VOL. 130 | NO. 116 | Tuesday, June 16, 2015
Memphis Real Estate Recap
Hillwood Pays $17.7 Million for FedEx SupplyChain Facility
Daily News & Chandler Reports staff
5050 E. Holmes Road and 0 Lamar Ave.
Memphis, TN 38118
Sale Amount: $17.7 million
Sale Date: June 1, 2015
Buyer: Hillwood Investment Properties
Seller: Summit Distribution Center LLC
Loan Amount: $11.4 million
Loan Date: June 4, 2015
Lender: Jackson National Life Insurance Co.
Details: Hillwood Investment Properties, a Dallas-based commercial real estate investment company, has purchased the Summit Distribution Center Building II for $17.7 million, according to a June 1 special warranty deed.
Working as Summit III Distribution Center LLC, Hillwood purchased 5050 E. Holmes Road and 0 Lamar Ave. property from Summit Distribution Center LLC.
An $11.4 million mortgage was filed in conjunction with the sale through Jackson National Life Insurance Co., a Michigan corporation.
FedEx SupplyChain Systems Inc. and Yazaki North America currently lease the 455,000-square-foot warehouse.
FedEx SupplyChain was awarded a five-year tax break in October 2014 that will enable the company to add 87 new jobs and invest $6.8 million at the Holmes Road location.
Hillwood also owns six warehouses in the Southpark Distribution Center, which it purchased in July 2012 for $37 million.
The Shelby County Assessor of Property has the warehouse appraised at $12.7 million.
2365 Texas Drive and 391 Red Drive
Memphis, TN 38106
Sale Amount: $6 million
Sale Date: June 1, 2015
Buyer: Sunhill Holding LLC
Seller: Del-Nat Realty
Loan Amount: $4.4 million
Loan Date: May 28, 2015
Lender: East West Bank
Details: Del-Nat Tire Co. has unloaded 500,000 square feet of warehouse space in Southwest Memphis.
Sunhill Holding LLC acquired 2365 Texas Drive and 391 Red Drive for $6 million from Del-Nat Realty.
In May, Horizon Tire Group announced it had agreed to purchase the warehouse from Memphis-based Del-Nat, but a purchase price was never revealed.
The warehouse will become Horizon Tire’s fifth in the U.S. The company’s website says its current distribution centers – located in Irwindale, Calif., Cranbury, N.J., Norcross, Ga., and Houston – have in excess of 430,000 square feet of warehouse inventory available. Horizon also has overseas branch offices in Beijing and Qingdao, China.
Del-Nat Tire Group purchased the property from
In 1994, Trans-International Warehouse Co. transferred the property by quitclaim deed to Del-Nat Tire Group, which then quitclaimed it to Del-Nat Realty in 2005.
301 S. Front St.
Memphis, TN 38103
Permit Cost: $4.6 million
Project Cost: $5 million
Permit Date: Applied June 2015
Owner: Dominick Properties LLC
Architect: LRK Inc.
Contractor: Archer Custom Builders
Details: D. Canale & Co. is moving forward with plans to build a $5 million distillery on Front Street Downtown.
Operating as Dominick Properties LLC, the Memphis-based company has applied for a nearly $4.6 million building permit through the city-county Office of Construction Code Enforcement to build Old Dominick, a spirits distillery and public tasting room at 301 S. Front St.
Built in 1920, the former Memphis Machinery and Supply Co. warehouse sits on slightly more than an acre along the west side of South Front between Pontotoc and Vance avenues. The Shelby County Assessor of Property’s 2015 appraisal is $670,900.
Crews from Archer Custom Builders have been busy working on the roughly 100-year-old former Memphis Machinery and Supply Co. building. Old Dominick is expected to produce several whiskies, including a bourbon, multiple vodka lines and whiskey-based liqueurs.
1360 Springbrook Ave.
Memphis, TN 38116
Sale Amount: $1.5 million
Sale Date: June 2, 2015
Buyer: Springbrook Hospitality LLC
Seller: Jags Hospitality Ltd. LP
Loan Amount: $1.2 million
Loan Date: June 4, 2014
Lender: BBCN Bank
Details: Springbrook Hospitality LLC, a Tennessee limited liability company, purchased the America’s Best Value Inn & Suites located at 1360 Springbrook Avenue on June 2.
The 152-unit motel, located at the corner of Springbrook and Sandbrook in the Brookway Industrial Park in Whitehaven, sold for $1.5 million.
Jags Hospitality Ltd. LP had owned the motel since 1997 when it purchased the property for $1 million.
A loan by BBCN Bank of Los Angeles for $1.2 million was filed with the sale on June 4.
The Shelby County Assessor of Property lists the property with an 2015 appraisal of $628,000.
1250 Farrow Road
Memphis, TN 38116
Sale Amount: $1.1 million
Sale Date: May 21, 2015
Buyer: 1250 Farrow Road LLC
Seller: Graceland Nursing Center LLC
Details: 1250 Farrow Road LLC filed a $1.1 million special warranty deed for the Graceland Nursing Center located at 1250 Farrow Road in Whitehaven on May 21.
Graceland Nursing Center LLC, a wholly owned subsidiary of Provident Resources Group Inc., had owned the 240-bed facility since Aug. 31, 2000, when they purchased it for $6.5 million.
The sale date on the deed was April 30, 2015, and it was signed by Steve Hicks, CEO of Provident Resources Group and Eliezer Scheiner, manager for 1250 Farrow Road LLC. A $3.75 million mortgage was filed in conjunction with the sale by Illinois-based PrivateBank and Trust Co.
The one-story frame nursing home was built in 1994 and sits on 4.73 acres.
The Shelby County Assessor of Property lists an appraisal value on the property of $4.2 million.