VOL. 132 | NO. 54 | Thursday, March 16, 2017
Memphis Real Estate Recap
Hickory Hill Home Depot Site Sells for $15 Million
By Patrick Lantrip
3469 Riverdale Road
Memphis, TN 38115
Sale Amount: $15.7 million
Sale Date: March 3, 2017
Buyer: Spirit Realty Capital
Seller: Allied Development of Memphis
Details: A Dallas, Texas-based real estate investment trust has purchased a large parcel of land where a Home Depot is located in Hickory Hill for $15.7 million.
Spirit Realty Capital, doing business as Spirit Master Funding X LLC, bought the property from Allied Development of Memphis, according to a March 3 warranty deed filed with the Shelby County Register of Deeds. Mehrdad Mottahedeh signed the deed on behalf of Allied Development.
The nearly 12.5-acre property, located at 3469 Riverdale Road, is home to a 101,800-square-foot shopping center that was built in 1996 and currently is occupied by Home Depot. Though the Shelby County Assessor of Property’s 2017 reappraisal information is not yet available for the Class B center, its 2016 appraisal value was $5 million.
Spirit Realty Capital manages 2,705 properties with 452 tenants in 49 states, including a large presence in Tennessee.
2155 Sycamore View Road
Memphis, TN 38134
Sale Amount: $6.3 million
Sale Date: March 6, 2017
Buyer: Deerfield Apartments Utah LLC
Seller: Deerfield Group LLC and Mjer Deerfield
Details: The Deerfield Apartments complex, located at 2155 Sycamore View Road, has switched hands in a multimillion-dollar deal.
Deerfield Group LLC and Mjer Deerfield sold the property to Deerfield Apartments Utah LLC for $6.3 million, according to a March 6 warranty deed filed with the Shelby County Register of Deeds.
Jeffrey M Weiskopf, chairman and CEO of New York-based White Eagle Property Group, signed the deed as president of Deerfield Group. Michael Reidel and Eska Reidel signed on behalf of Mjer Deerfield.
2810 N. Germantown Pkwy.
Memphis, TN 38133
Sale Amount: $5 million
Sale Date: March 9, 2017
Buyer: Agree Realty Corp.
Seller: Kimco Income REIT
Details: A Michigan-based real estate investment trust has purchased Bed, Bath & Beyond’s Germantown Parkway site for $5 million.
Agree Realty Corp., acting as Agree 1031 LLC, bought the Cordova property from Kimco Income REIT, doing business as KIR Memphis BBB, according to a March 9 warranty deed.
Built in 1996, the 42,668-square-foot department store is located on four acres at 2810 N. Germantown Parkway in front of Wolfchase Galleria. The Shelby County Assessor of Property’s 2016 appraisal was $3.6 million.
Agree Realty Corp., based in Bloomfield Hills, Michigan, is a real estate investment trust with 370 assets totaling 7.1 million square feet of leasable space in 43 states. Its portfolio includes one other Memphis property, the Family Dollar store at 1636 Getwell Road.
New Hyde Park, New York-based Kimco Realty Corp., which manages Kimco Income REIT, owns an interest in 524 U.S. shopping centers, including Hickory Ridge Commons in Memphis.
1740 Century Center Pkwy.
Memphis, TN 38134
Permit Amount: $1.5 million
Application Date: March 2017
Owner: Point Blank Range
Tenant: Point Blank Range
Architect: Glen P. Oxford
Details: Point Blank Range and Gunshop, a Cincinnati, Ohio-based shooting range and firearm retail store, soon will begin construction of a new location in Cordova.
A $1.5 million permit application for new construction has been filed with the city-county Office of Construction Code Enforcement. The application lists Point Blank Range as the tenant and owner of the 1740 Century Center Cove location; Glen P. Oxford is listed as the architect.
Founded in 2012, Point Blank operates about a dozen locations, mostly in the Midwest.
Hacks Cross Road and
Misty Meadows Lane
Sale Amount: $784,000
Sale Date: Feb. 24, 2017
Buyer: New Development LLC
Buyer Representative: Bryan Evans with NAI Saig Co.
Seller: Forest Bend Properties LLC
Seller Representative: Andrew Phillips with Colliers International
Details: A sizeable parcel of undeveloped land near a busy intersection in Southeast Memphis has switched hands for $784,000.
Bryan Evans with NAI Saig Co. represented the buyer, New Development LLC, while Andrew Phillips with Colliers International represented the seller, Forest Bend Properties LLC, in the Feb. 24 deal.
The six-acre site sits near the intersection of Hacks Cross Road and Misty Meadows Lane where 23,338 vehicles per day drive by.
4221 Pilot Drive
Memphis, TN 38118
Tenant: Mallory Alexander International Logistics
Tenant’s Agent: Jeb Fields with Cushman & Wakefield / Commercial Advisors
Landlord: Sealy Pilot LLC
Landlord’s Agent: Hank Martin and Elliot Embry with NAI Saig Co.
Details: Memphis-based shipping company Mallory Alexander International Logistics has signed a three-year lease for 200,000 square feet at 4221 Pilot Drive.
Hank Martin and Elliot Embry with NAI Saig Co. represented the landlord, Sealy Pilot LLC, while Jeb Fields with Cushman & Wakefield / Commercial Advisors represented Mallory Alexander.
According to a representative with NAI Saig, more than 200,000 square feet of space is still available for lease in the 600,000-square-foot warehouse at 4221 Pilot Drive.