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VOL. 127 | NO. 133 | Tuesday, July 10, 2012

Praxair Files $2M Permit App for Pidgeon Park Site Work

By Kate Simone

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3587 Paul R. Lowry Road
Memphis, TN 38109
Permit Cost: $2 million

Permit Date: Applied June 2012
Owner: Praxair Inc.
Tenant: Praxair Inc.
Contractor: W.G. Yates & Sons Construction Co.
Details: Praxair Inc., an industrial gases company that operates an air separation complex in Frank C. Pidgeon Industrial Park, has filed a $2 million building permit application to lay a foundation at its facility, 3587 Paul. R. Lowry Road.

The application, filed with the city-county Office of Construction Code Enforcement, lists W.G. Yates & Sons Construction Co. as the general contractor.

Praxair opened the Pidgeon park facility in June 2008.

In March 2011, Danbury, Conn.-based Praxair announced plans for doubling the capacity of the complex to produce oxygen and nitrogen supplies for Nucor Corp. and Valero Energy Corp. The expansion, Praxair said, would add 400 tons per day of liquid production capacity.

The Memphis-Shelby County Industrial Development Board in July 2011 approved a payment-in-lieu-of-taxes application for the project. The decision, which came at the IDB’s final meeting before the board became part of the Economic Development Growth Engine (EDGE), granted Praxair an 11-year PILOT toward the $46.4 million project, which created 25 jobs.

8398 U.S. 64
Bartlett, TN 38133
Sale Amount: $2.9 million

Sale Date: June 7, 2012
Buyer: Magee Investments LLC
Seller: Bayrock Freedom LLC
Details: A 4,700-square-foot bank building near Wolfchase Galleria has sold for $2.9 million. Madison, Wis.-based Magee Investments LLC bought the site, which is leased to First Bank, from Bayrock Freedom LLC, the property’s owner since 2008.

The bank building, 8398 U.S. 64, was built in 2000 and is situated on about an acre on the north side of U.S. 64 west of New Brunswick Road, in front of Walmart Supercenter. The Shelby County Assessor of Property’s 2012 appraisal is $1.6 million.

First Bank’s lease runs through January 2027, and in conjunction with the sale, Charlotte, N.C.-based Bayrock conferred its landlord rights to Magee.

5500 Poplar Ave. and
5508 Poplar Ave.
Memphis, TN 38117

Loan Amount: $2.5 million
Loan Date: June 26, 2012
Maturity Date: June 1, 2022
Borrower: Poplar Yates Associates
Lender: Financial Federal Savings Bank
Details: Poplar Yates Associates, an entity affiliated with Memphis-based Lichterman Properties LLC, has financed several buildings on Poplar Avenue near South Yates Road through Financial Federal Savings Bank for $2.5 million. One of the properties, a former Samuel’s Furniture store, will soon house Hollywood Feed pet food store and Office Depot office supplies store.

The buildings are on two parcels on the north side of Poplar west of South Yates Road. Built in 1969, the former Samuel’s is a Class A building totaling roughly 20,000 square feet. The 2012 appraisal of the 1-acre site, which the Shelby County Assessor of Property lists at 5510 Poplar, is $1.7 million. (For details on the future Hollywood Feed and Office Depot, see The Daily News’ Monday, July 9, edition.)

The second parcel includes four Class B office buildings totaling 23,164 square feet. Constructed in 1983, those buildings are on 1.9 acres to the west of the shopping center. The assessor’s 2012 appraisal of that parcel is $2 million.

6423 Shelby View Drive
Memphis, TN 38134

Loan Amounts: $3.9 million (Belz Devco);
$3.6 million
 (Southridge Industrial)

Loan Date: June 26, 2012
Maturity Date: July 1, 2017
Borrowers: Belz Devco GP and Southridge Industrial GP
Lender: Thrivent Financial for Lutherans
Details: A Class A flex warehouse in Shelby Oaks Corporate Park has been financed by related entities with two loans totaling $7.5 million.

Belz Devco GP’s $3.9 million loan and Southridge Industrial GP’s $3.6 million loan are both through Thrivent Financial for Lutherans; both mature in 2017.

Built in 1999, the 130,500-square-foot warehouse is situated on 6.7 acres at 6423 Shelby View Drive, on the east side of that street south of Raleigh Lagrange Road, in the northeast industrial submarket.

The Shelby County Assessor of Property’s 2012 appraisal is $4.5 million.

Belz Devco and Southridge Industrial are owned and controlled by the same partner and affiliates of one another, according to loan documents.

PROPERTY SALES 51 180 16,377
MORTGAGES 21 57 10,144
BUILDING PERMITS 103 665 39,209
BANKRUPTCIES 31 107 7,704