VOL. 130 | NO. 135 | Tuesday, July 14, 2015
Memphis Real Estate Recap
Methodist Healthcare Buys Office Building From Belz
Daily News & Chandler Reports staff
5865 Shelby Oaks Circle
Memphis, TN 38134
Sale Amount: $4 million
Sale Date: June 30, 2015
Buyer: Methodist Le Bonheur Healthcare
Seller: Belz Investco GP and Bico Associates GP
Details: Belz Enterprises and a partner have sold a Memphis office building to Methodist Le Bonheur Healthcare for $4 million.
Belz Investco GP and Bico Associates GP were listed as the sellers in the transaction, which included two parcels.
The property’s address in a June 30 warranty deed is 5865 Shelby Oaks Circle. The Shelby County Assessor of Property lists an address of 5865 Summer Trees Circle that is owned by Bico Associates in care of Belz Enterprises.
The 64,294-square-foot, Class B office building was built in 1988. The assessor’s 2014 appraisal is $2 million. The building is located inside Belz’s Shelby Oaks corporate park near Interstate 40 and Sycamore View.
3517 Andy Way Lane
Memphis, TN 38128
Permit Cost: $6.5 million
Application Date: June 2015
Owner/Tenant: Wesley Highland Meadows LP
Contractor: GSB Contractors Inc.
Details: Wesley Highland Meadows senior housing community located at 3517 Andy Way Lane in Raleigh has filed a $6.5 million building permit application.
The permit is for a complete interior and exterior renovation of the 200-unit, rental-assisted property, which sits on 18 acres between Highland and Walnut roads.
Wesley Housing Corp. of Memphis purchased the facility in January 1990 for $4.6 million. The 2015 tax appraisal value of the property is $7.1 million, according to the Shelby County Assessor of Property.
Wesley Housing Corp. is a nonprofit organization that offers senior housing, assisted living and home services to more than 2,200 residents in two assisted-living communities and 28 senior housing communities in West Tennessee, Western Kentucky and Arkansas.
651 S. Rowlett St.
Collierville, TN 38017
Sale Amount: $3.7 million
Sale Date: June 29, 2015
Buyer: SSSP South Rowlett Collierville LLC
Seller: SSTN 651 South Rowlett Street
Loan Amount: $3.5 million
Loan Date: June 29, 2015
Maturity Date: July 6, 2020
Lender: Barclays Bank PLC
Details: The Simply Self Storage located at 651 S. Rowlett St. in Collierville has sold for $3.7 million.
SSSP South Rowlett Collierville LLC, a Delaware limited liability company based out of Los Angeles, purchased the property on June 29.
SSTN 651 South Rowlett Street was the prior owner of the property, which it bought in October 2014 for $3.9 million.
The 10-building facility sits on four acres at the southeast corner of South Rowlett Street and Cowan Road.
The 2015 tax appraisal value of the property is $2.2 million, according to the Shelby County Assessor of Property.
A $3.5 million loan was issued at the time of sale by Barclays Bank PLC, a public company registered in England and Wales. The five-year loan matures on July 6, 2020.
3461 U.S. 61 S.
Memphis, TN 38109
Sale Amount: $1.5 million
Sale Date: July 1, 2015
Buyer: Rainier GSAP I-Memphis LLC
Seller: Justin Barton
Loan Amount: $1.5 million
Loan Date: July 1, 2015
Maturity Date: June 15, 2036
Lender: Wells Fargo Bank Northwest N.A.
Details: The office building occupied by the Social Security Administration at 3461 U.S. 61 S. in Westwood sold for $1.5 million, according to a July 1 special warranty deed.
Rainier GSAP I-Memphis LLC, a Dallas-based limited liability company, purchased the 11,000-square-foot building from Justin Barton.
The building, built in 2005, sits on 1.5 acres just south of East Mitchell Road.
The United States of America has leased the building since April 2005 and recently renewed the lease agreement through April 2019. The annual lease amount is $223,000, according to the U.S. General Services Administration’s lease inventory.
Justin Barton had owned the property since December 2004, when he purchased three vacant parcels of land for $1.9 million.
Wells Fargo Bank Northwest N.A. secured a $1.5 million loan at the time of sale for Rainier GSA Portfolio I LLC. The 21-year loan matures on June 15, 2036.
The property is valued at $1.1 million, according to the Shelby County Assessor of Property.
4361 Shelby Air Drive
Memphis, TN 38118
Sale Amount: $725,000
Sale Date: June 19, 2015
Buyer: Progression Realty LLC
Seller: Business Property Lending Inc.
Loan Amount: $1.1 million
Loan Date: June 19, 2015
Lender: Magna Bank
Details: An industrial warehouse in Southeast Memphis has traded hands and will soon get a makeover.
Progression Realty LLC acquired the 69,000-square-foot warehouse at 4361 Shelby Air Drive from Business Property Lending Inc., an affiliate of EverBank, for $725,000.
The building will undergo a full renovation and be available for lease.
Elliot Embry of NAI Saig Co. represented the buyer, Progression Realty. Hank Martin, also of NAI Saig, represented the seller, EverBank.