VOL. 130 | NO. 252 | Tuesday, December 29, 2015
Memphis Real Estate Recap
Crestview Collection Makes New HQ in Oakhaven
By Madeline Faber
4300 Concorde Road
Memphis, TN 38118
Sale Amount: $6.9 million
Sale Date: Dec. 15
Buyer: CLI Inc.
Seller: Lester McMahan Partnership
Loan Amount: $6 million
Loan Date: Dec. 15
Maturity Date: Jan 1, 2031
Lender: Kansas City Life Insurance Co.
Details: The Williams-Sonoma distribution center in Oakhaven has sold for $6.9 million.
Tennessee-based CLI Inc. purchased the property at 4300 Concorde Road from California-based Lester McMahan Partnership, according to a Dec. 15 warranty deed.
Memphis-based import company Crestview Collection plans to use the property as its new headquarters, according to a release.
Built in 1984, the 436,320-square-foot Class B warehouse is situated on 25 acres southeast of where Lamar Avenue and East Raines Road intersect. The Shelby County Assessor’s 2016 appraisal is $6 million.
In conjunction with the sale, CLI Inc. filed a $6 million mortgage with Kansas City Life Insurance Company set to mature Jan. 1, 2031.
Rick Wood, executive vice president of Financial Federal Bank, provided the acquisition financing through Kansas City Life Insurance Co.
Henry Stratton of Colliers International represented the buyer, and Dan Wilkinson and Allen Wilkinson, also with Colliers, represented the seller.
8405 US Highway 64
Memphis, TN 38133
Sale Amount: $3.2 million
Sale Date: Nov. 2
Buyer: FCPT Restaurant Properties LLC
Seller: GMRI Inc.
Details: A Wolfchase Galleria-area Olive Garden has changed hands for $3.2 million.
Florida-based GMRI Inc. sold the property at 8405 US Highway 64 to Florida-based FCPT Restaurant Properties LLC, according to a Nov. 2 warranty deed.
In conjunction with the sale, FCPT Restaurant Properties signed a 13-year lease with GMRI Inc.
FCPT Restaurant Properties and GMRI are both fully-owned subsidiaries of Darden Restaurant Group, which houses brands like Olive Garden, LongHorn Steakhouse, Seasons 52 and Bahama Breeze.
According to the Shelby County Assessor of Property, the 8,139-square-foot restaurant was built in 2001. It is appraised at $2.5 million.
1648 W. Massey Road
Memphis, TN 38120
Owner: Savage Venture Partners LLC
Tenant: Speak Creative
Architect: ANF Architects
Details: Speak Creative will break ground Jan. 5 on its new East Memphis headquarters at 1648 W. Massey Road.
On Nov. 4, The Daily News reported that Jacob Savage, president of Speak Creative, was constructing a 12,000-square-foot office building with his development company Savage Venture Partners LLC.
Savage also has developed office real estate in Cordova, where Speak Creative currently holds offices at 8337 Cordova Road.
ANF Architects designed the building, which will include private office space and two stories of common areas. Thirty-nine parking spots are planned.
Cushman & Wakefield/Commercial Advisors will manage leasing of the remaining space. Offices from 1,500 to 6,000 square feet are available.
168 East Parkway S.
Memphis, TN 38112
Loan Amount: $1.7 million
Loan Date: Dec. 15, 2015
Maturity Date: Dec. 16, 2025
Lender: The People’s Bank
Borrower: Memphis Theological Seminary
Details: The first wave of Memphis Theological Seminary’s expansion is coming.
The seminary on Dec. 16 signed a 10-year, $1.7 million mortgage with Mississippi-based The People’s Bank.
In October, the Memphis seminary announced a $25 million campaign to support a new chapel and classroom building, endowments and scholarships and deferred maintenance on the current campus at 168 East Parkway S.
Memphis Theological Seminary president Daniel Jay Earhart-Brown signed as grantor on the loan.
80 Monroe Ave.
Memphis, TN 38103
Tenant: United States Citizenship and Immigration Services
Landlord: Olymbec USA
Landlord’s Agent: Gray Fiser and Alex Stringfellow
Details: A federal agency is moving to the Brinkley Plaza office building Downtown in the first quarter of 2016. The Memphis field office of the United States Citizenship and Immigration Services will be taking up the seventh floor in the Downtown Class B building.
The 24,156-square-foot lease brings the building at 80 Monroe Ave. to 74 percent occupancy. Memphis Immigration Court is also located in Brinkley Plaza.
With the move comes $1.3 million in renovations to the seventh floor as Olymbec USA applied for a construction permit earlier this month with the city-county Office of Construction Code Enforcement.
In 2012, Montreal-based Olymbec USA, an entity of Olymbec Corporate Group, bought the 227,501-square-foot building and its 300-space covered parking garage for $7.2 million.
USCIS will be leaving its home at 842 Virginia Cove, a 30,060-square-foot building it shares with Immigration and Customs Enforcement.
CB Richard Ellis represented Olymbec in the lease.