VOL. 127 | NO. 63 | Friday, March 30, 2012
Crye-Leike Sells Properties, Land At Feb. Auction
By Sarah Baker
Multiple properties in the Memphis area have traded hands as a result of an auction held by Crye-Leike Auction Services in February.
Kays Nawaf Employee Pension Plan sold three flex warehouse buildings at 4652 Damascus Road, 4660 Damascus Road and 4668 Damascus Road, ranging from 7,450 square feet to 10,160 square feet. There was a published minimum bid of $83,000 each.
An individual investor purchased the buildings at 4652 Damascus Road for $132,000 and 4660 Damascus Road for $124,300, said Bill Caller, principal auctioneer with Crye-Leike.
Meanwhile, 4668 Damascus Road sold to Theodore M. Wilson III and Kimberly A. Wilson III on Tuesday, March 27, for $99,000, according to the Shelby County Register of Deeds. The purchase was financed with a $79,000 mortgage through Community Bank.
Caller said all buyers of the Damascus properties will likely hold onto and lease out each warehouses.
Also, Reaves Family Trust sold nine tracts/wooded lots of the Players Forest Office Park off Players Club Parkway in Quince/Ridgeway’s 38119 ZIP code for a combined total of $16,500. The lots within the gated office park range from one-half acre to 1.6 acres.
Last, Serafina Facelli Family Trust sold the 31 acres at 4530 Clarke Road in Hickory Hill South’s 38141 ZIP code for $77,000. The property includes a house and currently has residential zoning, but Caller said it has potential for future commercial or industrial use.
• In other commercial leasing news, Larry’s Pizza has signed a 4,000-square-foot lease at Kirby Gate Shopping Center, 2857 Kirby Road, in the former McAlister’s Deli space.
The pizza company is based in Arkansas and is new to the Memphis market.
Brian Califf of NAI Saig Co. represented the tenant. Gary Myers of The Gary Myers Co. represented the landlord, Walter Wills.
“They have all these funky pizzas and they bring them all around to your table,” Califf said. “It’s basically like a buffet where they bring it all to your table so you can sample every pizza on their menu. You just take a piece of what you want.”
Califf said Larry’s Pizza wants to add two or three others in the Memphis area.
“We’re looking for any second-generation restaurant space,” he said. “That old McAlister’s is perfect for their first one; it’s a clean space.”
Larry’s Pizza is planning to open in Kirby Gate by June 1.
In retail news, Ken Bauer and Kristi Bauer, franchise owners of the Memphis Pinot’s Palette franchise, have signed a lease for 2,052 square feet at Sanderlin Place, 5040 Sanderlin Ave., suite 111.
Aaron Petree, vice president brokerage with Loeb Properties Inc., represented the landlord and was the only broker involved.
Pinot’s Palette is a “paint and sip” concept where painters bring their own wine and hors d’oeuvres, Kristi Bauer said. Classes will be offered about four nights a week, and the space – in the center’s eastern end-cap – will be available for private parties and corporate team-building events.
“We’ll have a private party room as well as the main room,” Bauer said. “We think it’s a great location. I feel like it’s the heart of the city. From Germantown to Downtown, it’s very easily accessible. It’s a good neighborhood, and I think it’s the perfect place for the kind of business that we are opening.”
The shop is also looking into holding offsite “collaborative events” like festivals and fundraisers, Bauer said.
Pinot’s Palette hopes to open by the first weekend in June and that eventually she and her husband would like to open more than one in Memphis.
• And Edward D. Jones & Co. has signed a 1,200-square-foot office lease at 7980 Brother Blvd., suite 104, in Bartlett.
The five-term lease begins April 1. Jeff Waddell with Crye-Leike Commercial’s Arlington office represented the landlord, RL Scobey Investments LLC.