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VOL. 132 | NO. 74 | Thursday, April 13, 2017

East Memphis Office Sells for $17M

By Patrick Lantrip

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Primacy II, a 123,265-square-foot East Memphis office building, has a new owner thanks to a huge $17 million deal.

Nashville-based Priam Capital purchased the office building located at 6055 Primacy Parkway near the intersection Ridgway Road and Park Avenue from The Southland Companies for $16.6 million, according to a warranty deed filed with the Shelby County Register of Deeds April 11.

Terry A. Lynch, president, signed the deed on behalf of Southland.

In conjunction with the purchase, Priam took out a $10.6 million mortgage on the property through Missouri-based RGA Reinsurance Co.

Abhishek Mathura, Priam co-founder and partner, signed the paperwork on their behalf.

The 8-acre site, located within the opulent Poplar Avenue Corridor, was developed in 1981. It was last appraised for $7.2 million in 2016 by the Shelby County Assessor of Property.

Currently the site is listed as available for rent on the CBRE’s website, with 17,709 square feet of space still available for $21 per square foot.

Patrick Reilly and Don Drinkard are the listing brokers.

According to CBRE’s website, the building was completely renovated in 2015-16 with a new lobby, common areas, HVAC system and an outdoor patio area overlooking Lichterman Nature Center.

This sale marks the company’s second significant purchase in Memphis this year, as Priam purchased an office building at 5400 Poplar Ave. from HBAM Member Services for $5.7 million, according to a Jan. 31 warranty deed filed with the Shelby County Register of Deeds.

In conjunction with that purchase Priam Capital filed a $4.3 million mortgage with Paragon Bank, the property’s anchor tenant.

The 45,058-square-foot Class B office building was built in 1984 and sits on 2.1 acres at the northeast corner of Poplar and Valleybrook Drive, according to the Shelby County Assessor of Property. It was appraised at $4.2 million in 2016.

Michael Donahoe, vice president of Avison Young, brokered the sale of 5400 Poplar. Cushman & Wakefield/Commercial Advisors will manage the building.

Additionally, Priam paid $8.6 million for the Grove Park Building at 4515 Poplar, located in front of Oak Court Mall – Priam’s first venture into the Memphis market – in July 2016.

According to their website, Priam's focus is on acquiring stabilized multi-tenant office properties in secondary markets in the Southeast and Midwest, including Nashville, Memphis, Indianapolis, Louisville and Birmingham.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 333 19,446
MORTGAGES 68 383 22,433
FORECLOSURE NOTICES 0 86 2,922
BUILDING PERMITS 138 688 40,004
BANKRUPTCIES 34 238 12,486
BUSINESS LICENSES 35 108 6,374
UTILITY CONNECTIONS 21 123 7,395
MARRIAGE LICENSES 20 92 4,453