VOL. 129 | NO. 208 | Friday, October 24, 2014
Willow Lake Sales Positive News For The Market
By Amos Maki
The sale this week of five properties inside Willow Lake Business Park and Corporate Park for $4.2 million was welcome news for several reasons.
For one, true owners tend to take much better care of properties and market them more aggressively than special servicers like Bethesda, Md.-based CWCapital Asset Management.
And, maybe more importantly, the sale of the properties can help reset values, which may have remained a bit depressed while properties are in special servicing limbo.
“The reality is the market has to clear some of this distressed product the lenders or special servicers control,” said Shane Soefker, executive vice president and principal of the Cushman & Wakefield/Commercial Advisors Capital Markets team, which handled the sales. “The more that they get cleared out the better the market will be eventually. It resets values in the market, especially when they’re concentrated in certain areas, like in Willow Lake.”
A total of five buildings inside Willow Lake traded hands this week.
Eagle Capital LLC, an affiliate of Olymbec USA LLC, acquired 3900 Willow Lake Blvd. and 4100 Willow Lake Blvd. from 198-6 Memphis Industrial Portfolio Holdings LLC, which is affiliated with CWCapital Asset Management, for $1.9 million.
Those acquisitions marked the continuation of a Memphis buying spree for Olymbec USA, an entity of Montreal-based Olymbec Corporate Group.
Olymbec acquired the 1.8 million-square-foot Bellbrook industrial park in 2013 for around $23.3 million.
In May, Olymbec bought the 336,000-square-foot industrial building at 4219 Air Trans Road for $4 million.
Last year, Olymbec acquired the Caterpillar Logistic Services building at 5000 E. Raines Road for $8.6 million, the 219,557-square-foot Brinkley Plaza at 80 Monroe Ave. and the 157,000-square-foot, Class C industrial warehouse at 3615 Lamar Ave.
“This is the kind of market that is perfect for them,” Soefker said. “They just think there is a lot of value here and a lot of opportunity.”
Three other buildings inside Willow Lake – 5300 and 5246 E. Raines Road and 3960 Willow Lake Blvd. – were sold to the Chicago-based Congaree River Limited Partnership, which is affiliated with the Elizabeth Beidler Tisdahl Foundation, for $2.3 million.
The seller of the Willow Lake buildings has now shed itself of five of the nine properties it controlled in the park.
• A Louisiana-based restaurant chain with 46 locations in five states has opened its first Memphis area location in Cordova.
Sam’s Southern Eatery has inked a lease for 4,449 square feet at 815 Exocet Drive, just off Germantown Parkway, behind Outdoors Inc. and Wendy’s.
Sam’s Southern Eatery, which features fresh seafood, sandwiches, salads and vegetables, is looking to expand their brand in Memphis and North Mississippi and they have at least one other negotiation in the Memphis market in process, said Wilson McCloy with Crye-Leike Commercial.
McCloy represented landlord Patriot Square GP and Susan Hines, also of Crye-Leike Commercial, represented the tenant, Monticello Seafood and More, doing business as Sam’s Southern Eatery.
• In other news, restaurant owner Abdel Aziz Merdas has rebranded Zaytoon Mediterranean Grill in Trinity Commons on Germantown Parkway in Cordova.
The new name of the restaurant is Marrakech Restaurant.
Last August, Merdas bought Zaytoon from Mohammad Halimah and operated the restaurant in the same name.
Laura Warren represented the landlord, Loeb Properties, in the deal.