VOL. 130 | NO. 87 | Tuesday, May 5, 2015
Memphis Real Estate Recap
Germantown Parkway Parcels Sell for $3.4 Million
By Amos Maki
789 and 725 N. Germantown Parkway
Memphis, TN 38018
Sale Amount: $3.4 million
725 AND 789 N. GERMANTOWN PARKWAY, MEMPHIS, TN 38018
Sale Date: April 21 and 27, 2015
Buyer: Marketplace Monroe LLC
Sellers: Insomnia Inc. and Quality Concrete Products Co. Inc.
Details: Two parcels of rarely available land on Germantown Parkway have been purchased for $3.4 million.
Marketplace Monroe LLC acquired the parcels at 789 N. Germantown Parkway and 725 N. Germantown Parkway, according to two April warranty deeds.
Marketplace Monroe bought 789 N. Germantown Parkway from Steve Cooper’s Insomnia Inc. for $1.4 million, according to an April 27 deed, and acquired 725 N. Germantown Parkway from Quality Concrete Products Co. Inc. for $2 million, according to an April 22 warranty deed. The two parcels total 4.7 acres.
The properties are located on the west side of Germantown Parkway between Fischer Steel Road and Moriarty Road.
Marketplace Monroe is a subsidiary of Marketplace Development, whose principals include J. Wise Smith and Hunter Smith.
The new owners will subdivide the property and plan to build several multitenant retail buildings. The new development will accommodate several national tenants’ growing demand for retail space on the busy Germantown Parkway corridor, according to the Shopping Center Group LLC, which represented Marketplace Monroe in the transactions. The Shopping Center Group also represented Quality Concrete in its sale.
1635 and 1625 Poplar Ave.
Memphis, TN 38104
Sale Amount: $3.3 million
Sale Date: April 28, 2015
Buyer: Poplar Avalon LLC
Seller: Home Depot U.S.A. Inc.
Details: California investors have purchased two retail buildings totaling 60,000 square feet in Midtown for $3.3 million.
The retail buildings, formerly owned by Atlanta-based Home Depot, are located at 1635 and 1625 Poplar Ave., adjacent to the Home Depot store at Poplar and Angelus Street. Home Depot is maintaining its store at the shopping center at Poplar and North Avalon Street, which the Atlanta-based home improvement store bought several years ago.
Poplar Avalon LLC out of Beverly Hills, Calif., bought both buildings from Home Depot U.S.A. Inc. The Shelby County Assessor of Property’s 2015 appraisal is almost $2.8 million.
Brian Califf of NAI Saig Co. represented Poplar Avalon LLC in the transaction, and Sheldon Griffin with Baker Storey McDonald Properties represented Home Depot U.S.A. Inc.
2690 Drury Way Lane
Memphis, TN 38128
Sale Amount: $1.9 million
Sale Date: April 29, 2015
Buyer: Raleigh Management LLC
Seller: Lantern Square Apartments LLC
Details: The Lantern Square Apartments community in Raleigh has sold for $1.9 million to a California investor.
Raleigh Management LLC purchased the Class D property from Lantern Square Apartments LLC, an affiliate of New Orleans-based Fountainbleau Management Services LLC, in an April 29 warranty deed.
Built in 1976, Lantern Square sits on 11.7 acres at 2690 Drury Way Lane, at the southeast corner of Stage James Road and Epping Way. The community has 198 units totaling 238,561 square feet, according to the Shelby County Assessor, who appraised the property at $980,000 this year.
Fountainbleau acquired Lantern Square for $4.6 million in early 2007, at the same time it purchased Dogwood Trace Apartments and Red Oaks Apartments in separate deals that added more than 500 units to the company’s portfolio.
636 Chaney Drive
Collierville, TN 38017
Sale Amount: $400,000
Sale Date: April 2, 2015
Buyer: CBB Acquisition Co. LLC
Seller: Browning Construction Co. Inc.
Details: A Jacksonville, Fla.-based investment company has acquired a Collierville warehouse.
CBB Acquisition Co. LLC purchased the warehouse at 636 Chaney Drive in Collierville from Browning Construction Co. Inc. for $400,000, according to an April 2 warranty deed.
The 7,800-square-foot Class C warehouse sits on just under an acre on Chaney, in an area just east of U.S. 72 and north of Tenn. 385.
The Shelby County Assessor of Property’s 2014 appraisal is $375,400.
1215 Southland Mall
Memphis, TN 38116
Permit Amount: $200,000
Permit Application Date: April 2015
Applicant: Southland ML Shopping LLC
Architect: Juan R. Self
Contractor: Chris Woods Construction Co.
Details: Southland Mall has applied for a $200,000 building permit to make repairs resulting from storm damage last year.
Southland ML Shopping LLC applied for the building permit through the city-county Office of Construction Code Enforcement. The description of the scope of work was listed as “repairs to interior & tenant.”
Chris Woods Construction Co. is listed on the application as the contractor. Juan R. Self is listed as the architect. The project is valued at $200,000 and covers 174,408 square feet.