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VOL. 127 | NO. 114 | Tuesday, June 12, 2012

MEPPI Files $155M Permit App For Rivergate Plant, Office

By Kate Simone

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2865 Riverport Road
Memphis, TN 38109


Permit Cost: $155 million

Permit Date: Applied June 2012

Owner: Mitsubishi Electric Power Products Inc.

Tenant: Mitsubishi Electric Power Products Inc.

Details: Mitsubishi Electric Power Products Inc. has filed a massive permit application for the manufacturing facility it is building on Riverport Road in Memphis’ southwest industrial submarket. The $155 million application filed with the city-county Office of Construction Code Enforcement covers the manufacturing facility and an office building.

MEPPI’s 350,000-square-foot Memphis plant, which is in Belz Enterprises Inc.-owned Rivergate Industrial Port, will produce transformers and generators – each in excess of a million pounds – for companies like Tennessee Valley Authority and Southern Co.

MEPPI held a job fair in February to help fill the 275 hourly and salaried workers the plant is expected to employ when it reaches full production. The company is still seeking management, engineering, information systems, production and quality control employees, according to its website.

8230 Rockcreek Parkway
Cordova, TN 38016

Sale Amount: $27.3 million

Sale Date: June 1, 2012


Seller: Lincoln at Wolfchase Associates LLC

Details: Investment management firm Archon Group LP has bought the 408-unit Lincoln at Wolfchase apartment complex in Cordova for $27.3 million from Lincoln at Wolfchase Associates LLP.

Archon completed the sale under the name MLQ-ELD LLC.

The Class A complex was built in 1998 on 31 acres at 8230 Rockcreek Parkway, south of Interstate 40 and east of North Germantown Parkway in Countryhill Planned Unit Development. Lincoln uses the address 2460 Vintage Drive. The Shelby County Assessor of Property’s 2012 appraisal is $22.6 million.

Lincoln at Wolfchase offers one-, two- and three-bedroom units in three-story buildings; amenities include business and health centers, a clubhouse and pool.

Archon, which was founded by The Goldman Sachs Group Inc. in 1996, manages more than $59 billion in assets in North America, Asia and Europe. It is headquartered in Irving, Texas, with other U.S. offices in Washington and Boston.

2145 Union Ave.
Memphis, TN 38104

Sale Amount: $9.5 million

Sale Date: May 30, 2012

Buyer: WG Memphis LLC

Seller: LAF Brothers Properties LLC

Details: Florida-based entity WG Memphis LLC has bought the Ike’s drug store property at 2145 Union Ave., as well as three adjacent parcels of vacant land, for $9.5 million from Little Rock, Ark.-based LAF Brothers Properties LLC.

The parcels total about 2.4 acres on the south side of Union Avenue, bounded by South Cooper Street to the west and Summit Street to the east. The store itself was built in 1950 and is 27,800 square feet.

LAF Brothers bought the parcel containing the drug store in November for $500,000; it bought the other three parcels in 2010 for $3.7 million. The Shelby County Assessor of Property’s combined 2012 appraisal is about $3.9 million.

In 2010, Walgreen Co. bought 17 local drug stores under the Super D and Ike’s brand names; the signage on the Union Avenue property still reads Ike’s.

6636 Shelby Drive, 3315 E. Shelby Drive, 3355 Hickory Hill Road and 2980 Summer Ave.

Sale Amounts: $1.1 million (6366 Shelby); $644,424 (3315 E. Shelby), $1.6 million (3255 Hickory Hill); $1.6 million (2980 Summer)

Sale Date: June 1, 2012

Buyer: Realty Income Properties 18 LLC (6366 Shelby); Realty Income Properties 17 LLC (3315 E. Shelby); Realty Income Properties 19 LLC (3355 Hickory Hill and 2980 Summer)

Seller: Family Dollar Stores of Tennessee Inc.

Details: Family Dollar Stores of Tennessee Inc. has sold four Memphis stores to California-based Realty Income Corp. as part of a $4.9 million sale-leaseback.

The Class B stores were built in 2003 and 2004 and range from 7,808 square feet to 9,180 square feet. Each is situated on about 1 acre.

Matthews, N.C.-based Family Dollar Stores Inc., which trades on the New York Stock Exchange under ticker FDO, operates more than 7,200 stores in 45 states. Realty Income Corp., which trades on NYSE under ticker O, owns more than 2,600 sale-leaseback properties in 49 states.

1.7 Acres on North Side
Of Quince Road

Sale Amount: $400,000

Sale Date: June 4, 2012

Buyer: Memphis-Quince LLC

Seller: Wills & Wills LP

Loan Amount: $1.7 million

Loan Date: June 4, 2012

Maturity Date: May 31, 2027

Lender: Magna Bank

Details: Memphis-Quince LLC has bought 1.7 acres on the north side of Quince Road from Wills & Wills LP, filing a $1.7 million construction loan through Magna Bank at the time of sale.

The land is between Kirby Gate Boulevard to the west and Kirby Parkway to the east, part of an 18.7-acre parcel owned by Wills & Wills. The Shelby County Assessor of Property’s 2012 appraisal for the entire 18.7 acres, which is in Kirby Gate West Planned Development, is $1.3 million. The construction loan matures in May 2027.

PROPERTY SALES 128 234 13,285
MORTGAGES 80 152 8,323