VOL. 131 | NO. 260 | Friday, December 30, 2016
Germantown Park Offices Sell for Nearly $48 Million
A large office park near the intersection of Germantown Parkway and Walnut Grove Road in Cordova has been sold for nearly $48 million.
New York-based DRA Advisors LLC, acting as DRA CRT Germantown Center LP, sold six parcels to Real Capital Solutions, acting as EAT-1615 LLC, for $47.8 million.
The six-building, 535,000-square-foot office complex known as Germantown Park sits on 40 acres and was developed between 1987 and 1999, according to the Shelby County Assessor of Property.
The warranty deed filed on Dec. 27 was signed by Valla Brown, who is the director of asset management for DRA Advisors LLC, and Linda G. Levy, who is listed as the manager of EAT-1615 LLC.
EAT-1615 also signed a mortgage with UMB Bank for $43.9 million that was filed on the same day. According to the deed of trust, the last payment is due Dec. 22, 2019, unless extended to Dec. 22, 2022.
According to Graham Riley, vice president of commercial acquisitions for Real Capital Solutions, the investment company was interested in Memphis because of the current strength of the office market.
Riley said the company has short-term plans to fix up the properties, but when it comes to long-term plans, everything from selling off the parcels individually to retaining them for the foreseeable future is on the table.
This marks the second acquisition by Colorado-based Real Capital Solutions in 2016. In October, the Horizon Business Center, a flex warehouse development on the north side of Interstate 40 near Wolfchase Galleria, was bought for $6.3 million.
In that deal, Real Capital Solutions bought the 23,750-square-foot building at 2525 Horizon Lake Drive and the 41,300-square-foot building at 2565 Horizon Lake Drive from MM Industrial Memphis LLC, according to a warranty deed filed on Oct. 25.
Riley also said Real Capital Solutions may look to acquire more properties in Memphis and is looking forward to working with local brokers, especially in the office market.
– Patrick Lantrip
Herenton, Cohen Keynote Dec. 31 Prayer Breakfasts
U.S. Rep. Steve Cohen and former Memphis Mayor Willie Herenton will be the keynote speakers at two New Year’s Eve Prayer Breakfasts on Saturday, Dec. 31.
Cohen will speak at former city council member Myron Lowery’s annual prayer breakfast at the Holiday Inn Memphis Airport, 2240 Democrat Road. The five-term Democrat re-elected in November to a sixth term is expected to talk about Washington’s change from the Barack Obama administration to the Donald Trump administration. Cohen was an early supporter of Obama in 2008 and a vocal critic of Trump in the 2016 presidential campaign.
Herenton will speak at current Memphis Mayor Jim Strickland’s prayer breakfast at the Guest House at Graceland, 3600 Elvis Presley Blvd.
Herenton’s speech at Strickland’s prayer breakfast is expected to talk about violent crime in Memphis and the city’s record homicide count in 2016.
Both events start at 9 a.m.
Lowery also hosts an annual Jazz Champagne Brunch at 1:30 p.m. at the Holiday Inn.
– Bill Dries
Annual Ski Freeze To Benefit Dream Factory
The 40th Annual Ski Freeze on New Year’s Day Sunday, Jan. 1, will benefit The Dream Factory of Memphis.
The event’s spokesman this year is NHRA Top Fuel driver Clay Millican.
Water-skiers, bare-footers and wake-boarders will brave the cold water of the Mississippi River to raise funds for The Dream Factory of Memphis. Registration will begin at 10:30 a.m. on the Mud Island River Park boat ramp.
For a $30 donation, skiers will be pulled behind boats provided by Memphis Boat Center and will receive a long sleeve “Ski Freeze” T-shirt as a souvenir. Skiers are encouraged to solicit pledges to raise additional funds.
Proceeds from this year’s event will be used to grant Sarah’s dream. Sarah is a 16-year-old diagnosed with Type 1 diabetes and rheumatoid arthritis.
The Dream Factory is a national, not-for-profit, all-volunteer organization granting the dreams of critically and chronically-ill children ages 3-18. Founded in 1980, The Dream Factory has grown into the second-largest wish-granting organization in existence, with 34 chapters in 17 states across the U.S. The Memphis chapter was formed in 1985 and has granted more than 565 dreams since its founding.
Visit www.skifreeze.com for more information about Ski Freeze, or follow it on Facebook.
If you would likelike to volunteer your services for The Dream Factory or know of a child who may be eligible to receive a dream, call the Memphis chapter at 901-751-9911 or visit www.dreamfactoryinc.org for more information.
– Daily News staff
US Mortgage Rates Tick Higher Again
Mortgage buyer Freddie Mac reported the rate on 30-year fixed-rate loans rose this week to an average 4.32 percent, up from 4.30 percent last week.
The 30-year averaged 3.65 percent for all of 2016 before these latest moves.
The average for a 15-year mortgage rose to 3.55 percent.
Rates began to climb after the Nov. 8 election of Donald Trump. Investors have bid rates higher believing the president-elect’s plans for tax cuts and higher infrastructure spending will increase economic growth and inflation.
– The Associated Press