VOL. 127 | NO. 95 | Tuesday, May 15, 2012
Memphis Real Estate Recap
Farrisview Freight Terminal Sells for $1.7 Million
By Kate Simone
2727 Farrisview Blvd.
Memphis, TN 38118
2727 Farrisview Blvd. • Memphis, TN 38118
Sale Amount: $1.7 million
Sale Date: April 27, 2012
Buyer: Vitran Express Inc.
Seller: Old Dominion Freight Line Inc.
Details: Vitran Express Inc., a subsidiary of Toronto-based freight services provider Vitran Corp., has bought a truck terminal at 2727 Farrisview Blvd. from Old Dominion Freight Line Inc. for $1.7 million.
Vitran operates a service center in the 56,386-square-foot terminal, which was built in 1973 and is situated on 12.5 acres on the south side of Farrisview between Airways Boulevard and Lamar Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $1.3 million. Old Dominion bought the terminal in 1996 for $1.5 million.
Vitran provides less-than-truckload, supply chain and logistics services in 34 states and throughout Canada.
3077 Independent Drive
Memphis, TN 38118
Permit Cost: $1.7 million
Permit Date: Applied May 2012
Owner: FedEx Corp.
Tenant: FedEx Corp.
Details: FedEx is planning to expand a sort facility near its Super Hub by Memphis International Airport, according to a $1.7 million building permit application filed with the city-county Office of Construction Code Enforcement.
The permit application covers structural steel and roof work to add 16,650 square feet to a 78,450-square-foot building at 3077 Independent Drive – between Republican Drive to the west and Tchulahoma Road to the east, south of Democrat Road.
Sale Amount: $3.9 million
Sale Date: May 2, 2012
Buyer: 4665 Distriplex Drive LLC
Seller: Road Bay Investments LLC
Loan Amount: $3.7 million
Loan Date: May 2, 2012
Maturity Date: May 2, 2037
Lender: Wells Fargo Bank NA
Details: Salt Lake City-based 4665 Distriplex Drive LLC has bought Class A warehouses in Distriplex Center from Road Bay Investments LLC for $3.9 million, filing a $3.7 million construction loan through Wells Fargo Bank NA at the time of purchase.
The property includes two adjacent parcels comprising the addresses 4599 Distriplex Drive W., 4635 Distriplex Drive W., 4665 Distriplex Drive W. and 3648 Shelby Drive, as well as a 1-acre vacant lot. The Shelby County Assessor of Property lists the occupied parcels as totaling 14.8 acres with two Class A warehouses – 208,540 square feet and 118,640 square feet – built in 1997. Those parcels are on the northwest corner of East Shelby Drive and Distriplex Drive West. The assessor’s 2012 combined appraisal is $8.5 million
The 1-acre vacant parcel is on the east side of Distriplex Drive West, directly across from the other parcels. Its 2012 appraisal is $166,400.
In January, Road Bay executed a purchase agreement with Utah corporation Pro Star Fulfillment Inc., who later assigned its interest in the agreement to 4665 Distriplex Drive LLC.
3435 Millbranch Road
And 4727 Neely Road
Sale Amount: $2.1 million (Millbranch), $1.6 million (Neely)
Sale Date: April 26, 2012
Buyer: Cole FD Portfolio IV LLC
Seller: Family Dollar Stores of Tennessee Inc.
Details: Cole FD Portfolio IV LLC has bought Family Dollar stores on Millbranch Road and Neely Road – two of four that affiliates of Family Dollar Stores of Tennessee Inc. sold to affiliates of Phoenix-based Cole Real Estate Investments as part of a $5.8 million sale-leaseback transaction.
The Family Dollar at 3435 Millbranch Road sold for $2.1 million, while the one at 4727 Neely Road sold for $1.6 million. In addition, Cole affiliate Cole FD Portfolio II LLC bought the Family Dollar at 3338 Austin Peay Highway for $1.4 million and Cole FD Portfolio III LLC bought one at 3685 Lamar Ave. for $1.1 million.
The Shelby County Assessor of Property’s 2012 combined appraisal for the Class B stores, which were built in 2003 and 2004 and total more than 36,000 square feet, is about $2.6 million.
The stores will be leased to Family Dollar through April 2027 with an option to extend for up to 30 more years.
Cole has been the top buyer of net-leased single-tenant properties in the United States during the past decade, according to the company. It manages 1,650 commercial properties totaling about 61.5 million square feet.
Family Dollar, based near Charlotte, N.C., operates 7,100 stores in 45 states.
1991 Exeter Road, 2015 Exeter Road,
2037 Exeter Road and 7781 Farmington Blvd. Germantown, TN 38138
Loan Amount: $8.1 million
Loan Date: April 23, 2012
Maturity Date: April 23, 2017
Borrower: Finard Germantown LLC
Details: Finard Germantown LLC, an affiliate of Burlington, Mass.-based Finard Properties LLC, has financed Germantown Plaza shopping center for $8.7 million through BankTennessee.
Germantown Plaza, which is at the corner of Farmington Boulevard and Exeter Road, comprises about 136,000 square feet of retail and restaurant space on four parcels totaling 11.8 acres, according to the Shelby County Assessor of Property. The center was built in 1979 and includes Class A and Class B buildings, according to the assessor, which lists it at 1991 Exeter Road, 2015 Exeter Road, 2037 Exeter Road and 7781 Farmington Blvd.
The property’s 2012 appraisal totals $8.7 million. Finard bought Germantown Plaza in 2006 for $8.7 million.
Finard has a Memphis office at 145 Court Ave. and owns multiple Memphis properties, including Poplar Plaza at Poplar Avenue and South Highland Street.