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VOL. 130 | NO. 204 | Tuesday, October 20, 2015




Boyle Buys Vining Sparks HQ For $16.3M

Daily News & Chandler Reports Staff

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776 Ridge Lake Boulevard
Memphis, TN 38120

Sale Amount: $16.3 million

Sale Date: Oct. 15

Buyer: Boyle Investment Co.

Seller: Hub Properties Trust

Details: Boyle Investment Co. has purchased the Vining Sparks headquarters building in East Memphis.

The Memphis-based real estate development company bought the 120,000-square-foot structure at 775 Ridge Lake Boulevard for $16.3 million.

Boyle developed the build-to-suit property for investment banking firm Vining Sparks in 2001. It bought the Ridge Lake building from Hub Properties Trust, a Maryland real estate investment trust.

Vining Sparks occupies about half of the six-story office building, which is located within Boyle’s 204-acre Ridgeway Center development. The real estate company owns, manages and leases about 2.2 million square feet of office space in Ridgeway Center.

Other building tenants include Informa Economics, Dickens Commodities and Financial Resource Management. About 25,000 square feet currently is available for lease; Boyle will handle leasing and management of the building.

Boyle purchased the building through the 775 Midsouth Investment LP entity.

200 Madison Ave.
Memphis, TN 38103

Permit Amount: $2M

Application Date: Oct. 12

Owner: Visible Music College

Tenant: Visible Music College

Architect: Archimania

Contractor: Grinder, Taber & Grinder

Details: A new five-story dormitory is on the way for the Visible Music College campus at 200 Madison Ave. On Oct. 12, Grinder, Taber & Griner Inc. applied for a $2 million building permit for the school’s first on-campus housing.

Renderings by project architect Archimania show that the student housing building will sit at 202 Madison Ave., in the parking lot immediately to the east of Visible Music College. Typical living floors have room for 14 units and common gathering space.

1863 Union Ave.
Memphis, TN 38104

Sale Amount: $5.2 million

Sale Date: Oct. 9

Buyer: Pharmacy Portfolio VIII DST

Seller: RMRTN LLC

Loan Amount: $4 million

Loan Date: Oct. 9

Borrower: Pharmacy Portfolio

Lender: Parkway Bank and Trust Co.

Details: McLean-Union Walgreens Sold for $5.2 Million

A Midtown Walgreens changed hands for $5.2 million, according to an Oct. 9 warranty deed. Tennessee-based RMRTN LLC isold the pharmacy at 1863 Union Ave., on the southeast corner of McLean Boulevard, to Delaware-based Pharmacy Portfolio VIII DST.

In relation to the sale, Pharmacy Porfolio took on a $4 million loan with Parkway Bank and Trust Co. Joseph Pitt Jr. with the Franklin, Tenn., branch of Chicago Title Insurance Co. signed as trustee.

The 13,936-square-foot store is appraised at $2.8 million, according to the Shelby County Assessor of Property.

3860 E. Holmes Road
Memphis, TN 38118

Permit Amount: $5 million

Application Date: Oct. 14

Owner: Panattoni Development Co.

Tenant: Tox Cos. Inc.

Details: Panattoni Development Co. filed a $5 million building permit for interior alterations to the Memphis Oaks III warehouse.

According to a Cushman & Wakefield/Commercial Advisors listing, the warehouse at 3860 E. Holmes Road is undergoing a 100,000-square-foot expansion. Tox Cos. Inc. is listed as tenant in the building permit.

The adjacent space houses Sharp Electronics’ 400,000-square-foot warehouse.

The total building is little over 1 million square feet and appraised at $25 million, according to the Shelby County Assessor of Property.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0