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VOL. 130 | NO. 150 | Tuesday, August 4, 2015

West-Ward Pharmaceutical Plans Distribution Center Expansion

Daily News & Chandler Reports Staff

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4750 Pleasant Hill Road
Memphis, TN 38116
Loan Amount: $6.1 million

Loan Date: July 16, 2015
Maturity Date: Nov. 16, 2015
Borrower: HSA Commercial Real Estate
Lender: Keybank NA
Details: West-Ward Pharmaceuticals Corp. is expanding its Memphis distribution center.

HSA Commercial Real Estate, working as Memphis Bax LLC and JES Memphis Bax LLC, filed a $6.1 million construction loan through Keystone Bank NA of Chicago July 16 for the New Jersey-based company’s expansion at Southpoint Distribution Center.

The drug company currently leases a 100,000-square-foot building located at 4750 Pleasant Hill Road. The new 50,000-square-foot facility will be constructed on vacant land just east of the current facility.

HSA Commercial Real Estate will develop and manage the site.

The four-month loan, signed on July 16, matures on Nov. 16.

West-Ward Pharmaceuticals, a subsidiary of Hikma Pharmaceuticals PLC, is one of the top generic prescription medication providers in the U.S., offering both oral solid and injectable pharmaceuticals to a growing number of chain stores, wholesalers, distributors, health systems and government agencies.

1300 Wesley Drive
Memphis, TN 38116
Permit Cost: $5.4 million

Project Cost: $8.7 million
Permit Date: July 2015
Completion: Late 2016
Owner: Methodist Le Bonheur Healthcare
Tenant: Methodist South Hospital
Details: Methodist Le Bonheur Healthcare has taken a big step toward the planned renovation of the emergency room at Methodist South Hospital, 1300 Wesley Drive.

Methodist recently filed a $5.4 million building permit application with the city-county Office of Construction Code Enforcement for the work.

While the Whitehaven Methodist facility is a relatively small hospital with only 156 beds, the emergency department is the third-busiest in Memphis.

With over 60,000 annual visits – dramatically increased from 2006 figures of 25,000 visits – the health care provider is having to make sizable changes to fill its role as a primary care facility for a community that has limited access to this type of care.

When completed in late 2016, the $8.7 million project will completely revamp the look and efficiency of the emergency department. The 9,950-square-foot department will grow to 22,750 square feet.

3775 Graves Road
Memphis, TN 38116
Sale Amount: $1.2 million

Sale Date: July 10, 2015
Buyer: Crane Properties LLC (doing business as Crane Manor LLC)
Seller: Jerry Razer
Loan Amount: $804,000
Loan Date: July 10, 2015
Maturity Date: July 10, 2016
Lender: Guadalupe Mabra
Details: Hunter Oaks Apartments sold July 10 for $1.2 million, according to a special warranty deed filed July 23.

Crane Properties LLC, a California limited liability company doing business in Tennessee as Crane Manor LLC, purchased the 76-unit complex from Jerry Razer. The property is located at 3775 Graves Road in Whitehaven, adjacent to the Elvis Presley Boulevard corridor.

Jerry Razer had owned the property since January 1993 when he purchased the complex for $600,000.

Hunter Oaks consists of 11 buildings and sits on 4.53 acres. The complex was originally built in 1974.

1684 Poplar Ave.
Memphis, TN 38104
Sale Amount: $290,000

Sale Date: July 14, 2015
Buyer: R & S Land LLC
Seller: First Tennessee Bank
Loan Amount: $508,578
Loan Date: July 15, 2015
Maturity Date: March 15, 2026
Lender: Regions Bank
Details: The former Paggio’s Salon in Midtown has been bought for $290,000.

R & S Land LLC acquired the property at 1684 Poplar Ave. from First Tennessee Bank, according to a July 14 deed.

The nearly 4,200-square-foot building was built in 1910 and sits on 0.2 acres at the northwest corner of Poplar and North Belvedere Boulevard, just south of where Belvedere turns into North Evergreen Street.

The property served as the longtime home of Paggio’s before the salon relocated to 454 N. Bingham St. in the Broad Avenue area.

In conjunction with the purchase R & S Land filed a $508,578 deed of trust through Regions Bank. Christopher Council Rowland signed the loan as managing member of R & S Land, and James Benton Selecman signed as member.

5055 Covington Way
Bartlett, TN 38134
Sale Amount: $775,000

Sale Date: July 23, 2015
Buyer: Martabra Real Estate LLC
Seller: CP Perimeter Point LLC
Loan Amount: $641,674
Loan Date: July 23, 2015
Maturity Date: July 23, 2020
Lender: Paragon Bank
Details: A Perimeter Point industrial building has been sold for $775,000.

Missouri-based Martabra Real Estate LLC acquired the flex warehouse building at 5055 Covington Way, just off Covington Pike south of Elmore Road, from CP Perimeter Point LLC, an affiliate of California-based Coastal Partners LLC, according to a July 23 warranty deed.

The Shelby County Assessor’s current appraisal of the 11,100-square-foot building, constructed in 1986, is $435,500.

Perimeter Point is a 142,000-square-foot business park. The seven-building campus includes fitness and conference centers.

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BANKRUPTCIES 43 126 3,396