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VOL. 128 | NO. 10 | Tuesday, January 15, 2013


Realty Income Corp. Buys Herbalife Facility

By Eric Smith

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5025 Crumpler Road Memphis, TN 38141

Sale Amount: $16.6 million

Sale Date: Dec. 20, 2012

Buyer: Terraza 2 LLC (Realty Income Corp.)

Seller: Memphis Herb GP

Details: An affiliate of Escondido, Calif.-based Realty Income Corp. has paid $16.6 million for the Herbalife International of America Inc. distribution center at 5025 Crumpler Road in Hickory Hill.

Terraza 2 LLC bought the 131,672-square foot facility in a Dec. 20 special warranty deed from Memphis Herb GP, an affiliate of Sherman Oaks, Calif.-based Cardinal Industrial.

5025 Crumpler Road • Memphis, TN 38141

Built in 2006, the Class A distribution center sits on 15.92 acres on the west side of Crumpler Road, between East Shelby Drive and East Holmes Road. The Shelby County Assessor of Property’s 2012 appraisal was $4.6 million.

The building’s tenant, Herbalife – a nutrition-focused multilevel-marketing company – announced last August plans to expand the distribution center when it filed a $4.8 million building permit application for the property.

The scope of the application filed with the city-county Office of Construction Code Enforcement included site grading, footing and foundation, sewer relocation, new office and warehouse space, upgraded electrical service and other site improvements.

Kajima Building & Design Group, an Atlanta-based company with a satellite office in Memphis, was listed as the project’s general contractor.

This marked Realty Income’s second Memphis purchase in recent weeks. In December it paid $1.1 million for the Advance Auto Parts store at 9811 U.S. 64 in Arlington.

Operating as Realty Income Properties 18 LLC, the company bought the 6,708-square-foot retail store in a Dec. 7 special warranty deed from Advance Stores Co. Inc. of Roanoke, Va.

6380 Holmes Road

Memphis, TN 38141

Loan Amount: $9.1 million

Loan Date: Dec. 27, 2012

Maturity Date: N/A

Borrower: IIT Chickasaw LLC

Lender: Jackson National Life Insurance Co.

Details: An affiliate of Denver-based Industrial Income Trust has filed a $9.1 million loan on the 437,740-square-foot warehouse at 6380 Holmes Road in Hickory Hill.

The entity known as IIT Chickasaw LLC filed the deed of trust Dec. 27 through Jackson National Life Insurance Co. as part of a larger $105 million loan on multiple properties.

The company bought the industrial facility in a Dec. 5 special warranty deed from Industrial Property Fund VI LLC, an affiliate of Atlanta-based Industrial Developments International Inc.

Built in 2004, the Class A warehouse facility sits on 21.76 acres in the Chickasaw Distribution Center at the northwest corner of Holmes and Crumpler roads. The Shelby County Assessor of Property’s 2012 appraisal was $12.2 million.

Lainie Minnick signed the trust deed as senior vice president of Industrial Income Trust, as general partner of the buyer.

The purchase marked Industrial Income Trust’s second Memphis acquisition in 2012. The company in July bought an 890,000-square-foot industrial portfolio in Southeast Memphis from CRP Holdings B LP for $24.3 million.

Prior to this most recent sale, the city-county Industrial Development Board quitclaimed the property to Industrial Property Fund VI, which owned the building through the IDB’s payment-in-lieu-of-taxes (PILOT) program.

8590 Farmington Blvd.

Germantown, TN 38139

Sale Amount: $1.2 million

Sale Date: Dec. 27, 2012

Buyer: Millbranch Properties LLC

Seller: Edward S. Kaplan Irrevocable Insurance Trust, Dated Dec. 22, 1989

Loan Amount: $1.1 million

Loan Date: Dec. 27, 2012

Maturity Date: N/A

Lender: Triumph Bank

Details: A Memphis-based company called Millbranch Properties LLC has paid $1.2 million for the multi-building office complex at 8590 Farmington Blvd. in Germantown.

The company bought the 22,580-square-foot property Dec. 27 from the Edward S. Kaplan Irrevocable Insurance Trust, Dated Dec. 22, 1989. The trust had acquired the property in 2001 for $1 million.

Built in 1979, the mixed-used office complex sits on 2.38 acres along the north side of Farmington Boulevard between Allenby Road and Cameron-Brown Park. The Shelby County Assessor of Property’s 2012 appraisal was $864,600.

Millbranch Properties filed a $1.1 million deed of trust in conjunction with the purchase. Blair Graber signed the trust deed as manager of Millbranch Properties.

23.74 acres in Collierville

Loan Amount: $1.9 million

Loan Date: Jan. 3, 2013

Maturity Date: N/A

Borrower: Crews Development LLC

Lender: Triumph Bank

Details: Crews Development LLC has filed a $1.9 million construction loan through Triumph Bank for 23.74 acres of land in Collierville.

The company filed the loan Jan. 3 for the Shepherd’s Creek Planned Development. The land is at the southwest corner of Frank and Shea roads, north of West Poplar Avenue.

Jason Crews signed the construction deed of trust as president of Crews Development. Crews Development bought the land Oct. 31 from Shea Partners for $1.3 million.

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