Developer Charlie Ryan Focusing on Central-Cooper Intersection

By Amos Maki

765 Tanglewood St., Memphis, TN 38104

765 Tanglewood St.
Memphis TN 38104
Sale Amount: $27,000

Sale Date: Feb. 9, 2015
Buyer: Charles S. “Charlie” Ryan
Seller: Cowles Development Company LLC
Details: Developer Charles S. “Charlie” Ryan has acquired a key piece of Midtown property.

Ryan purchased the lot at 765 Tanglewood St., which is located just southwest of the intersection of Central Avenue and Cooper Street, from Cowles Development Co. LLC for $27,000, according to a Feb. 9 warranty deed.

Ryan has been focused on the Central-Cooper intersection for several years and has held several rounds of discussions with property owners around the Midtown intersection about acquiring property.

Ryan owns the property at 752 S. Cooper St., where Aldo’s Pizza Pies has a location. Last year, Ryan acquired the Toad Hall Antiques property at the southwest corner of Central and Cooper for $460,000. Ryan has approached Haizlip Studio adjacent to the Toad Hall space and held discussions with the owners of the Albert Cook Plumbing Co.

In November, Ryan declined to go into specifics about his efforts but did say a mixed-use project in that area would make sense.

6005 Freeport Road
Memphis, TN 38141

Permit Amount: $5.2 million

Permit Application Date: February 2015
Tenant: Kuehne + Nagel
Contractor: Metro Construction LLC
Details: Kuehne + Nagel is preparing to make improvements to its southeast Memphis warehouse.

Kuehne + Nagel has applied for a $5.2 million building permit through the city-county Office of Construction Code Enforcement to make improvements to an employee entrance at 6005 Freeport Road, a 547,216-square-foot industrial building built in 2000. Metro Construction LLC is listed as the contractor on the application.

Exeter Property Group acquired the Freeport property and three other Memphis facilities in 2014 as part of a broader 4.4 million-square-foot, $132 million portfolio transaction with special servicer LNR Property LLC.

The four Memphis buildings included in the sale are the 625,000-square-foot building at 5200 Transportation Drive, occupied 100 percent by Trane; the building at 6005 Freeport; the 600,000-square-foot building at 3399 E. Raines Road, occupied 100 percent by Philips Electronics North America; and the 337,655-square-foot building at 4550 Swinnea Drive occupied partially by Ingram Micro.

1230 N. Houston Levee Road
Cordova, TN 38018

Permit Amount: $460,000

Application Date: February 2015
Tenant: Kroger
Details: Kroger is preparing to make significant improvements to a Cordova store.

The grocery giant has applied to the city-county Office of construction Code Enforcement for a $460,000 building permit to “remodel” the store at 1230 N. Houston Levee Road.

Kroger has invested heavily in the Memphis area. The grocery chain has poured a little over $50 million into Memphis-area stores over the last three years and will invest north of an additional $50 million over the next three years

3505 Ridgeway Road
Memphis, TN 38115

Sale Amount: $1.4 million

Sale Date: Feb. 3, 2015
Buyer: El El Sea LLC in care of Genuine Parts Co.
Seller: GP Memphis TN Landlord LLC
Details: A Hickory Hill auto parts store has been sold for $1.4 million.

California-based El El Sea LLC, operating in care of Atlanta-based Genuine parts Co., acquired the Napa Auto Parts store at 3505 Ridgeway Road from GP Memphis TN Landlord LLC, according to a Feb. 3 warranty deed.

The 9,230-square-foot store just north of Ridgeway and Winchester Road was built in 1996. The Shelby County Assessor of Property’s 2014 appraisal is $742,400.

3999 Riverdale Road
Memphis, TN 38115

Sale Amount: $485,000

Sale Date: Feb. 9, 2015
Buyer: Global Ministries Foundation
Seller: Union University Foundation LLC
Details: Cordova-based Global Ministries Foundation has bought an 18-acre property at 3999 Riverdale Road from Union University Foundation LLC for $1.3 million, according to a Feb. 9 warranty deed.

The site contains an 8,739-square-foot, 2.5-story school building constructed in 1968, according to the Shelby County Assessor, whose 2014 appraisal of the property was $2.9 million.

The site is part of a larger property given to the Union University Foundation in 2007.

In conjunction with the purchase, Global Ministries Foundation filed a $1.3 million trust deed through First Tennessee Bank NA. Foundation president Richard Hamlet and secretary Natalie Metcalf signed on behalf of the organization.

Global Ministries Fellowship supports ministry programs on five continents that build churches, educate children, combat hunger and perform other humanitarian deeds. The organization also owns affordable multifamily housing developments in the U.S.