VOL. 128 | NO. 132 | Tuesday, July 9, 2013
Memphis Real Estate Recap
Barnhart Buys Industrial Property for Expansion
By Eric Smith
2085 W. E. Freeman Drive
Memphis, TN 38114
2085 W. E. Freeman Drive • Memphis, TN 38114
Sale Amount: $2.6 million
Sale Date: June 27, 2013
Buyer: Barnhart Crane and Rigging Co.
Seller: Varma Family LP
Details: Barnhart Crane & Rigging Co. has paid $2.6 million for the industrial property at 2085 W.E. Freeman Drive in the Defense Depot area as part of its local expansion.
The Memphis-based company bought the 153,455-square-foot facility in a June 27 special warranty deed from Varma Family LP.
The board of the Economic Development Growth Engine for Memphis and Shelby County last month approved a nine-year payment-in-lieu-of-tax (PILOT) program for Barnhart.
The company plans to invest $5.2 million in the property, including the addition of a 60,000-square-foot warehouse. The expansion should add 20 jobs, at an average salary of $64,532, and create $838,043 in new tax revenue for the city and county.
The project will bring in $1.27 of new tax revenue for every $1 abated, according to EDGE.
Built in 1990, the Class C industrial building sits on 14.4 acres on the west side of W.E. Freeman Drive north of Memphis Depot Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
Varma Family bought the property in 2011 from The Depot Redevelopment Corp. of Memphis and Shelby County, Tennessee, for $1.1 million.
0 State Line Road
Memphis, TN 38116
Sale Amount: $1.5 million
Sale Date: June 27, 2013
Buyer: Old Dominion Freight Line Inc.
Seller: Ferrell Properties
Details: Old Dominion Freight Line Inc. has paid $1.5 million for 59.2 acres of land at Airways Boulevard and State Line Road for its Memphis expansion.
The Thomasville, N.C.-based company bought the land, which abuts Interstate 55 at the Tennessee-Mississippi state line, June 27 from Ferrell Properties.
The purchase closed a week after the city-county Economic Development Growth Engine (EDGE) approved a nine-year payment-in-lieu-of-taxes (PILOT) program for Old Dominion.
EDGE awarded Old Dominion a nine-year PILOT to add 188 new jobs and invest $31.3 million in a building on the newly acquired land. Old Dominion, a less-than-truck-load carrier, said it had outgrown its current facility at 3050 Carrier Road.
According to an EDGE staff report, the project will create $7.8 million in new tax revenue for Memphis and Shelby County.
The average salary of the new employees will be $52,111. EDGE staff predicts the deal will produce $1.60 in tax revenue for every $1 in taxes abated.
The vacant land that Old Dominion bought has a 2013 appraisal of $270,400, according to the Shelby County Assessor of Property.
6825 E. Holmes Road
Memphis, TN 38141
Sale Amount: $1.8 million
Sale Date: June 24, 2013
Buyer: New Life in Christ Fellowship Church
Seller: LaBelle Haven Baptist Inc.
Loan Amount: $1.6 million
Loan Date: June 24, 2013
Maturity Date: June 24, 2017
Lender: Sycamore Bank
Details: The LaBelle Haven Baptist church at 6825 E. Holmes Road in Hickory Hill has been sold for $1.8 million.
New Life in Christ Fellowship Church of Mississippi bought the church in a June 24 warranty deed from LaBelle Haven Baptist Inc.
Because it is exempt from property taxes, dwelling information isn’t available on the Shelby County Assessor of Property website, but the church sits on 14.9 acres on the south side of East Holmes Road between Riverdale and Ross roads.
New Life in Christ Fellowship Church, which has a church in Olive Branch, filed a $1.6 million deed of trust through Sycamore Bank in conjunction with the purchase.
The Rev. Kevin B. Willis Sr. signed the trust deed, as did pastor Linda K. Willis and elders Audrey T. Betts, Gregory K. Kerr and Quincy L. Preston.
1615 Sycamore View Road
Memphis, TN 38134
Sale Amount: $1.1 million
Sale Date: June 21, 2013
Buyer: Millennium Trust Co. as Custodian for SBrown & Associates CRE #105 LLC
Seller: Sycamore View LLC
Details: The Starbucks coffee shop at 1615 Sycamore View Road in Northeast Memphis has sold for $1.1 million.
Millennium Trust Co. as Custodian for SBrown & Associates CRE #105 LLC, bought the 6-year-old, 1,896-square-foot shop June 21 from Sycamore View LLC.
John F. Caldwell signed the warranty deed as managing partner of Sycamore View, which bought the then-vacant land in 2006 for $311,715 from Belz Investco GP.
Built in 2007, the Starbucks sits on slightly less than an acres along the west side of Sycamore View Road between its intersection with Interstate 40 and Summer Avenue.
The Shelby County Assessor of Property’s 2013 appraisal is $587,600.
The buying entities are Oak Brook, Ill.-based Millennium Trust Co. and San Francisco-based SBrown & Associates CRE. No financing was associated with the purchase.