VOL. 131 | NO. 249 | Thursday, December 15, 2016
Memphis Real Estate Recap
Village Shops of Forest Hill Sold for $37.1 Million
By Patrick Lantrip
9155 U.S. Highway 72
Germantown, TN 38138
Sale Amount: $37.1 million
Sale Date: December 2016
Buyer: EREP Forest Hill I LLC
Seller: BIC-MTS Partners
Loan Amount: $26 million
Lender: Wells Fargo Bank
Details: A 360,000-square-foot commercial retail center in Germantown was recently purchased by Epic Real Estate Partners acting as EREP Forest Hill I LLC for $37.1 million.
The Village Shops of Forest Hill shopping center, located at 9155 U.S. Highway 72 at the intersection with Forest Hill Irene Road, was previously owned by Boyle Investment Co. and Milton T. Schaeffer acting as BIC-MTS Partners.
According to Cary Whitehead, executive vice president of Boyle Investment Co., they were looking to sell because their partner Milton Schaeffer decided it was time.
“It’s been a great property, we were very happy with it,” Whitehead said. “We’ve owned it together for 30 years and he just decided he wanted to sell it, so we agreed to sell it.”
Target, Sprouts, Marshalls and Malco Theatre are anchor tenants at the shopping center.
EREP also took out a $26 million loan with Wells Fargo Bank for the property.
Austin, Texas-based Epic Real Estate Partners was found in 2012 and has bought, managed and developed properties in 27 states totaling more than $400 million.
Memphis-based Boyle Investment Co. was founded in 1933 and specializes in land development capabilities for office, retail, industrial and residential properties.
6775 Lenox Center Court
Memphis, TN 38115
Lease Amount: $2.8 million
Lease Length: 9 years
Tenant: American Car Care
Tenant’s Agent: Hank Martin with NAI Saig Co.
Landlord: Lenox Park C-F Owner
Landlord’s Agent: Ron Kastner with CB Richard Ellis
Details: American Car Care has signed a lease with Lenox Park C-F Owner LLC for 17,427 square feet in Lenox Park Building E, located at 6775 Lenox Center Court.
The total value of the nine-year lease is $2.8 million.
American Car Care was represented by Hank Martin with NAI Saig Co, and the landlord was represented by Ron Kastner of CB Richard Ellis.
Built in 1999, the 101,246-square-foot Class A building at 6775 Lenox Center Court is situated on 7.8 acres near Knight Arnold Road and Mount Moriah Road Extended. The Shelby County Assessor of Property’s most recent appraisal is $5 million.
Lenox Park C-F Owner LLC also owns two other buildings in the Lenox Park office complex at 6750 and 6745 Lenox Center Drive. Combined, those two buildings total about 207,000 square feet on 14.5 acres.
Lenox Park, which has seven office buildings, was developed by Memphis-based Clark & Clark in the early 2000s.
315 Danny Thomas Place
Memphis, TN 38105
Permit Amount: $956,335
Application Date: December 2016
Owner: St. Jude Children’s Research Hospital
Tenant: St. Jude Children’s Research Hospital
Architect: Rusty Foster
Contractor: Belz Construction Services LLC
Details: Belz Construction Services LLC filed for a $956,335 building permit with the city-county Office of Construction Code Enforcement on behalf of St. Jude Children’s Research Hospital for interior renovations of their 315 Danny Thomas Place site.
Rusty Foster is listed as the architect and Belz Construction Services is listed as the contractor.
The Daily News reported last Thursday that state and city officials announced multimillion-dollar contributions to improve public infrastructure around the Downtown campus of St. Jude.
The state agreed to allocate $12 million in FastTrack funding and the city of Memphis added an additional $25 million for public infrastructure improvement projects around the hospital.
Last month, St. Jude filed a separate $3.5 million building permit application for interior alterations to the building at 350 N. Third St. known as Tri Delta Place, which is St. Jude’s only on-campus housing facility.