VOL. 131 | NO. 235 | Thursday, November 24, 2016
Memphis Real Estate Recap
Gill Seeks $25 Million Permit For New MAA Headquarters
By Patrick Lantrip
6815 U.S. 72
Germantown, TN 38138
Permit Amount: $25 million
Future Tenant: MAA
Developer: Gill Poplar GP
Application Date: November 2016
Details: The future home of Memphis-based MAA has taken another step forward.
Developer Gill Properties, working as Gill Poplar GP, has applied for a $25 million building permit for a five-story office building and five-story parking garage – two main components of the $90 million TraVure development in Germantown’s western gateway.
MAA will occupy 83,265 of the 144,968 square feet of the TraVure office building, according to Gill Poplar GP’s payment-in-lieu-of-taxes application, which was approved by the Germantown Board of Mayor and Aldermen in late October.
The company currently occupies 43,000 square feet at 6584 Poplar Ave., west of Kirby Parkway in East Memphis near the border with Germantown.
MAA’s new office campus will create 219 jobs for Germantown that will pay an average of $85,128, according to the application. That is 161 percent of Germantown’s per-capita income.
The capital investment for the office building and parking garage total $33 million.
TraVure also will include retail offerings and a co-branded hotel being developed by Ridgeland, Mississippi-based Desai Hotel Group. In August, Desai filed a $30 million building permit application for the five-story hotel, which will include a Hilton Garden Inn and a Home2 Suites.
4290 Delp Road
Memphis, TN 38118
Lease Length: 1-year lease starting Oct. 15, 2016
Tenant: Intermodal Cartage Co. LLC
Tenant’s Agent: Bruce Young with Memphis Commercial & Industrial
Landlord: RNB Interests LLC, BRN Interests LLC and BAK Interests LLC
Landlord’s Agent: Hank Martin with NAI Saig Co.
Details: Intermodal Cartage Co. signed a one-year lease for an approximately 62,840-square-foot property located at 4290 Delp Road in the Oakhaven/Parkway Village area.
Bruce Young with Memphis Commercial & Industrial represented Intermodal Cartage and Hank Martin with NAI Saig Co. represented the landlords RNB Interests, BRN Interests and BAK Interests.
Intermodal Cartage was founded in Memphis by Mark and Melinda George in 1982. In addition to Memphis, Intermodal Cartage has locations in Nashville, Tennessee; Dallas, Texas; and Birmingham, Alabama.
4770 Hickory Hill Road
Memphis, TN 38141
Buyer: International Distributors USA Inc.
Seller: TBC Corp.
Planned Sale Amount: $5.7 million
Details: The Economic Development Growth Engine of Memphis and Shelby County has approved a tax-incentives request from International Distributors USA to relocate from Olive Branch and expand in Memphis.
In its Fast Track PILOT (payment-in-lieu-of-taxes) application, International Distributors said it has outgrown its 165,000-square-foot distribution facility at 10665 Ridgeway Industrial Drive and is looking to move into a 510,310-square-foot distribution facility at 4770 Hickory Hill Road.
In addition to netting 40 new jobs, the company plans to inject nearly $6.5 million into the city of Memphis, including the $5.7 million purchase of the South Memphis facility from TBC Corp., which is in the process of relocating to Rossville, Tennessee, after being awarded payment-in-lieu-of-taxes incentives from Fayette County.
The 40 new Memphis jobs will have an average base salary of $37,106.
While International Distributors would more than triple the size of its facility with the jump to Hickory Hill, their projected growth in the next five years has the potential to double the size of its production facilities, which would exceed the parameters of the new location.
To accommodate this potential growth, the application requested that if the company expands in the next five years that any new location also receive an additional 10-year PILOT incentive.
4701 Summer Ave.
Memphis, TN 38122
Sale Amount: $1.2 million
Sale Date: Nov. 16, 2016
Buyer: 4701 Summer Avenue LLC
Seller: A. Ali Hamadeh and Farid S. Akil
Loan Amount: $650,000
Loan Date: Nov. 16, 2016
Maturity Date: Nov. 16, 2021
Lender: INSOUTH Bank
Details: A single-tenant retail building at 4701 Summer Ave. has sold for $1.2 million.
An entity called 4701 Summer Avenue LLC purchased the 18,960-square-foot building from A. Ali Hamadeh and Farid S. Akil, according to a Nov. 16 warranty deed. The buyer is affiliated with Reedy & Co., a Memphis-based property-management company and the current occupant of the building.
Built in 1973, the Class D building is situated on 1.5 acres on the southeast corner of Summer and Cadraca Drive in the Berclair area. The Shelby County Assessor of Property’s 2016 appraisal is $517,000.
Reedy & Co. was founded in 2002 by Jim and Debi Reedy. The property management company currently manages more than 1,850 homes in the Memphis area.
In conjunction with the purchase, 4701 Summer Avenue LLC took out a five-year, $650,000 trust deed through INSOUTH Bank. James E. Reedy Sr. signed the loan documents as manager of 4701 Summer Avenue LLC.