VOL. 131 | NO. 23 | Tuesday, February 2, 2016
Memphis Real Estate Recap
Save-A-Lot to Anchor New Sam Cooper Shopping Center
Daily News staff
Southeast Corner of Sam Cooper
Boulevard and Tillman Street
Memphis, TN 38104
Size: 16,300 square feet
Tenant’s Agent: Frank Dyer, Loeb Realty Group
Landlord: Binghampton Development Corp.
Landlord’s Agent: Steve Bowie & Shawn Massey, The Shopping Center Group
Completion: Summer 2017
Architect: Fleming & Associates
Contractor: Linkous Construction
Details: Save-A-Lot Food Stores is the anchor tenant for the Binghampton Grocery Center, a new shopping complex at the corner of Sam Cooper Boulevard and Tillman Street developed by the Binghampton Development Corp.
The overall 48,565-square-foot project will bring 50 new jobs with 30 of them going to the 16,300-square-foot grocery store. A job training program will be instituted to serve Binghampton residents.
Construction is expected to begin this summer and continue until summer 2017.
The store’s design will stand out from its standard stores and will “reflect the historical character of the Broad Avenue district,” according to a statement from the BDC. The store will feature an urban design and be easily accessible to Memphians on foot, using the new MATA bus stop or passing through while cycling the Binghampton Hampline, which will stretch from Downtown to Germantown. Outdoor patio space is also planned for the finished development.
In August 2014, the BDC purchased a blighted apartment community that it later demolished to make way for the shopping center. With the grocery store in place, further tenants for the 10,000-square-foot value store and 7,240 square feet of local tenants will fall into place as more leases are signed in the coming months.
Fleming & Associates is the project architect, and Kimley Horn & Associates is serving as project engineer. Linkous Construction will be the general contractor. Steve Bowie and Shawn Massey with The Shopping Center Group represented the Binghampton Development Corp. in negotiations with Save-A-Lot. Frank Dyer with Loeb Realty Group represented the tenant in the transaction.
This is the first success story for the Community Builder PILOT, a new tax incentive provided by the Memphis-Shelby County Economic Development Growth Engine. In October 2015, the EDGE board awarded the BDC a property tax reduction estimated to save $1.86 million over 15 years.
Multiple Industrial Holdings
Memphis, TN 38115
Sale Amount: $28.7 million
Sale Date: Dec. 29, 2015
Buyer: Exeter Property Group
Details: ProLogis has unloaded a large portion of its industrial holdings for $90 million in six separate deals.
ProLogis, working under a number of affiliated names, sold multiple properties – including two warehouses housing Cummins Inc.’s distributions operations – to Exeter Property Group, according to warranty deeds signed Dec. 29. They include:
• 400,000 square-foot warehouse at 5800 Challenge Drive (sold for $16.9 million)
• 652,260-square-foot warehouse at 4155 Quest Way ($28.7 million)
• 80,000-square-foot warehouse at 3945 Hickory Hill ($3.4 million)
• 599,692-square-foot warehouse at 5510 Getwell Road ($225,000)
• 6 acres of vacant land at 5600 Challenge ($24.3 million)
• 420,000-square-foot warehouse at 5700 Challenge (also listed as 5750 Getwell Road) ($15.8 million)
The group also optioned a parcel of vacant land on the east side of Getwell Road, just north of the Tennessee-Mississippi state line.
In conjunction with the sale, Exeter 4155 Quest LLC filed a $61.5 million construction mortgage with Bank of America,
On Jan. 15, Exeter Property Group sold 13 Memphis industrial properties for a combined $143.3 million – part of a massive deal in which Exeter sold its U.S. industrial portfolio to a joint venture of Henley Holding Company, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and the Public Sector Pension Investment Board, one of the largest Canadian pension investment managers. Exeter invested in the joint venture and will continue to manage the properties. The Dec. 29 purchases were not part of the larger deal.
5808 Old Millington Road
Millington, TN 38053
Sale Amount: $323,400
Sale Date: Jan. 22, 2016
Buyer: nexAir Carbonic LLC
Seller: Air Liquide Industrial U.S. LP
Details: Memphis-based nexAir has purchased Air Liquide’s liquid carbon dioxide and dry ice facilities in Millington.
NexAir, a distributor of atmospheric gases and welding supplies, assumed operations at the facilities in late January, and the organization’s five employees will join nexAir’s Tennessee operations.
NexAir will operate the business through nexAir Carbonic, a wholly owned subsidiary of nexAir.
The acquisition increases nexAir’s liquid carbon dioxide and dry ice offerings to the Memphis area. In addition to its knowledge of industrial and specialty gases and welding supplies, nexAir has supplied customers with dry ice for the last 15 years.