85 Market Center Drive
Collierville, TN 38107

Sale Amount: $4.1 million

Sale Date: Nov. 5, 2015

Buyer: MMAC HT 1 MEMPHIS DI LLC

Seller: DP Memphis LLC

Details: D1 Memphis, a Collierville training and sports medicine facility that opened in October 2014, has been sold to a national medical real estate investment company.

Montecito Medical Operating Co., acting as MMAC HT 1 MEMPHIS DI LLC, purchased the gym at 85 Market Center Drive from DP Memphis LLC for $4.1 million, according to a Nov. 5 warranty deed.

The facility will continue to be operated by D1 and its medical partner, OrthoOne, which offers physical therapy services within the 20,000-square-foot gym.

DP Memphis, an affiliate of Franklin, Tenn.-based D1 Sports Training, built the facility last year on 1.9 acres on the south side of Market Center Drive, east of Schilling Boulevard East. The Shelby County Assessor of Property’s 2015 appraisal is $2.1 million.

Montecito owns more than 2.5 million feet of medical office space across 14 states, according to the firm’s website.

In February of last year, Montecito relocated its corporate headquarters from Santa Barbara to Nashville because of thriving local economy, central location and status as the hub of health care, according to a company statement.

610 S. Highland St.
Memphis TN 38111

Permit Amount: $1.2 million

Application Date: November 2015

Owner: McDonald’s USA LLC

Tenant: Century Management

Details: A McDonald’s restaurant at the southeast corner of Highland Street and Southern Avenue is moving forward.

Local McDonald’s franchisee Century Management Inc. has applied for a $1.2 million building permit for the new restaurant, which will replace an existing McDonald’s just across Highland.

The proposed fast food branch at 610 S. Highland has been controversial. Earlier designs met strong opposition from the University District neighborhood associations and the University of Memphis because the drive-thru ran against the Highland sidewalk.

In the updated design, the 5,353-square-foot restaurant will be situated along the Highland sidewalk with the drive-thru running behind the building, thereby preserving easy pedestrian access.

6166 Quince Road
Memphis, TN 38119

Sale Amount: $2.9 million

Sale Date: Nov. 4, 2015

Buyer: Dulgarian TN LLC

Seller: Balmoral Shopping Center LLC

Details: A Rhode Island group has purchased the CVS at the northwest corner of Quince and Ridgeway roads in the Balmoral Shopping Center.

Dulgarian TN LLC purchased the 13,800-square-foot drugstore for $2.9 million on Nov. 4 and immediately signed a new lease with CVS 6304 LLC. Balmoral Shopping Center LLC, which sold the outparcel, has owned the greater 96,139-square-foot shopping center since 2001.

The CVS was built in 2011 and is appraised at $2.1 million, according to the Shelby County Assessor of Property.

The sparsely populated center holds Balmoral Cleaners, Baskin-Robbins, Book Traders and Little Caesars Pizza. The anchor tenant space that housed Shnucks has been vacant since 2010.

Electrical Permits For
Methodist Le Bonheur Facilities

Application Date: November 2015

Owner/Tenant: Methodist Le Bonheur Healthcare

Details: Methodist Le Bonheur Healthcare has filed several construction permits for updates to its facilities.

On Nov. 6, it applied for an electrical construction permit for work on its Germantown building at 7691 U.S. 72.

At the same time, Progressive Technologies applied for electrical work on the east nursing station at 1265 Union Ave.

On Nov. 5, Stanley Convergent Security Solution filed a permit to install access control systems at the Methodist South facility at 1300 Wesley Drive.

And on Nov. 4, Belz Construction Services filed to install fire protection services provided by Tri-State Sprinkler Corp. at Methodist’s new office building at 5865 Shelby Oaks Circle.