VOL. 131 | NO. 65 | Thursday, March 31, 2016
Memphis Real Estate Recap
ALSAC Buys Warehouse For $6 Million
Daily News staff
483 Manassas St.
Memphis, TN 38105
Sale Amount: $6 million
Sale Date: March 17, 2016
Seller: Michael Nussbaum and Joyce Nussbaum
Details: ALSAC, the fundraising and awareness arm of St. Jude Children’s Research Hospital, has purchased a North Memphis warehouse for $6 million.
Michael Nussbaum and Joyce Nussbaum sold the property at 483 N. Manassas St. to ALSAC in a March 17 warranty deed.
According to the Shelby County Assessor of Property, the warehouse bears 175,625 square feet across 11.5 acres and was built in 1965. It was most recently appraised at $1.4 million.
5800 Challenge Drive
Memphis, TN 38115
Permit Amount: $944,000
Owner: Exeter Property Group
Contractor: Jolly Roofing and Contracting Co.
Details: Renovations continue at Cummins Inc.’s new distribution center. Jolly Roofing and Contracting Co. Inc. recently filed a $944,000 building permit application for the existing 400,000-square-foot warehouse at 5800 Challenge Drive.
In August of last year, contractor Dan Walker Associates Inc. applied for a $2.7 million building permit for internal renovations to the warehouse, which is just across the street from the existing Cummins distribution facility on Quest Way.
The permit lists Exeter 5800 Challenge LLC as the owner and Cummins as the tenant.
In December of last year, ProLogis unloaded nearly 90 million square feet of its industrial holdings – including its two industrial properties housing Cummins’ distributions operations – to Exeter Property Group. ProLogis had owned the property since 2002.
500 Stateline Road
Southaven, MS 38671
Buyer: The Southaven Chamber of Commerce
Buyer Representation: Jim Brown, Brown Properties
Seller Representation: Arthur Malkin, Malkin Management & Investment Co.
Details: The Southaven Chamber of Commerce is moving to a new property at 500 Stateline Road.
The Chamber has co-located with the city of Southaven for nearly 20 years and now will own and operate its own building less than a mile away.
Carmen Kyle, executive director for the Southaven Chamber, said that an increase in membership led to a need for larger, more versatile space.
The 3,600-square-foot building will house a renovated conference room, business center and patio.
Jim Brown with Brown Properties represented the chamber in the purchase, and Arthur Malkin of Malkin Management & Investment Co. represented the seller.
F&F Construction is contracted for the building renovations.
The chamber expects to move by May 23. Terms of the sale were not disclosed.
65 S. Highland St.
Memphis, TN 38111
Permit Amount: $369,000
Tenant: Another Broken Egg
Contractor: Dan Walker & Associates
Details: Another Broken Egg is opening a second location at 65 S. Highland St. A permit application recently filed with the city-county Office of Construction Code Enforcement lists “existing restaurant renovation” with Another Broken Egg as tenant. The building currently houses El Porton.
Dan Walker & Associates is the contractor for the $369,000 project.
The brunch restaurant opened its first Memphis location at 6063 Park Ave. in the spring of 2015.
2980 Poplar Ave.
Owner: Satellite Healthcare
Tenant: Satellite Healthcare
Square Footage: 14,543
Details: Satellite Healthcare is preparing to open its fourth Memphis dialysis center, Satellite Healthcare Chickasaw Gardens, at 2980 Poplar Ave.
The new center – built in partnership with University Clinical Health, a not-for-profit provider of kidney diagnostic and treatment services – joins the company’s other Memphis locations: Satellite Healthcare Pace Road, Satellite Healthcare South Germantown and Satellite Healthcare Poplar Avenue.
Satellite, a not-for-profit and the sixth-largest provider of patient-centered dialysis and kidney disease services in the U.S., joined forces with University Clinical Health to help address a growing need for dialysis services in Memphis because of its predominantly African-American population, a demographic disproportionately affected by chronic kidney disease.