VOL. 130 | NO. 22 | Tuesday, February 3, 2015
Memphis Real Estate Recap
Shelby Farms Conservancy Seeks $7.2 Million in Permits
By Amos Maki
6093 N Patriot Lake Blvd.
415 E. Patriot Lake Blvd.
Memphis, TN 38118
Permit Amount: $7.2 million
6093 N Patriot Lake Blvd., 415 E. Patriot Lake Blvd. • Memphis, TN 38118
Application Date: January 2015
Applicant: Shelby Farms Park Conservancy
Tenant: Shelby Farms Park Conservancy
Contractor: Montgomery Martin Contractors LLC
Details: The Shelby Farms Park Conservancy has applied for two building permits totaling $7.2 million for the creation of a visitors center and restaurant and retreat center.
The conservancy, which is pursuing a dramatic remaking of the 4,500-acre park, applied through the city-county Office of Construction Code Enforcement for a $2.6 million permit for a visitors center at 6903 N. Patriot Lake Blvd. The conservancy also applied for a $4.6 million permit for a restaurant and retreat center at 415 E. Patriot Lake Blvd. Montgomery Martin Contractors LLC is the contractor for both projects.
The visitors center will replace one on Farm Road that the conservancy will demolish. The projects are part of the conservancy’s Heart of the Park improvement campaign that is well underway. The improvements, expected to be complete in the summer of 2016, include the expansion of Patriot Lake.
Airport Business Park
Memphis, TN 38138
Sale Amount: $4.7 million
Sale Date: Jan. 21, 2015
Buyer: CRE ABP Memphis LLC
Seller: Allegiance Realty Corp.
Details: A group affiliated with a Dallas-based commercial real estate financing company has acquired Airport Business Park. CRE ABP Memphis LLC, affiliated with Dallas-based Gearing Capital Partners Inc., bought Airport Business Park from Allegiance Realty Corp. for $4.7 million, according to a Jan. 21 warranty deed. Founded in 2005, Gearing Capital is a corporate real estate debt specialist.
Charlotte, N.C.-based Allegiance, operating under the names Airport Business Park Office Investment LLC and Memphis Office Investment LLC, bought the office park in 2007 for $13.8 million from Memphis Airport Inc., which was affiliated wit LaSalle Investment Management Inc. That purchase was financed with a $14.2 million loan through CBRE Realty Finance Holdings IV LLC.
The eight-building park is north of Democrat Road east of Airport Business Park Road and west of Lamb Place. The buildings total 260,000 square feet and sit on about 25 acres. The deed said eight buildings were included in the sale but lists only seven addresses: 2842 and 2815 E. Business Park Road, 2980 and 2890 Democrat Road, and 2815, 2847 and 2869 Business Park Road.
495 N. Watkins St.
Memphis, TN 38104
Permit Amount: $7 million
Project Cost: $200 million
Application Date: January 2015
Applicant: Crosstown LLC
Contractors: Walker J. Walker Inc. and Security Fire Protection Co. Inc.
Details: The Sears Crosstown development team has applied for two mechanical permits totaling $7 million. The Crosstown team applied for the permits through the city-county Office of Construction Code Enforcement for fire protection systems and HVAC improvements. Walker J. Walker Inc. is listed as the contractor for the $5 million HVAC improvements while Security Fire Protection Co. Inc. is listed as the contractor for the $2 million in fire system upgrades.
The Crosstown team is seeking to redevelop the vacant Crosstown building into a “vertical urban village” through arts, education and health care.
General contractor Grinder, Taber & Grinder was given the greenlight to begin construction Dec. 30. The Kemmons Wilson Cos. will oversee the project. LRK Inc. and Dialog of Vancouver partnered on design. SunTrust Bank is the largest financing source.
3100 New Frayser Blvd.
Memphis, TN 38128
Permit Amount: $1.6 million
Application Date: January 2014
Owner/Tenant: Nike Inc.
Contractor: Wynright Corp.
Details: Nike Inc. has applied for a $1.6 million building permit through the city-county Office of Construction Code Enforcement for additions to its distribution center at 3100 New Frayser Blvd. Elk Grove, Ill.-based Wynright Corp. filed the applications, which calls for “engineering materials, mechanical and electrical” installation. The latest permit is part of Nike’s massive expansion in Frayser.
In 2012, the board of the Memphis and Shelby County Economic Development Growth Engine approved a 15-year payment-in-lieu-of-taxes agreement with Nike for the expansion. According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 more once the expanded facility opens.
Nike says the $276 million, 1.7 million-square-foot addition should be complete later this year.
2100 Union Ave.
Memphis, TN 38104
Sale Amount: $950,000
Sale Date: Jan. 28, 2015
Buyer: Gary E. Goodman and Sylvia Cossich Goodman of the Goodman Family Trust, Judy L. Vann of
the July L. Vann Living Trust and Wayne Jon Stambler.
Seller: The Caruthers Group LLC
Details: The Five Guys Burgers and Fries restaurant property on Union Avenue in Midtown has been sold for $950,000.
The Caruthers Group LLC sold the restaurant property at 2100 Union Ave. to a partnership including Gary E. Goodman and Sylvia Cossich Goodman of the Goodman Family Trust, Judy L. Vann of the July L. Vann Living Trust and Wayne Jon Stambler, according to Jan. 28 warranty deed.
Built in 2012, the 2,704-square-foot restaurant sits on less than half an acre on the northern side of Union near Overton Square. The Shelby County Assessor of Property’s 2014 appraisal is $554,600.