VOL. 127 | NO. 236 | Tuesday, December 4, 2012
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MED Buys East Memphis Land for $3.4 Million
By Eric Smith
6525 Quince Road Memphis, TN 38119
Sale Amount: $3.4 million
Sale Date: Nov. 16, 2012
Buyer: Regional Med Properties LLC
Seller: KG Land LLC
Details: The Regional Medical Center at Memphis has closed on its $3.4 million purchase of two parcels totaling 54.5 acres of land at Quince Road and Tenn. 385 in East Memphis.
6525 Quince Road • Memphis, TN 38119
Operating in the transaction as Regional Med Properties LLC, the MED on Nov. 16 paid $3.4 million for 29.5 acres between Quince and 385 from KG Land LLC.
It also paid $50,000 for 25-acre parcel on the other side of Tenn. 385 from Walter D. Wills III, who is affiliated with KG Land.
The MED board approved the purchase in October to build an outpatient hospital on the land.
The 29.5-acre site is immediately west of the Quince Centre office building at the corner of Quince and Kirby roads, with Tenn. 385 along its south border. It has a 2012 appraised value of $3.4 million, according to the Shelby County Assessor of Property.
The 25-acre site across Tenn. 385 runs between it and Mount Moriah Road Extended. Its 2012 appraisal is $12,500.
No financing was associated with either purchase.
3635 S. Houston Levee Road
Collierville, TN 38125
Sale Amount: $7.1 million
Sale Date: Nov. 15, 2012
Buyer: Cole MT Collierville TN (Gallina II) LLC
Seller: Montex Exploration Co.
Details: An affiliate of the Phoenix-based real estate investment trust Cole Capital Advisors Inc. has paid $7.1 million for the portion of the Gallina Centro strip center in Collierville that houses HomeGoods and Michael’s.
Cole MT Collierville TN (Gallina II) LLC bought the 47,478-square-foot property at 3635 S. Houston Levee Road Nov. 15 from Montex Exploration Co.
Built this year, the Class A retail space sits in the middle of Gallina Centro, a 450,000-square-foot center anchored by Kroger and Kohl’s that sits at the northwest corner of South Houston Levee and Winchester roads.
The Shelby County Assessor of Property’s 2012 appraisal of the 5.6-acre parcel, which includes the parking lot fronting the retail space, is $1.8 million.
Sugar Land, Texas-based Montex paid $2.1 million for the property last year from Gallina Centro LLC, an entity affiliated with Memphis-based Boyle Investment Co., which developed Gallina Centro.
Developer Gil Ryan was behind the Gallina Centro infill development that was 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.
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.
Cole owns much of Gallina Centro in multiple parcels with the local office of The Shopping Center Group serving as broker.
1943 Berryhill Road
Memphis, TN 38016
Sale Amount: $3.8 million
Sale Date: Nov. 8, 2012
Buyer: ARC WGCDVTN001 LLC
Seller: M & M Village Investments LP
Details: An affiliate of American Capital Realty has paid $3.8 million for the 15,048-square-foot Walgreens at 1943 Berryhill Road in Cordova.
The entity, ARC WGCDVTN001 LLC of Jenkintown, Pa., bought the retail store in a Nov. 8 special warranty deed from M&M Village Investments LP, which lists a Deerfield, Ill., address, the same hometown as Walgreen Co.
Built in 2002, the Class A retail store sits on 2.27 acres at the northwest corner of Berryhill and Chimney Rock Boulevard. The Shelby County Assessor of Property’s 2012 appraisal is $2.4 million.
M & M Village Investments bought the property from Berryhill Farms in 2001 and developed the Walgreens on the site.
Sam F. Mishu signed the warranty deed as president of M&M Village Corp, the general partner of the selling party.
968 Civic Center Drive, Suite 103
Collierville, TN 38017
Loan Amount: $1.3 million
Loan Date: Nov. 15, 2012
Maturity Date: Nov. 15, 2027
Borrower: Collins Corner LLC
Lender: IberiaBank
Details: Collins Corner LLC, the owner of a 10,000-square-foot office condominium at 968 Civic Center Drive in Collierville, has filed a $1.3 million loan on the property.
The limited liability company filed the loan Nov. 15 through IberiaBank on the property’s suite 103.
It is home to the Collierville office of Prudential Collins-Maury Inc. Realtors and Sovereign Homes LLC homebuilders, two companies owned by local real estate and building professional Doug Collins.
Built in 2005, the Class A office space is condo in the Marketplace Professional Centre Condos at the northwest corner of Market Boulevard and West White Road.
The Shelby County Assessor of Property’s 2012 appraisal is $1.5 million.
Collins Corner acquired the property the same day via quitclaim from Collins, who has served as 2008 president of the Memphis Area Home Builders Association and is a past president of the Memphis Area Association of Realtors.
Collins bought the property in 2006 for $1.5 million.