VOL. 131 | NO. 18 | Tuesday, January 26, 2016
Memphis Real Estate Recap
Belz Sells Linden Camilla Towers for $14.4 Million
By Madeline Faber
256 S. Camilla Street
Memphis, TN 38104
Sale Amount: $14.4 million
Sale Date: Dec. 6, 2015
Buyer: Linden Camilla LLC
Seller: United Housing Partners-Wesley Camilla
Details: An entity affiliated with Belz Enterprises has sold the Linden Camilla Towers in Midtown for $14.4 million.
The 11-story senior living apartments, located 256 S. Camilla St., are still under local ownership.
United Housing Partners-Wesley Camilla sold the affordable multifamily complex to Linden Camilla LLC, according to a Dec. 6 warranty deed.
The seller, an entity of local real estate giant Belz, had owned the property since it was developed by the Memphis Housing Authority in 1977.
The registered agent for the new owner is James Carmichael, owner of Silver Tree Residential.
Memphis-based Silver Tree manages more than 30 multifamily communities throughout the U.S. that are designated for Section 8 Rental Assistance.
Linden Camilla Towers contains 430 units across 303,952 square feet.
1064 Oakhaven Road
Memphis, TN 38119
Sale Amount: $970,000
Sale Date: Dec. 22, 2015
Buyer: Patrick Real Estate LLC
Seller: RPK Investments LLC
Loan Amount: $944,500
Loan Date: Dec. 22, 2015
Maturity Date: Jan. 5, 2021
Borrower: Patrick Real Estate
Lender: Tennessee Bank
Details: Patrick Accounting and Tax Services PLLC and Patrick Payroll LLC have purchased an East Memphis office building for their new headquarters.
The businesses will relocate from their 4,500-square-foot space at 9045 Forest Centre Drive to a 10,454-square-foot building at 1064 Oakhaven Road.
Patrick Real Estate LLC purchased the office building for $970,000, or $92.79 per square foot, on Dec. 22.
The relocation will occur after the tax season, said Matthew Patrick, managing member of Patrick Accounting and Tax Services PLLC and Patrick Payroll LLC.
“We are so excited about the new office, as it allows both Patrick Accounting and Patrick Payroll to continue to grow for years to come,” he said.
Landon Williams and Kemp Conrad with Cushman & Wakefield/Commercial Advisors represented the buyers. Don Drinkard with CBRE Memphis represented the seller. The Oakhaven Road office building was built in 1975 and last sold for $660,000 in 2009, according to the Shelby County Assessor of Property.
13 Industrial Properties
Sale Amount: $26.5 million
Sale Date: Jan. 15, 2015
Buyer: Big Box Property Owner C LLC
Seller: Exeter 3955 Holmes LLC
Details: Exeter Property Group has sold 13 Memphis industrial properties for a combined $143.3 million – all part of the massive deal in which Exeter sold its U.S. industrial portfolio for $3.2 billion.
The 58 million-square-foot portfolio, which includes 209 properties in 25 key distribution markets, was acquired by 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.
The Memphis properties and their sale prices are: 3955 Holmes Road ($26.5 million), 6005 Freeport Ave. ($20.2 million), 3399 E. Raines Road ($22.9 million), 3461 E. Raines Road ($14.5 million), 4550 Swinnea Road ($15 million), 4480 Swinnea Road ($14 million), 4550 Quality Drive ($8.5 million), 3630 E. Raines Road ($5.7 million), 4289 Concorde Road ($4.9 million), 4403 Delp St. ($3.6 million), 4006 Air Park Street ($3.4 million), 4132 New Getwell Road ($3 million) and 4841 Cromwell Ave. ($1.1 million).
Exeter invested in the joint venture and will continue to manage the properties.
4995 Outland Center Drive
Memphis, TN 38118
Tenant: WSD Inc.
Tenant’s Agent: Elliot Embry (NAI Saig Co.)
Landlord: 4895-4995 Outland Center Drive LLC
Landlord’s Agent: Patrick Walton (Cushman & Wakefield/Commercial Advisors)
Size: 25,386 square feet
Details: Wheel and tire distributor WSD Inc. has signed a 25,386-square-foot lease in the Outland Business Park. The lease at 4995 Outland Center Drive, suite 107, commenced on Jan. 1.
Elliot Embry with NAI Saig Co. represented the tenant and Patrick Walton with Cushman & Wakefield/Commercial Advisors represented the landlord.
4895-4995 Outland Center Drive LLC, an entity of Huntington Industrial Partners, purchased Outland Business Park in 2013 for $12 million. In 2015, Huntington made a run at gaining tax abatements to develop the former Mall of Memphis site into a speculative industrial park; after failing to secure the abatements, they sold the 113-acre site.
9020 U.S. 64
Lakeland, Tennessee 38002
Completion: Summer 2016
Owner: A.J. & C. Garfunkel
Tenant: Starbucks, Hollywood Pet Feed
Architect: Ci Design Inc.
Details: The Lakeland shopping center anchored by gourmet grocery store Sprouts is getting an upgrade. The Country Bridge Shopping Center, located at the intersection of U.S. 64 and Fletcher Trace Parkway, is getting extensive facade design, new tenants and additional LED lighting, signage and “landscaped islands,” according to a release. Construction of a 4,000-square-foot freestanding outparcel also is planned. Starbucks has signed on as one of the two tenants for the new building, and Hollywood Feed will locate in the larger strip. The 64,221-square-foot retail shopping center is currently home to more than 10 tenants.