VOL. 127 | NO. 38 | Friday, February 24, 2012
‘Washington Courtyard’ Sells For $900K
By Sarah Baker
A trio of office buildings at Washington Avenue and Danny Thomas Boulevard has traded hands for $900,000.
Investment group 301 WA LTD LLC of Arizona purchased the assets from Gregory Realty GP. Brian Califf of NAI Saig Co. represented the seller.
“The buyer saw the purchase as the opportunity to add value over time,” Califf said. “They also bought it because of the strong current cash flow of the building.”
Marketed as Washington Courtyard at 295, 301 and 305 Washington Ave., the complex comprises three buildings measuring 12,000 square feet each. The complex is about 80 percent leased and features executive suites, gated parking and elevators in all three buildings.
NAI Saig is currently marketing the remaining space for lease.
• In other commercial leasing news, C&D Holdings LLC has acquired the 7,800-square-foot office/flex warehouse at 1989 Fletcher Creek in Kirby Whitten Business Center from CI Rentals/Contractors Inc. for $525,000.
The Class B building was built in 1998 on 0.7 acres. Its 2011 appraisal from the Shelby County Assessor of Property was $542,200.
Joe Pegram, vice president with Randall Commercial Group LLC in Oxford, Miss., represented the buyer.
Pegram said the building’s condition and prime location were appealing to C&D Holdings, which plans to move into the space by April.
“The building is in great shape,” Pegram said. “It’s a great location with easy access to I-40. It’s basically move-in ready; not going to require any maintenance work or updating. It was kind of the perfect storm as far as the perfect fit for them to move in.”
Bill Caller, broker with Crye-Leike Commercial, represented the seller. CI Rentals/Contractors Inc. will relocate to its new 21,000-square-foot facility at 6707 Fletcher Creek Cove in the near future, Caller said.
• Meanwhile, AmeriStaff has leased a 1,280-square-foot space in Kirby Gate Business Center, 2900 Kirby Parkway.
The St. Peters, Mo.-based staffing company is relocating from 6326 Winchester Road. Greg deWitt, vice president of Grubb & Ellis Memphis, represented the landlord in the direct deal.
“They wanted to move a little farther north,” deWitt said, adding the tenant plans to complete the move by Thursday, March 1.
deWitt has seen a lot of activity in staffing companies recently and considers it a positive sign for the Memphis economy.
“Those had all sort of gone away and now they’re coming back,” deWitt said. “Those guys know when jobs are coming down the pike, that people need to be hired. A lot of it’s warehouse stuff and that’s great – it’s not high-end-paying jobs, but they’re jobs nonetheless and we could certainly use more than we have.”
AmeriStaff also has a location at 5940 Goodman Road in Olive Branch.
• On the manufacturing front, the Colliers International Memphis industrial team of Andy Cates, Preston Thomas and Mike Driscoll have closed on a flurry of deals lately.
Ramco has leased 11,300 square feet of a 72,000-square-foot building in Appling Farms Corporate Park, 6972 Appling Farms Parkway, from Appling Farms Properties I LP for five years.
The locally owned company, which specializes in home improvements and remodeling, will relocate from 3013 Kate Bond Road within two to three months.
Cates, Thomas and Driscoll handled the transaction.
Also, EWP LLC, a local Memphis-based company, has purchased the 6,600-square-foot warehouse formerly occupied by Wisconsin Motors at 2020 Fletcher Creek in the northeast industrial submarket for $350,000.
Cates, Thomas and Driscoll represented the seller, Schaefer Memphis LLC. Ed Pierce with RE/MAX on Track represented the buyer.
“It was an appealing sale because the buyer was able to pay cash for the deal and close quickly,” Thomas said. “We had multiple offers on the property, and in this market, if we can find a cash buyer that’s ready and willing to close in a timely manner if the price is similar, the seller is always going to choose the all-cash buyer.”
The buyer is going to be building custom exotic vehicles in the property, Thomas said.
“It’s got six or seven drive-in doors on the back, so they’re just going to pull the cars in,” Thomas said.
And Titan Investment Group Inc., a division of Medical Manufacturing LLC, has purchased the 4,800-square-foot flex space in Kirby-Whitten Business Park at 6694 Fletcher Creek Cove from Merchants & Farmers Bank for $633,100.
Cates, Thomas and Driscoll represented the seller and were the only agents involved in the deal.
Built in 2007, the Class B warehouse’s 2011 appraisal from the Shelby County Assessor of Property was $320,200.
Based at 6700 Fletcher Creek Cove, Titan manufactures instrumentation and implants for the medical industry.