VOL. 130 | NO. 90 | Friday, May 8, 2015
Shops at Kirby Gate Sells for $3.4 Million
By Amos Maki
A California-based investor has purchased the Shops at Kirby Gate in East Memphis for $3.4 million.
An affiliate of Los Angeles-based Westwood Financial Corp. acquired the shopping center at the northwest corner of Quince Road and Kirby Parkway from Shops at Kirby Gate LLC, according to public records.
The shopping center is anchored by a Kroger Co. grocery store, and other tenants include Farrell-Calhoun Paint Co., Larry’s Pizza, El Toro Loco, Hollywood Feed, Cricket Wireless and Pak Mail. The sale did not include the outparcel buildings where Starbucks, Wendy’s or Kirby Wines and Liquors is located.
The Shelby County Assessor’s appraisal for the Class A property, which was built in 2003 and includes three parcels totaling 42,320 square feet, is nearly $4.3 million.
• Ohio-based Crown Packaging Corp. has signed a 100,000-square-foot industrial lease in Southeast Memphis.
Crown Packaging inked the lease at 5872 Advantage Cove. This marks the company’s first location in the Memphis market.
Crown Packaging specializes in distribution, warehousing and contract packaging for the automotive aftermarket industry and contracts with large automakers and suppliers. The company, which also has experience with electronics, appliances and retail and industrial markets, got its start by supplying corrugated boxes and packaging supplies, as well as contract packaging services.
The privately owned company now has around 275 employees and annual revenues of $22 million, according to the company’s website. The company operates its primary business in Dayton, Ohio, but has other locations in the Buckeye State.
Brian Califf with NAI Saig Co. represented Crown Packaging and Brad Kornegay with Colliers International Memphis represented landlord St. Paul Insurance Co.
• A national distributor of ATVs and other recreation and outdoors vehicles is opening a Memphis-area location.
Wholesale ATV has inked a lease for 13,169 square feet at 4030 Austin Peay Highway. The location is expected to open in July.
In addition to ATVs, Wholesale ATV distributes a wide range of go-karts, scooters, dune buggies, dirt bikes and motorcycles.
Wholesale ATV is a little different than your standard distributor. While the company buys direct from manufacturers, its locations sell to the public as well as dealers. Wholesale ATV also has locations near St. Louis and Louisville.
Wilson McCloy of Crye-Leike Commercial represented Wholesale ATV and landlord Vicken Baklayan in the transaction.
• Lantern Square, a 182-unit apartment community in the Raleigh area, has been sold for $1.9 million.
Raleigh Management LLC acquired the apartment complex from Lantern Square Apartments LLC for roughly $10,165 per unit. Lantern Square Apartments had acquired the property for $4.6 million in 2007 from a team consisting of Heavon Co. LLC, Eastern Management and Financial LLC and DA Realty Holdings LLC.
The Shelby County Assessor’s 2014 appraisal for the Class D property is $980,000.
Constructed in1972, the 182 units include one-, two- and three-bedroom flats averaging 1,125 square feet.
Tommy Bronson III and Blake Pera with the CB Richard Ellis Memphis Multifamily
Division represented the seller in the transaction.