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VOL. 132 | NO. 79 | Thursday, April 20, 2017




East Memphis Office Sells for $17 Million

By Patrick Lantrip

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6055 Primacy Pkwy.
Memphis, TN 38119

Sale Amount: $17 million 

Sale Date: April 11, 2017

Buyer: Priam Capital

Seller: The Southland Cos.

Loan Amount: $10.6 million

Loan Date: April 11

Borrower: Abhishek Mathura

Lender: RGA Reinsurance Co.

Details: 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 at 6055 Primacy Parkway near the intersection Ridgeway Road from The Southland Cos. 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 near 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 its 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. 

1350 Concourse Ave.
Memphis, TN 38104

Permit Amount: $11 million

Application Date: April 11

Tenants: ALSAC, Crosstown Arts and Farm Burger

Architects: LRK Inc. and NELSON

Contractor: Grinder, Taber & Grinder Inc. 

Details: Three high-profile tenants have filed paperwork with the county to begin construction on their new locations inside Crosstown Concourse.
ALSAC, Crosstown Arts and Farm Burger filed building permit applications totaling $11 million with the city-county Office of Construction Code Enforcement.
ALSAC, the fundraising arm of St. Jude Children’s Research Hospital, is seeking the largest permit, valued at $5.8 million, followed by the nonprofit organization Crosstown Arts at a little less than $5 million, and the farm-to-fork restaurant, Farm Burger, at $293,032.
All three applications are for interior buildout and list Grinder, Taber & Grinder Inc. as the contractor.
LRK Inc. is listed as the architect for Crosstown Arts, while NELSON is listed as ALSAC’s; Farm Burger’s application doesn’t list an architect.
Crosstown Concourse is the new urban village created inside the former 1.5 million-square-foot Sears Tower in Crosstown.
Its grand opening was pushed back from May 13 to Aug. 19 to allow tenants to finish building out their spaces and ramp up operations.
However, a number of tenants and residents are already breathing life into the vertical village.
Most notably, Church Health, the YMCA and the restaurant Mama Gaia have all opened for business in the past few weeks.

3855 Hacks Cross Road
Memphis, TN 38125

Sale Amount: $1.7 million

Sale Date: April 12, 2017

Buyer: Condit Properties LLC

Seller: Michael A. Lightman and Robert T. Levy

Details: A 1.1-acre lot where a McAlister’s Deli is currently located has switched hands, according to a warranty deed filed with the Shelby County Register of Deeds April 12.
Michael A. Lightman and Robert T. Levy sold the property for $1.7 million to California-based Condit Properties LLC in the sale.
Located at 3855 Hacks Cross Road near Highway 385 in southeast Memphis, the 3,695-square-foot restaurant was built in 2005 and was last appraised for $1.1 million in 2016, according to the Shelby County Assessor of Property.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 119 21,696
MORTGAGES 64 113 16,530
FORECLOSURE NOTICES 0 11 1,515
BUILDING PERMITS 0 325 42,816
BANKRUPTCIES 28 64 6,781
BUSINESS LICENSES 0 14 3,183
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0