of four can go in and eat for $20 or under. You don’t find too many places like that. It’s good food, there’s a lot of it, and it won’t break your pocketbook.”
The diner will take the end cap with a drive-thru in the newly built 4,500-square-foot, freestanding retail shopping center at Summer near Waring Road.
“We think the demographics fit real well with that site,” Crain said. “We’ve got a lot of blue collar people in that area and they seem to visit the Waffle House, Dobb’s House, CK’s quite a bit to be their main customer base.”
Barry D. Maynard with Trezevant Realty Corp. represented the tenant. Gary Myers with The Gary Myers Co. represented the landlord, Kasselberg Properties LLC.
E’s 24/7 Café is shooting for an Oct. 1 opening and is currently looking to hire a management team.
Also, A.E.L. Ethiopian Cuisine Restaurant, owned by Fasil Kebebe, has signed a five-year, three-month-lease for 1,570 square feet at Cordova Town Center, 1134 N. Germantown Parkway, suite 107.
Maynard represented both sides of the transaction. The deal marks A.E.L.’s second Mid-South restaurant location.
And Marty Mathews of National Cities Corp. has purchased the former 1,947-square-foot Taco Bell Building and 0.57-acre outparcel lot at 1948 S. Third St. for $50,000.
Maynard represented the seller, RGT Foods Inc. Myers represented the buyer.
• Meanwhile, Lake Worth, Fla.-based In-Rel Properties Inc. has seen a flurry of activity in its Memphis portfolio.
In Clark Tower, 5100 Poplar Ave., Kelman Lazarov has renewed its 2,873-square-foot lease and expanded, bringing its new footprint to 4,487 square feet.
USI Insurance Services also renewed its 4,786-square-foot lease in Clark Tower. Cushman & Wakefield/Commercial Advisors LLC principal Kemp Conrad co-brokered the deal.
In addition, G Design LLC renewed its 476-square-foot lease in Clark Tower. Eric Trotz with Trotz Real Estate Services Inc. co-brokered the deal.
And Michael Lightman Co. renewed its 4,077-square-foot lease in Clark Tower.
In Lynnfield Office Park, Dr. LaShaunda Massey has leased 601 square feet.
In Power Towers, Dilley, Bachman & Glover has renewed its 2,456-square-foot lease. Commercial Advisors’ Jacob Biddle co-brokered the deal.
In May, In-Rel hired Commercial Advisors Asset Services to lease its Memphis portfolio. The buildings are represented by Anna Tranum, Phil Dagastino Jr., Bentley Pembroke and Brand Cook.
• Also reporting a handful of new leases is Loeb Properties Inc.
Veena V. Ammal Dental Clinic has inked 1,600 square feet in Trinity Commons, 680 N. Germantown Parkway.
Jon Albright, managing director of Sperry Van Ness/Investec Realty Services LLC, represented the tenant. Aaron Peetree, Loeb vice president brokerage, represented the landlord.
Also in Trinity Commons, Tina Tekle, owner of Webb’s Tailor Shop, renewed its 945-square-foot lease at 714 N. Germantown Parkway.
Laura Reece, Loeb vice president of property management, represented the landlord.
Memphis Pizza Café has renewed its 3,000-square-foot lease in Overton Square, 2087 Madison Ave.
Matt Price, Loeb senior vice president brokerage and development, represented the landlord.
And John and Eva Celli, owners of Java Café, have renewed 1,160 square feet in Forest Hill Shops, 3133 Forest Hill, in Germantown. Reece represented the landlord.