VOL. 130 | NO. 209 | Tuesday, October 27, 2015
Memphis Real Estate Recap
Trinity Ridge Business Center Sells for $16M
Daily News and Chandler Reports Staff
7730, 7740, 7750, 7760, 7866 Trinity Road
Cordova, TN 38018
Sale Amount: $16 million
Sale Date: Oct. 15
Buyer: Corsair Boulevard LLC
Seller: Dalfen America Corp.
Loan Amount: $11.5 million
Loan Date: Oct. 15
Maturity Date: Oct. 10, 2022
Borrower: Corsair Boulevard LLC
Lender: Wells Fargo Bank
Details: California-based Corsair Boulevard LLC, affiliated with Libitzky Property Cos., has purchased the Trinity Ridge Business Center in Cordova for $16 million, according to a special warranty deed signed Oct. 15.
The sale included the five parcels located at 7730 Trinity Road, 7740 Trinity Road, 7750 Trinity Road, 7760 Trinity Road and 7866 Trinity Road.
The eight-building, 235,000-square-foot industrial park sits on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. It was built between 1998 and 2007.
Montreal-based Dalfen America Corp. had owned the center since 2011 when it purchased the parcels for $7.6 million.
A mortgage of $11.5 million was issued at the time of sale by Wells Fargo Bank. The seven-year loan matures Oct. 10, 2022.
The properties have a combined tax appraisal value of $8.4 million.
5400 Distriplex Farms Drive
Memphis, TN 38141
Sale Amount: $7.7 million
Sale Date: Oct. 21
Buyer: Sealy & Co.
Seller: Net Magan Property Owner One LP
Details: Toshiba America Inc.’s Hickory Hill home has changed hands for $7.7 million. Delaware-based Net Magan Property One Owner sold the 207,472-square-foot industrial property at 5400 Distriplex Farms Drive to national real estate investment group Sealy & Company. Net Magan bought the building in 2005 for $10 million. Hank Martin, vice president with NAI Saig Co. represented the seller. Sealy & Co. did not have any outside representation.
444 Winchester Road
Sale Amount: $2.7 million
Sale Date: Oct. 14
Buyer: Olymbec USA LLC
Seller: Boyle Investment Co.
Details: Delaware-based Olymbec USA LLC is the new owner of the Winchester Distribution Center at 444 Winchester Road.
Boyle Investment Co., acting as Winchester Distribution Center LP, sold the warehouse for $2.7 million.
According to the Shelby County Assessor of Property, the Class B warehouse is 362,500 square feet and appraised at $2.4 million.
Nickey Warehouses Inc. occupies 130,000 square feet.
Olymbec, an entity of Montreal-based Olymbec Corporate Group, has been an active buyer in the Memphis market in recent years. Among its holdings, Olymbec owns the 13-building, 1.8 million-square-foot Bellbrook Industrial Park, which it bought in late 2013 for $23.3 million.
2515 Covington Pike
Memphis, TN 38128
Sale Amount: $1.3 million
Sale Date: Sept. 15
Buyer: Noorallah and Yasoo Dharani
Seller: B Investment and Development Inc.
Details: Tennessee-based B Investment and Development Inc. sold a Covington Pike gas station for $1.3 million, according to a Sept. 15 warranty deed.
Texas-based couple Noorallah and Yasoo Dharani bought the property at 2515 Covington Pike.
The convenience store was built in 2014, according to the Shelby County Assessor of Property. It is 4,446 square feet and appraised at $481,300.