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VOL. 128 | NO. 99 | Tuesday, May 21, 2013


Cresthaven Medical Building Sells for $2.5 Million

By Eric Smith

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1068 Cresthaven Road Memphis, TN 38119

Sale Amount: $2.5 million

Sale Date: May 2, 2013

Buyer: Cohen Cresthaven LLC

Seller: American Strategic Income Portfolio Inc.-III

Loan Amount: $2.3 million

1068 Cresthaven Road • Memphis, TN 38119

Loan Date: May 6, 2013

Maturity Date: June 1, 2018

Lender: Holliday Fenoglio Fowler LP

Details: The 125,160-square-foot Cresthaven Medical Building at 1068 Cresthaven Road in East Memphis has sold for $2.5 million.

Cohen Cresthaven LLC, a local affiliate of Miami-based Cohen Realty Management LLC, bought the five-story medical office property May 2 from American Strategic Income Portfolio Inc.-III.

Built in 1986, the Class B facility – which includes a roughly 50,000-square-foot office building and adjacent parking garage – sits on 2.5 acres along the east side of Cresthaven between Poplar Avenue and Murray Road. The Shelby County Assessor of Property’s 2013 appraisal is $2.5 million.

David A. Yale signed the warranty deed as vice president of Minneapolis-based American Strategic Income Portfolio Inc.-III, which had acquired the property in a 2009 quitclaim deed from FPA Cresthaven Associates LLC.

In conjunction with the purchase, Cohen Cresthaven filed a $2.3 million deed of trust May 6 through Holliday Fenoglio Fowler LP. Richard I. Cohen signed the deed as manager of the buying entity.

3100 New Frayser Blvd.

Memphis, TN 38128

Permit Cost: $4.4 million

Project Cost: $301 million

Permit Date: Issued May 2013

Completion: TBA

Owner: Nike Inc.

Tenant: Nike Inc.

Architect: N/A

Contractor: S.A. Comunale Co. Inc.

Details: The city-county Office of Construction Code Enforcement has issued a $4.4 million mechanical permit for work on Nike Inc.’s North Memphis distribution center at 3100 New Frayser Blvd.

The permit was issued to S.A. Comunale Co. Inc., an Akron, Ohio-based “mechanical, fire protection and HVAC services company,” according to its website.

It is one of what will likely be many permits filed for the $301 million project, and it follows a recent $3 million permit that calls for the installation of “industrial steel storage racks” by Elk Grove, Ill.-based Wynright Corp.

Nike in January paid $2.2 million for about 200 acres of vacant land in Frayser from Belz Investco GP for the distribution center.

Operating in the transaction as Nike TN Inc., the Beaverton, Ore.-based sports giant bought the land in two parcels – a 162.5-acre tract and a 38.4-acre tract, both north of Nike’s 1.1 million-square-foot facility in Belz Enterprises Inc.’s Northridge Industrial Park.

The board of the Memphis and Shelby County Economic Development Growth Engine approved last October a 15-year payment-in-lieu-of-taxes (PILOT) agreement with Nike for the $301 million project.

According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 more once the expanded facility opens, said Willie Gregory, Nike director of Community and Business Relations.

The PILOT amounts to a $57.8 million tax break with a local tax benefit of $105.3 million in return.

2515 Covington Pike

Memphis, TN 38128

Sale Amount: $245,000

Sale Date: May 3, 2013

Buyer: Baha Hajjeh

Seller: James Wesley Bevels

Loan Amount: $1.3 million

Loan Date: May 3, 2013

Maturity Date: May 3, 2014

Lender: First Citizens National Bank

Details: The new owner of a car wash at 2515 Covington Pike in Raleigh has filed a $1.3 million construction loan on the property.

Baha Hajjeh filed the construction deed of trust May 3 through First Citizens National Bank.

Hajjeh is founder and president of Hajjeh Oil Co., a Memphis-based company that “supplies wholesale petroleum products to business and individuals (consumer, commercial, aviation, farming, trucking, construction etc. ...),” according to its website.

Hajjeh bought the 32-year-old car wash May 3 for $245,000 from James Wesley Bevels, who had acquired the property for $375,000 in 1999. Built in 1981, the 600-square-foot car wash sits on 0.5 acres at the northwest corner of Covington Pike and Raleigh-LaGrange Road. The Shelby County Assessor of Property’s 2013 appraisal is $153,400.

9700 Village Circle

Lakeland, TN 38002

Loan Amount: $1.7 million

Loan Date: May 10, 2013

Maturity Date: N/A

Borrower: RG Development LLC

Lender: Renasant Bank

Details: Architecture and engineering firm Renaissance Group has filed a $1.7 million loan on its headquarters at 9700 Village Circle in Lakeland.

Operating as RG Development LLC, the locally owned company filed the deed of trust, assignment of rents and security agreement May 10 through Renasant Bank. Michael E. Terry signed the deed as chief managing officer of Renaissance Group.

Built in 2005, the 12,804-square-foot, Class B office building sits on 1.4 acres on the west side of Village Circle near East Davies Plantation Road. The company also owns a 1.2-acre vacant parcel that fronts East Davies Plantation and is adjacent to the property housing the firm’s office building.

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