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VOL. 130 | NO. 17 | Tuesday, January 27, 2015

$42 Million Permit Filed For Target Fulfillment Center

By Amos Maki

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5461 Davidson Road
Memphis, TN 38118
Permit Amount: $42 million

5461 Davidson Road • Memphis, TN 38118

Project Cost: $50 million
Permit Application Date: January 2015
Applicant: Innotrac
Tenant: Target
Details: A third-party vendor has applied for a $42 million building permit to build out Target’s planned Memphis online fulfillment center.

Innotrac, which will manage the Southeast Memphis facility for Target, applied for the permit through the city-county Office of Construction Code Enforcement.

Target will turn the 900,000-square-foot building at 5461 Davidson Road into an online fulfillment center that will employ 462 people and service the entire southeastern U.S.

In December, Target was awarded a 15-year tax break for the project, which will support the Minneapolis-based retailer’s booming online business. The incentive would save Target around $12 million over 15 years while producing a local tax benefit of $27.2 million, according to the city-county Economic Development Growth Engine.

310 Union Ave.
Memphis, TN 38103
Sale Amount: $1.2 million

Sale Date: Jan. 13, 2015
Buyer: GCG Hospitality Inc.
Seller: Sandy and Sage LLC
Details: A business affiliated with a local hotel operator has purchased a key piece of Downtown real estate.

GCG Hospitality Inc. has purchased the property at 310 Union Ave., located at Union and Danny Thomas Boulevard, from Sandy and Sage LLC for $1.2 million, according to a Jan. 13 warranty deed.

The buyer lists its address as 42 S. Camila St., which is currently a Quality Inn Hotel in the Memphis Medical Center area. The registered agent for the buyer is listed as Gopal Govan, according to state records. Govan, owner of the Quality Inn Hotel, did not immediately return a phone call seeking comment.

The 14,656-square-foot building was home to a New York Suit Exchange store and sits at the entrance to the Downtown core, one block east of AutoZone Park. The Shelby County Assessor of Property’s 2014 appraisal is $775,300.

400 Union Ave.
Memphis, TN 38103
Sale Amount: $440,000

Sale Date: Jan. 12, 2015
Buyer: Suna Hospitality LLC
Seller: Judy Sossaman Brantley
Details: A hospitality company has acquired a key piece of Downtown property for $440,000.

Suna Hospitality LLC purchased the office building at 400 Union Ave. Downtown from Judy Sossaman Brantley, according to a Jan. 12 warranty deed. The property, formerly home to Sullivan Branding after cs2 and Thompson & Co. merged, is strategically located on the north side of Union between South Lauderdale Street and Danny Thomas Boulevard.

The 16,525-square-foot property sits on less than an acre. The Shelby County Assessor of Property’s 2014 appraisal is $813,300. The property was listed on real estate websites as being up for auction in December.

The buyer, Suna Hospitality, lists its principal address as 4300 American Way, which is a Studio 6 Hotel. Jatin Kumar is the registered agent for Suna Hospitality and lists his mailing address as a home in Germantown. The front desk agent at the Studio 6 Hotel said she was unfamiliar with Kumar, whose local business interests have included hotels, cabs and restaurants.

The 400 Union location is the second property on that side of Union to be purchased in recent weeks by entities associated with hotels.

On Jan. 13, just one day after the 400 Union purchase, GCG Hospitality Inc. purchased the property at 310 Union, located at the northwest corner of Union and Danny Thomas, from Sandy and Sage LLC for $1.2 million, according to a warranty deed.

460 N. Second St.
Memphis, TN 38103
Sale Amount: $587,500

Sale Date: Jan. 9, 2015
Buyer: ALSAC
Seller: Straight Arrow LLC
Details: The fundraising arm of St. Jude Children’s Research Hospital has acquired an old day care center site on Second Street for $587,500.

ALSAC purchased the property at 460 N. Second St., located at Second and A.W. Willis Avenue near the St. Jude campus, from Straight Arrow LLC, according to a Jan. 9 warranty deed.

Built in 1947, the 2,460-square-foot building was once a day care center. The Shelby County Assessor of Property’s 2014 appraisal is $104,700.

6433 Winchester Road
Memphis, TN 38115
Sale Amount: $1.6 million

Sale Date: Jan. 8, 2015
Buyer: GG Memphis LLC
Seller: Hickory Ridge 178 LLC
Details: A Hickory Hill shopping center has been sold for $1.6 million.

GG Memphis Investments LLC acquired the Kirby Parkway Center at 6433 Winchester Road from Hickory Ridge 178 LLC, an affiliate of Palm Beach Gardens, Fla.-based Ram Realty Services, according to a Jan. 8 warranty deed. The registered agents for the buyer are Amit Gulati and Ajay Gulati.

The 312,656-square-foot shopping center sits on 35 acres near on the south side of Winchester near Kirby Parkway. The Shelby County Assessor of Property’s 2014 appraisal for the property, which was built in 1997, is $3 million. The purchase also includes a 7,031-square foot restaurant on a separate parcel. The assessor’s appraisal for the restaurant property is $200,000.

PROPERTY SALES 128 234 13,285
MORTGAGES 80 152 8,323
BANKRUPTCIES 42 79 6,299