VOL. 131 | NO. 90 | Thursday, May 5, 2016
Memphis Real Estate Recap
Collierville Breaks Ground On $93.5M High School
By Daily News staff
11605 E. Shelby Drive
Collierville, TN 38017
Project Cost: $93.5 million
Completion: August 2018
Owner: Collierville Schools
Tenant: Collierville High School
Details: Collierville leaders will break ground May 13 for the new Collierville High School.
The $93.5 million project is being built on 150 acres of land at 11605 E. Shelby Drive, near the street’s intersection with Sycamore Road, and it’s scheduled to open in August 2018.
It will be the Collierville Schools system’s only high school and will have a capacity of 3,000 students. The current Collierville High will be converted to a middle school.
The city went to market in October to sell the bonds that will finance construction. The bonds will be paid off with a 25-cent property tax hike the Collierville Board of Mayor and Aldermen approved last June, along with local sales tax revenue.
2559 Central Ave.
Memphis, TN 38104
Permit Amount: $510,000
Completion: Summer 2017
Owner: Children’s Museum of Memphis
Tenant: Children’s Museum of Memphis
Architect: designshop pllc
Contractor: Montgomery Martin Contractors
Details: The Children’s Museum of Memphis is setting the stage for the Memphis Grand Carousel’s return.
Montgomery Martin Contractors recently applied for a $510,000 construction permit for foundation work at 2559 Central Ave. The permit is the first piece of a 20,000-square-foot building designed for the historic carousel, which was a part of the Mid-South Fairgrounds from 1923 until Libertyland closed in 2005.
In 2015, the 107-year-old carousel was shipped to Ohio for a two-year, $1 million renovation.
2170 Buoy St.
Memphis, TN 38106
Sale Amount: $7.5 million
Sale Date: April 11
Buyer: STORE Master Funding X
Seller: W.M. Barr & Co., Inc.
Loan Amount: $7.5 million
Loan Date: April 11
Lender: CitiBank N.A.
Details: A warehouse near McKellar Lake has sold for $7.5 million.
W.M. Barr & Co., Inc. sold the property at 2170 Buoy St. to STORE Master Funding X, an entity of Dallas-based investment firm Argenta Partners, in an April 11 warranty deed.
The 161,402-square-foot property was built in 1973, according to the Shelby County Assessor of Property. It was most recently appraised at $2 million.
In conjunction with the sale, STORE Master Funding X filed a $7.5 million mortgage on the property through CitiBank N.A.
4550 S. Mendenhall Road
Memphis, TN 38141
Sale Amount: $19.7 million
Sale Date: April 20
Buyer: Exeter 4550 S. Mendenhall LLC
Seller: LBP Midway C LLC
Details: Two industrial buildings in the Midway Distribution Center in Hickory Hill have sold for a combined price of $27 million.
The larger Building C warehouse went for $19.7 million. In an April 20 warranty deed, LBP Midway C LLC sold the property to Exeter 4550 S. Mendenhall LLC.
The 460,000-square-foot warehouse at 4550 S. Mendenhall Road was built in 1999. The Shelby County Assessor of Property’s 2016 appraisal is $13.1 million.
LBP Midway B LLC, a related entity of LBP Midway C LLC, also sold Building B at 4580 S. Mendenhall Road.
Exeter 4580 S. Mendenhall LLC, a related entity of 4550 S. Mendenhall LLC, purchased the warehouse for $7.2 million. The property bears 168,000 square feet and was built in 1997. Its 2016 appraisal is $5 million.
3720 Knight Arnold Road
Memphis, TN 38118
Permit Amount: $1.5 million
Completion: December 2017
Owner: City of Memphis
Tenant: City of Memphis Department of Property Maintenance
Details: The city of Memphis Property Maintenance Department is moving from the Overton Park area to near Memphis International Airport.
Property Maintenance recently filed a $1.5 million building permit for a new building at 3720 Knight Arnold Road, at the site of the former Walter J. Simmons public housing complex at Lamar Avenue and Knight Arnold in Southeast Memphis.
Property Maintenance will be the first department to make the move to the 33-acre site, with several other city operations and engineering departments following suit, said Antonio Adams, director of the Division of General Services.
Consolidating the departments will free up space across the city, namely at the southeast corner of Overton Park. The Memphis Zoo has eyed the lot for additional parking, and it has also been under consideration as the future home of a William Eggleston museum.
Adams said construction at the Knight Arnold location will begin in July and continue for 18 months.