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VOL. 130 | NO. 214 | Tuesday, November 3, 2015

Summit Distribution Center Sells for $21.6 Million

Daily News staff

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5155 U.S. 78
Memphis, TN 38118

Sale Amount: $21.6 million

Sale Date: Oct. 21, 2015

Buyer: Summit I Distribution Center LLC

Seller: Teachers Insurance and Annuity Association of America

Details: Hillwood Investment Properties, acting as Summit I Distribution Center LLC, bought a 706,802-square-foot warehouse off of Lamar Avenue for $21.6 million.

New York-based Teachers Insurance and Annuity Association of America had owned the property since 2013.

Bearing the address of 5155 U.S. 78, the parcel contains a Class A warehouse built in 2002 and 38 acres of land. According to the Shelby County Assessor of Property, it is appraised at $5.8 million.

TIAA began a 10-year lease-to-own agreement with then-property owners Principal Development Investors LLC in 2003.

94 acres north of U.S. 70
Lakeland, TN 38119

Sale Amount: $1 million

Sale Date: Oct. 23, 2015

Buyer: Board of Education for the Lakeland School System

Seller: Jones-Gilliland Group LLC

Details: The Lakeland School System paid $1 million to purchase 94 acres, where it will build a new middle school expected to open in August 2018.

The school system’s leaders purchased the land Friday, Oct. 23. The site is north of U.S. 70, east of Canada Road and south of Old Brownsville Road.

“While our short-term and immediate needs are for a middle school, we are making a long-term investment in a beautiful site that will eventually accommodate our middle and high school students,” said Lakeland School superintendent Ted Horrell in a statement.

Jones-Gilliland Group LLC sold the land, which had been in the family of Rudolph Jones for more than 140 years.

A2H and Renaissance Group, both Lakeland-based firms, are handling the architecture and engineering work. More details will be presented to the school board in the coming weeks.

Lakeland School System currently oversees one K-5 school, Lakeland Elementary. The city’s middle and high school students attend schools in Arlington and Bartlett.

The city of Lakeland went to market Sept. 10 on $20 million in bonds to finance construction of a new Lakeland middle school at a 2.82 percent interest rate.

Lakeland’s board of commissioners approved a 55-cent property tax hike to pay the bonds with interest and begin school construction.

The school bond issue was the second of the year attempted by local leaders. Lakeland voters in an April referendum defeated a bond issue aimed at building a $50 million grades 6-12 school on the same 94-acre site.

The petition drive that forced that referendum didn’t materialize for the middle school bond issue.

1985, 1989 Madison Ave.
2150, 2153 Washington Ave.
2153, 2155 Poplar Ave.
Memphis, TN 38104

Sale Amount: $4.3 million

Sale Date: Oct. 22, 2015

Buyer: Dakota Partners LLC

Seller: Margaret Brent

Details: A local development company has purchased three Midtown apartment complexes.

Memphis-based Dakota Partners LLC bought the properties from Margaret Brent for $4.3 million, according to an Oct. 22 special warranty deed.

The five parcels bear the addresses of 1985 Madison Ave. and 1989 Madison Ave. at the southeast corner of Rembert Street; 2150 Washington Ave. and 2153 Washington Ave. at the northeast corner of Cooper Street; and 2151 Poplar Ave., 2153 Poplar Ave. and 2155 Poplar Ave. at the southeast corner of Cooper.

In conjunction with the sale, Dakota Partners filed a $3.4 million mortgage and a $1 million construction loan, both with Landmark Community Bank and set to mature Nov. 1, 2040.

Kevin Conlon, founder of Memphis-based Meridian Pacific Properties and CEO of Memphis Medical Redevelopment Group, signed for the loan.

1801 Exeter Road
Germantown, TN 38138

Permit Amount: $1.4 million

Application Date: Oct. 26, 2015

Owner: City of Germantown

Tenant: Germantown Athletic Club

Architect: Fleming Architects

Contractor: A and B Construction Co. Inc.

Details: “Demo and renovations” are planned for the Germantown Athletic Club according to a $1.4 million permit filed with the Shelby County Department of Construction Code Enforcement on Oct. 26.

The permit includes construction on entry level offices, lower level, children’s area, mind and body area, meeting room, spin class, Pilates room and ancillary offices.

A and B Construction Co. Inc. is listed as the contractor.

PROPERTY SALES 21 82 6,474
MORTGAGES 7 53 4,088
BUILDING PERMITS 240 353 15,714
BANKRUPTCIES 38 58 3,328