VOL. 130 | NO. 148 | Friday, July 31, 2015
Warehouse At Perimeter Point Sells for $775,000
By Amos Maki
A Perimeter Point industrial building has been sold for $775,000.
Missouri-based Martabra Real Estate LLC acquired the flex warehouse building at 5055 Covington Way, just off Covington Pike south of Elmore Road, from CP Perimeter Point LLC, an affiliate of California-based Coastal Partners LLC.
The Shelby County Assessor of Property’s current appraisal of the 11,100-square-foot building, constructed in 1986, is $435,500.
Perimeter Point is a 142,000-square-foot business park with a landscaped office park feel. The seven-building campus includes fitness and conference centers and can accommodate office and showroom/warehouse requirements.
Hank Martin of NAI Saig. Co. represented seller CP Perimeter Point. Bryan Evans represented the buyer on behalf of NAI Saig Co..
In other news, Great River Industries signed a lease for 2,600 square feet at 2170 Business Center Drive inside Perimeter Point. Elliot Embry of NAI Saig Co. represented Great River and Martin represented the landlord.
• The former Paggio’s Salon in Midtown has been bought for $290,000.
Located at 1684 Poplar Ave., at its intersection with Evergreen Street, the 4,200-square-foot building was the longtime home of Paggio’s, a popular Midtown salon. Paggio’s has relocated to 454 N. Bingham St. in the Broad Avenue area.
R & S Land LLC acquired the building from First Tennessee Bank.
Andrew Phillips, Preston Thomas and Hunter Adams of Colliers International Memphis represented First Tennessee. Bailey Weiner of Weiner Realty represented buyer R & S Land.
• The Shops at Wolflake in Bartlett is reporting leasing momentum.
Bike The Planet leased 5,300 square feet across two suites at the retail center, while State Farm Insurance agent Clifton Eley leased 1,600 square feet.
Hunter Adams, Andrew Phillips and Ed Thomas of Colliers International Memphis represented the landlord, Bartlett Interests LLC, in both transactions.
Bartlett Interests acquired the roughly 57,000-square-foot, Class A retail center from PREF Wolflake Partners GP in 2014 for $3.8 million.
Built in 2001, the Class A retail property sits on 4.6 acres along the west side of North Germantown Road between U.S. 64 and Stage Hills Boulevard. The Shelby County Assessor of Property’s 2014 appraisal is $3.7 million.
• The Shops of Collierville is seeing strong leasing activity, according to Loeb Realty Group.
Loeb reports three recent lease signings at the 60,229-square-foot retail center, located at 875 W. Poplar Ave. in Collierville.
Legends Apothecary and Classic Shaves signed a 3.5-year lease for 1,740 square feet in suite 4.
Legends’ lease comes soon after His & Her Consignment and The Sear Shack Burger & Fries each inked 5.5-year leases for 1,700 square feet.
Barry Maynard and Frank Dyer of Loeb Realty Group represented landlord CW Capital in the transactions. Bill Caller of Crye-Leike Commercial represented Legends Apothecary and Classic Shaves.
• Focal Point Investment LLC has acquired a local manufacturing and processing building for $440,000.
Memphis-based Focal Point acquired the 25,274-square-foot building at 4041 Hatcher Circle, near the intersection of New Getwell and Raines roads in Southeast Memphis, from Star Eight Properties LLC.
The Shelby County Assessor’s 2015 appraisal is $445,900.
Barry Maynard and Frank Dyer of Loeb Realty Group represented Focal Point Investment. Bill Caller of Crye-Leike Commercial represented Star Eight Properties.