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VOL. 130 | NO. 8 | Tuesday, January 13, 2015

Bank of Bartlett Buys Germantown Property

By Amos Maki

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1870 Kirby Parkway
Germantown, TN 38138
Sale Amount: $4.1 million

1870 Kirby Parkway • Germantown, TN 38138

Sale Date: Dec. 29, 2014
Buyer: Bank of Bartlett
Seller: Spence Ray
Details: Bank of Bartlett has bought back a site on Kirby Parkway in Germantown for $4.1 million.

Bank of Bartlett bought the branch location at 1870 Kirby Parkway, located just south of Poplar Avenue, from developer M. Spence Ray, according to a Dec. 29 warranty deed. According to marketing materials for the property, Bank of Bartlett had almost five years left on its lease at the location. Bank of Bartlett sold the property to Ray, vice president of McNeill Commercial Real Estate, for almost $3.2 million in 2007.

The 4,556-square-foot building was built in 1973, and the Shelby County Assessor of Property’s 2014 appraisal is almost $1.2 million.

The building sits in a zone that Germantown officials and developers have targeted for redevelopment.

In 2007, the city of Germantown adopted its Smart Growth plan and accompanying zoning regulations, which promoted more walkable, accessible, mixed-use development in its central business district and surrounding neighborhoods.

Germantown has also focused attention on plans to guide growth and development along its western gateway corridor, a 58-acre tract bounded by Poplar Avenue on the north, Poplar Pike on the south, the city’s border on the west and the Nottaway subdivision on the east. The Bank of Bartlett property is within that targeted zone.

535 S. Highland St.
539 S. Highland St.
Memphis, TN 38111
Sale Amount: $450,000

Sale Date: Dec. 29, 2014
Buyer: Highland University District LLC
Seller: Paragon Bank
Details: Memphis-based Loeb Properties paid $450,000 to acquire the Newby’s property on the Highland Strip near the University of Memphis.

Highland University District LLC, an affiliate of Memphis-based Loeb Properties, acquired 535 and 539 S. Highland St. from Paragon Bank, according to a Dec. 29 deed of trust.

Former Newby’s owner Todd Adams began a private fundraising campaign in the fall in the hopes of raising enough money to buy the property back from Paragon Bank. The Shelby County Assessor of Property’s combined 2014 appraisal for the two buildings is $467,800.

The two properties are adjacent to each other on the west side of the Highland strip near the University of Memphis in an area booming with development.

The Highland strip has been an on-again, off-again retail and entertainment area since the original Normal-Buntyn Shopping Center emerged in the 1960s. But investment in the area is on the upswing, thanks to key stakeholders.

Loeb Properties is coming off the successful rejuvenation of Overton Square. After pumping millions of dollars into the once-struggling area, Loeb has made the Square a thriving retail, dining and entertainment district.

569 S. Highland St.
Memphis, TN 38111
Sale Amount: $500,000

Sale Date: Dec. 17, 2014
Buyer: Highland University District LLC
Seller: Mary Burson Jennings Testamentary Trust
Details: In addition to its recent purchase of the former Newby’s bar and restaurant space, an affiliate of Memphis-based Loeb Properties has acquired another key Highland Strip property for $500,000.

Loeb Properties affiliate Highland University District LLC acquired the former Peddler Bike Shop location at 569 S. Highland St. from the Mary Burson Jennings Testamentary Trust, according to a Dec. 17 warranty deed. That property is located on the same side of Highland as Newby’s but is closer to Southern Avenue.

3670 Riverdale Road
Memphis, TN 38115

5950 Stage Road
Bartlett, TN 38134
Sale Amount: $11.3 million

Sale Date: Nov. 24, 2014
Buyer: ARCP WG Memphis TN LLC and ARCP WG Bartlett 5950 Stage Road LLC
Seller: Walgreen Co.
Details: A Phoenix-based real estate investment trust has acquired two Walgreens stores from the retailer’s parent company.

ARCP WG Memphis TN LLC and ARCP WG Bartlett 5950 Stage Road LLC, both affiliates of Phoenix-based American Realty Capital Properties, acquired the Walgreens stores at 3670 Riverdale Road and 5950 Stage Road in Bartlett from the Walgreen Co. for $11.3 million, according to two Nov. 24 special warranty deeds.

Investor Nicholas Schorsch recently stepped down as chairman of American Realty Capital following revelations about accounting irregularities at one of his companies.

The 13,833-square-foot store on Riverdale sold for $5.4 million. The Shelby County Assessor of Property’s 2014 appraisal is almost $2 million.

The 14,976-square-foot store on Stage in Bartlett sold for $5.9 million. The assessor’s 2014 appraisal is $2.3 million.

1890 Berryhill Road
Memphis, TN 38016
Sale Amount: $1.2 million

Sale Date: Jan. 6, 2015
Buyer: CPT Berryhill LLC
Seller: Berry Hill 169 LLC
Details: An affiliate of a Georgia-based real estate investment company has acquired a Cordova shopping center for $1.2 million.

CPT Berryhill LLC, which is affiliated with Marietta, Ga.-based Clifton Property Trust, bought the 17,500-square-foot Shops at Berryhill shopping center at 1890 Berryhill Road in Cordova from Berry Hill 169 LLC, an affiliate of Palm Beach Gardens, Fla.-based Ram Realty Services, according to a Dec. 30 special warranty deed.

PROPERTY SALES 76 133 1,342
MORTGAGES 83 131 1,047
BUILDING PERMITS 190 277 3,028