VOL. 131 | NO. 35 | Thursday, February 18, 2016
Memphis Real Estate Recap
Orleans at Walnut Grove Sells for $29.2 Million
By Madeline Faber
317 Royal Chartres Square E.
Cordova, TN 38018
Sale Amount: $29.2 million
Sale Date: Feb. 4, 2016
Buyer: PC Orleans LLC
Seller: Orleans Apartment Community LLC
Details: The 276-unit Orleans at Walnut Grove apartment community has sold for $29.2 million.
PC Orleans LLC, an entity of Provo, Utah-based investment firm Peak Capital Partners, paid an equivalent of $105,731 per unit to buy the property at 317 Royal Chartres Square E. from Orleans Apartment Community LLC, according to a Feb. 4 warranty deed.
Wes Misenhelter, managing principal of Orleans Apartment Community, developed the Orleans at Walnut Grove in two phases – 180 units completed in 2012, followed by 96 units in 2013. The Class A community is situated on roughly 18 acres north of Walnut Grove Road, between Gray’s Creek and Houston Levee Road, with amenities that include a 20-acre lake, screened-in patios and a saltwater pool with palm trees and cooking area.
The Shelby County Assessor’s 2015 appraisal of the two-parcel community totals $24.8 million.
In conjunction with the purchase, PC Orleans LLC assumed a $22.2 million loan through Transamerica Pacific Insurance Co.
Peak Capital Partners and its affiliates own and manage multifamily properties in growth markets in the U.S., with assets that span conventional, affordable and student apartments.
4895 Outland Center Drive
Memphis, TN 38118
Sale Amount: $13.3 million
Sale Date: Feb. 11, 2016
Buyer: Outland Business Park LLC
Seller: 4895 4995 Outland Center Drive LLC
Loan Amount: $9.3 million
Loan Date: Feb 11, 2016
Lender: C-III Commercial Mortgage LLC
Details: Faropoint Investments, an Israel-based real estate firm, has purchased the Outland Business Center for $13.3 million, now its largest holding in the area.
On Feb. 11, Faropoint closed on the Southeast Memphis park, which includes five industrial buildings totaling more than 400,000 square feet at Outland Center Drive and Burbank Road.
Brian Califf with NAI Saig Co. represented Faropoint in the acquisition, while Cushman & Wakefield/Commercial Advisors represented the seller, Huntington Industrial Partners.
In the warranty deed, Huntington acted as 4895 4995 Outland Center Drive LLC and Faropoint acted as Outland Business Park LLC.
In conjunction with the sale, Outland Business Park LLC filed a $9.3 million mortgage with C-III Commercial Mortgage LLC.
Faropoint entered the Memphis market in 2011 and owns 500,000 square feet of office and retail space, not including the recent purchase.
3271 Seminole Road
Memphis, TN 38111
Sale Amount: $34,300
Sale Date: Feb. 2, 2016
Buyer: United Housing, Inc.
Seller: St. Jude Children’s Research Hospital
Details: St. Jude Children’s Research Hospital has sold two adjacent single-family homes in the University of Memphis area.
Both properties were purchased by United Housing Inc., a nonprofit provider of affordable housing, according to separate Feb. 2 warranty deeds.
The health care giant sold the 864-square-foot home at 3271 Seminole Road for $34,300 and the 735-square-foot home at 3275 Seminole for $31,000. The homes each sit on 0.2 acres, and the sales price equals the most recent Shelby County Assessor appraisal.
St. Jude doesn’t own any of the surrounding parcels, according to the most recent data from the Shelby County Register of Deeds.
526 Beale Street
Memphis, TN 38103
Owner: VIA Productions
Tenant: VIA Productions
Details: Memphis-based VIA Productions is moving forward with a plan to increase its presence in the Mid-South via the acquisition of Beale Street Studios, a full-service production studio that’s also giving VIA its new headquarters.
As part of the acquisition, VIA will move from its location on Forest Hill-Irene Road to the current home of Beale Street Studios, 526 Beale St. Beale Street Studios principal Stewart Holmes, with a new role of director of photography, said the move is a natural next step for his firm, and it increases VIA’s total number of employees to 23. Sale details were not disclosed.
VIA originally was founded to make sports documentary films. It’s since expanded to be a full-service video production company.