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VOL. 131 | NO. 185 | Thursday, September 15, 2016

Three Industrial Properties Sell for $9.6 Million

By Madeline Faber

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Malone Distribution Park 

Memphis, TN 38118

Sale Amount: $9.6 million

Sale Date: Sept. 8

Buyer: O’Donnell Memphis E-Commerce Distribution Center LLC

Seller: Colfin Cobalt I-II Owner LLC

Loan Amount: $8 million

Loan Date: Sept. 8

Borrower: O’Donnell Memphis E-Commerce Distribution Center LLC

Lender: UL Holdings NT-II LLC

Details: Three industrial properties in southeast Shelby County have sold for $9.6 million.
In a Sept. 8 warranty deed, Colfin Cobalt I-II Owner LLC sold its holdings at the Malone Distribution Park to O’Donnell Memphis E-Commerce Distribution Center LLC.
The purchase includes a 150,000-square-foot warehouse on 8.2 acres at 4366 Malone Road, a 232,500-square-foot warehouse on 13.4 acres at 4436 Malone and two acres of vacant land at 4260 Malone Road.
The properties, which are located on the east side of Malone south of Air Trans Road, have a combined appraisal of $6 million.
In conjunction with the sale, O’Donnell Memphis E-Commerce Distribution Center LLC signed an $8 million mortgage through UL Holdings NT-II LLC.
Douglas O’Donnell, president of The O’Donnell Group Inc., signed as the managing entity for Malone Distribution Center’s new owner. 

1492 Union Ave.

Memphis, TN 38104

Sale Amount: $1.3 million

Sale Date: Sept. 6

Buyer: Balvinder Kumar and Jatinder Sharma

Seller: Union Plaza LLC

Loan Amount: $900,000

Loan Date: Sept. 6

Maturity Date: Sept. 2, 2031

Lender: Bank of Bartlett

Details: A Midtown shopping center has sold for $1.3 million. Balvinder Kumar and Jatinder Sharma purchased the center at 1492 Union Ave. from Union Plaza LLC in a Sept. 6 warranty deed.
Built in 1942, the 7,710-square-foot Class A center is situated on 0.4 acres on the north side of Union between South McNeil and South Willett streets. It names El Mezcal, T-Mobile and The UPS Store among its tenants.
The Shelby County Assessor most recently appraised the property at $657,400.
In conjunction with the purchase, the buyers filed a $900,000 trust deed through Bank of Bartlett. The loan matures on Sept. 2, 2031. 

8500, 8150 Wilkinsville Road

Millington, TN 38053

Sale Amount: $4.8 million

Sale Date: Sept. 2

Buyer: Michael Kitay

Details: A California investor has purchased two Millington retail strip centers for a combined $4.8 million.
Mitchell Kitay, who lists an address in West Hollywood, Calif., purchased the 26,720-square-foot retail center at 8510 Wilkinsville Road from Millington Realty Holdings LLC, an entity of Israel-based Faropoint Ventures, according to a Sept. 2 warranty deed.
Kitay purchased the adjacent 9,360-square-foot center at 8500 Wilkinsville from Wilkinsville Partners LLC in a separate deed the same day.
The retail centers, which were built in 2008 and 2006 respectively, are situated on a combined 3.5 acres on the east side of Wilkinsville Road north of its intersection with U.S. 51. The Shelby County Assessor of Property’s combined 2016 appraisal is $3.8 million. 

495 N. Watkins St.

Memphis, TN 38104

Permit Amount: $1.2 million

Completion: First quarter 2017

Owner: Crosstown Concourse

Tenant: Southern College of Optometry

Contractor: Grinder, Taber & Grinder

Details: Southern College of Optometry, one of the founding tenants of Crosstown Concourse has begun its seven-figure buildout. Grinder, Taber & Grinder recently filed a $1.2 million building permit for interior build out of shell space for SCO’s new home.
SCO will operate an eye clinic at Crosstown in partnership with Church Health. Both will run an eye clinic out of the same shared space. For the first time, SCO optometric physicians, students and interns will work side-by-side with family practice residents and medical physicians to provide coordinated health care. 

Saddle Creek shopping center

Germantown, TN 38138

Tenants: Allen Edmonds, Southern Avenue Co., Victoria’s Secret

Landlord: Trademark Property Co.

Details: Three new tenants have been announced for the Saddle Creek shopping center in Germantown. Allen Edmonds, a manufacturer of men’s footwear and accessories, will open late this year. The store will be located between Indigo and Brooks Brothers in Saddle Creek South.
Southern Avenue Co., a home interiors store, will also open late this year. The 2,000-square-foot store will be located in Saddle Creek South next to Lily Rain. The store will feature a large gift selection and a wedding registry.
Victoria’s Secret will open in an 8,060-square-foot store in early 2017. The lingerie and beauty provider has three other Memphis-area stores, at Carriage Crossing, Wolfchase Galleria and the Oak Court Mall.

PROPERTY SALES 50 226 2,557
MORTGAGES 44 145 1,731
BUILDING PERMITS 204 569 5,701