VOL. 132 | NO. 74 | Thursday, April 13, 2017
Memphis Real Estate Recap
Shops of Wolflake Near Wolfchase Sells for $4.8M
By Patrick Lantrip
2965 N. Germantown Parkway
Bartlett, TN 38133
Sale Amount: $5 million
Sale Date: March 31
Buyer: WFL Retail LLC
Seller: Faropoint Ventures LLC
Seller Rep: Brian Califf
Details: A Germantown Parkway shopping center near Wolfchase Galleria has switched hands for nearly $5 million, according to a warranty deed filed with the Shelby County Register of Deeds March 31.
Called the Shops of Wolflake, the Bartlett retail center is located between St. Francis Hospital-Bartlett and the Wolfchase mall and is anchored by Eat Well Sushi and Grill.
According to the deed, Faropoint Ventures LLC, an investment company doing business as Wolflake Retail Center LLC, sold the property to WFL Retail LLC, a local investment group, for $4.8 million.
Adir Levitas, CEO of Israel-based Faropoint Investments, signed the deed as chief manager of Faropoint Ventures.
Brian Califf with NAI Saig Co. represented the seller in the transaction.
Built in 2001, the Class B retail property sits on 4.6 acres along the west side of North Germantown Parkway between U.S. 64 and Stage Hills Boulevard. The property was last appraised for $3.8 million in 2016, according to the Shelby County Assessor of Property.
The sale is Faropoint’s latest transaction in the greater Memphis area.
In December, Faropoint, acting under the name Poplar-Avalon Retail Center LLC, purchased a Midtown shopping center from Sigo Partners LLC for $5 million.
That parcel, which is located near the intersection of Poplar Avenue and Avalon Street, shares a lot with Home Depot and is home to a Planet Fitness and ACE Cash Express.
Faropoint also owns more than 500,000 square feet of office and retail space in the Mid-South, including the 77,000-square-foot Champion Hills Office Park at 3725 Champion Hill Drive, Orleans Place in East Memphis and now the 55,000-square-foot Shops of Wolflake.
1245 Madison Ave.
Memphis, TN 38104
Permit Amount: $982,562
Permit Date: April 2017
Owner/Tenant: Southern College of Optometry
Contractor: Grinder, Taber & Grinder Inc.
Details: The Southern College of Optometry has filed a nearly $1 million building permit application with the city-county Office of Construction Code Enforcement.
The $982,562 permit for interior renovations was filed for their 1245 Madison Ave. location.
Grinder, Taber & Grinder Inc. was listed as the contractor, while Southern College of Optometry was listed as both the owner and tenant.
6426 U.S. 51 N.
Horn Lake, MS 38637
Sale Amount: $750,000
Sale Date: March 30
Buyer: Flo Street LLC
Buyer Rep: Patrick Gibson
Seller: Malvin & Shirley Bardsnes
Seller Rep: Bryan Evans and Brian Califf
Details: Flo Street LLC has purchased the Arbor Lakes Plaza in Horn Lake for $750,000.
Bryan Evans and Brian Califf with NAI Saig Co. represented the seller, Malvin & Shirley Bardsnes, in this sale transaction, while Patrick Gibson with Colliers International’s Nashville office represented the buyer.
The 7,200-square-foot retail strip is located at 6426 U.S. 51 N.
Bryan Evans and Daniel McPhail with NAI Saig will handle leasing activity for the current owner, Flo Street, going forward.
5837 Distribution Drive
Memphis, TN 38141
Sale Amount: $1.6 million
Sale Date: March 31
Buyer: Libra Properties LLC
Seller: CLI Inc.
Loan Amount: $1.8 million
Loan Date: March 31
Borrower: Di Huang
Details: A 102,500-square-foot warehouse in Hickory Hill Industrial Park has sold for $1.6 million, according to paperwork filed with the Shelby County Register of Deeds.
Libra Properties LLC purchased the warehouse, located at 5837 Distribution Drive, from CLI Inc., according to the March 31 deed.
Jershyang Lee, acting as president, signed the deed on behalf of CLI.
In conjunction with the purchase, Libra Properties took out a $1.8 million mortgage on the property through BancorpSouth.
Di Huang signed the deed of trust as a managing member of Libra Properties.
The Class B warehouse, which was built in 1976, sits on a 5.6-acre parcel near the intersection of Hickory Hill Road and Distribution Drive.
It was last appraised for $1.3 million in 2016, according to the Shelby County Assessor of Property.
2957 Canada Road
Lakeland, TN 38002
Permit Amount: $800,000
Application Date: April 2017
Owner/Tenant: Regions Bank
Details: Regions Bank has filed an $800,000 building permit application with the city-county Office of Construction Code Enforcement for the construction of a new branch in Lakeland.
The permit shows the facility will have a drive-thru when constructed at 2957 Canada Road in Lakeland.
It would become Regions Bank’s first branch in the suburb town east of Memphis.