VOL. 132 | NO. 84 | Thursday, April 27, 2017
Memphis Real Estate Recap
Germantown Village Square Sells for $27.3 Million
By Patrick Lantrip
7694 Poplar Ave.
Germantown, TN 38138
Sale Amount: $27.3 million
Sale Date: April 24, 2017
Buyer: PEBB Enterprises
Seller: Boyle Investment Co.
Details: A Boyle Investment Co. real estate investment fund has sold Germantown Village Square to PEBB Enterprises, a private equity firm based in Boca Raton, Florida, for $27.3 million.
The Mid-South Capital Fund I, LLC was formed in 2011 by Boyle to target real estate investment opportunities throughout the Mid-South.
“Germantown Village Square is a fantastic property, located right in the heart of Germantown on Poplar Avenue,” Mark Halperin, executive vice president and COO of Boyle, said in a release. “Working with all of the tenants during the past several years was a great experience, and we look forward to seeing the property’s continued success.”
Boyle will continue to handle leasing and management of the 200,000-square-foot, two-level, mixed-use center, which was developed in 1973 as an enclosed shopping mall and was “de-malled” in 1985.
Germantown Village Square was the first acquisition made by the Mid-South Capital Fund in 2011. It is strategically located at a high-traffic location on Poplar just east of Germantown Road.
Major office and retail tenants at the center include The West Clinic, TJ Maxx, Pier One, OfficeMax, Petco, Designer Shoe Warehouse (DSW), Crye-Leike Realtors and McAlister’s Deli.
Boyle was represented in the sale by Johnny Lamberson, Terry Radford, Chris Cozby and Chris Gerard of CBRE.
879 E. McLemore Ave.
Memphis, TN 38106
Permit Amount: $3 million
Application Date: April 2016
Owner: The Foundation for I Am
Tenant: The Foundation for I Am
Contractor: Grinder, Taber & Grinder Inc.
Details: A $3 million building permit for Tom Shadyac’s new Soulsville community center has been filed with the city-county Office of Construction Code Enforcement.
The permit application for 879 E. McLemore Ave. was filed by Grinder, Taber & Grinder Inc. and lists the nonprofit organization Foundation for I Am as both the tenant and owner.
The permit also calls for the construction of a rock climbing wall, one of the community center’s features Shadyac originally told The Daily News about in April 2016.
At the time Shadyac, who is best known for directing “Patch Adams,” “Liar, Liar” and “Ace Ventura: Pet Detective,” said he plans to revive the pair of buildings with a climbing wall and recreation center, a 400-seat performing arts center and a “pay-what-you-can” restaurant.
Shadyac purchased the South Memphis site, a 77,000-square-foot community anchor that a local community development corporation tried and failed to develop, in September 2015 for $1.9 million.
The Foundation for I Am is a California-based nonprofit organization connected to Shadyac and a film he directed called “I AM,” which explores what is wrong with the world and ways to improve it, according to its website.
“The specific purpose of this corporation is to meet the physical, emotional, and spiritual needs of those impoverished in our society,” its mission statement reads in part. “We will use our resources to feed the hungry, shelter the homeless, and comfort the sick.”
The philanthropic Hollywood filmmaker-turned-University of Memphis professor, however, is no stranger to Memphis.
His brother, Richard Shadyac Jr., is the current CEO of ALSAC, the fundraising arm for St. Jude Children’s Research Hospital. Their father, Richard Shadyac Sr., was a former ALSAC CEO.
8700 Trail Lake Drive W.
Memphis, TN 38125
Sale Amount: $8.3 million
Sale Date: April 17, 2017
Buyer: Priam Capital
Seller: Tournament Trails Office Building I LLC
Loan Amount: $5.4 million
Loan Date: April 17, 2017
Maturity Date: May 1, 2024
Lender: RGA Reinsurance Co.
Details: A Nashville-based company has purchased its second Memphis office property in a week.
Priam Capital, doing business as 8700 Trail Lake LLC, bought the 60,000-square-foot Tournament Trails building in southeast Memphis from Tournament Trails Office Building I LLC for $8.3 million, according to a warranty deed filed with the Shelby County Register of Deeds.
William Batt, the CFO of Kemmons Wilson Cos., signed the deed as vice president of Tournament Trails Office Building.
In conjunction with the purchase, Priam Capital took out a $5.4 million mortgage with RGA Reinsurance Co. that will mature on May 1, 2024. Priam co-founder and partner Abhishek Mathura signed the paperwork.
Sitting on four acres at 8700 Trail Lake Drive W, the Class A office space was built in 2002, according to the Shelby County Assessor of Property. It was last appraised for $5.4 million in 2016.
This marks the second purchase by Priam in a week.
The company bought Primacy II, a 123,265-square-foot East Memphis office building located at 6055 Primacy Parkway near the intersection of Ridgeway Road and Park Avenue, from The Southland Cos. for $16.6 million, according to a warranty deed filed April 11.
In conjunction with that purchase, Priam took out a $10.6 million mortgage on the property, also through Missouri-based RGA Reinsurance Co.