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VOL. 131 | NO. 30 | Thursday, February 11, 2016

Medical Center Apartments Sell for $9.7 Million

By Madeline Faber

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810 Washington Ave.
Memphis, TN 38105

Sale Amount: $9.7 million

Sale Date: Jan. 29, 2016

Buyer: Blair Tower LLC

Seller: Blair MCAP LLC

Details: An apartment complex in the Memphis Medical Center has sold for $9.7 million.

Blair Tower LLC, an affiliate of Hyde Family Investments LLC, purchased the Blair Tower Apartments from Blair MCAP LLC, according to a Jan. 29 warranty deed.

The Class B complex, located at 810 Washington Ave., was built in 1964 and bears 208 units across 219,179 square feet. It’s situated on 1.4 acres at the northwest corner of Washington and Dunlap Street, and the Shelby County Assessor’s 2015 appraisal came in at $5.1 million.

This isn’t the first time New York-based Hyde Capital has purchased in Memphis. In March 2014, its related entities paid $8.6 million for the 208-unit Cinnamon Trails apartment complex and $8.7 million for the 272-unit Briar Club Apartments, both in Hickory Hill.

923 S. Yates Road
Memphis, TN 38120

Tenant: The Bump Studio

Tenant’s Agent: Shawn Massey, The Shopping Group

Landlord: Loeb Properties

Landlord’s Agent: Aaron Petree, Loeb Properties

Size: 1,200 square feet

Details: The Bump Studio, a provider of 4-D ultrasound services, has signed a 1,200-square-foot lease in East Memphis. This is a new retail concept to the area from local entrepreneurs Rico Viglietti and his wife, Mandy, along with a few other partners. Shawn Massey with The Shopping Group represented the tenant and Aaron Petree with Loeb Properties represented the landlord.

“The Bump Studio fits the growing retail trend of medical uses starting to locate in retail shopping centers,” Massey said. “They are recognizing the need to make themselves readily available and easily accessible to their customers.”

4521 Malone Road
Memphis, TN 38118

Sale Amount: $1.6 million

Sale Date: Jan. 25, 2016


Seller: Westmoreland Co. Inc.

Details: A warehouse in Southeast Memphis has sold for $1.6 million.

Alabama-based Westmoreland Co. Inc. sold its warehouse at 4521 Malone Road to RLF I B SPE LLC in a Jan. 25 warranty deed. Maryland-based NorthAmerican Terminals Management LLC, a real estate company that owns and manages transportation-related properties for domestic trucking markets, is listed in the deed as the buyer’s related entity.

The vacant 15,900-square-foot property includes 2,600 square feet of office space and nearly 50 truck-loading terminals.

5020 English Towne Drive
Memphis, TN 38128

Permit Amount: $1.2 million

Application Date: January 2016

Owner: North Property Management LLC

Tenant: Fresenius Medical Care

Details: Fresenius Medical Care is building a dialysis clinic in Raleigh, according to a $1.2 million building permit filed with the city-county Office of Construction Code Enforcement in late January.

The clinic will be an infill project at 5020 English Towne Drive, according to the application.

North Property Management LLC owns the property, which is west of Covington Pike.

Fresenius currently operates 16 dialysis clinics in the Memphis area. The closest to the new facility is about 2 1/2 miles away at 3850 Austin Peay Highway.

1235 Gateway Drive
Memphis, TN 38116

Sale Amount: $3.7 million

Sale Date: Feb. 2, 2016

Buyer: Extra Space Properties 122

Seller: ESS VRS Owner LLC

Details: Two Extra Space Storage facilities have changed hands for $6 million.

Extra Space Properties 122 LLC purchased the facilities at 1235 Gateway Drive and 1075 Madison Ave. from ESS VRS Owner LLC in separate Feb. 2 warranty deeds.

The Class C self-storage facility on Gateway Drive, which sold for $3.7 million, was built in 1987 and has 57,572 square feet on 2.8 acres. The Shelby County Assessor’s most recent appraisal of the property, which is on the south side of Gateway east of Elvis Presley Boulevard, is $1.7 million.

The 32,187-square-foot Class B facility on Madison, which sold for $2.3 million, was constructed in 1982. Situated on 1.1 acres on the south side of Madison adjacent to the Interstate 240 on-ramp, the property most recently was appraised at $1.2 million.

PROPERTY SALES 38 38 12,796
MORTGAGES 27 27 8,030
BUILDING PERMITS 137 137 30,071
BANKRUPTCIES 44 44 6,108