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VOL. 132 | NO. 54 | Thursday, March 16, 2017




Hickory Hill Home Depot Site Sells for $15 Million

By Patrick Lantrip

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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.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
FORECLOSURE NOTICES 4 48 2,693
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426
BUSINESS LICENSES 24 139 5,848
UTILITY CONNECTIONS 26 116 6,830
MARRIAGE LICENSES 26 133 4,049