VOL. 132 | NO. 96 | Monday, May 15, 2017
Philadelphia Investor Buys Memphis Portfolio for $6M
Philadelphia-based real estate investment firm Odin Properties, doing business as Medley Apartments, has purchased four multifamily properties from Asia Capital Real Estate for a combined $6 million, according to paperwork filed with the Shelby County Register of Deeds.
The first parcel purchased was the 188-unit El Dorado Apartments, 2743 Ketchum Road, which sold for a little over $2 million. The complex was built in 1971 and sits on just less than 8 acres, according to the Shelby County Assessor, who appraised it at $2 million this year.
The second parcel encompasses the Longview Heights Apartments, an eight-unit collection of townhouse-style apartments at 1949 Philsar St. in South Memphis, which Odin purchased for $1.8 million. The townhomes were built in 1950 and last appraised for $260,300.
In the third deed, Odin paid $1.1 million for the Longview Gardens Apartments, which includes 11 eight-unit apartments at the corner of Dison Avenue and South Orleans Street. Those units also were built in 1950 and appraised for a combined $1.3 million in 2017.
Lastly, the 83-unit Barron Court Apartments, 3015 Barron Ave., was purchased for just under $1 million. The property sits on roughly 2.7 acres and was built in 1973, according to the assessor, who appraised it at $1 million this year.
Richard T. Allorto signed all four warranty deeds on behalf of Asia Capital Real Estate doing business as AML 1002, 1003, 1004 and 1005, respectively.
In conjunction with the purchase, Odin took out a $7 million mortgage with Ohio-based Keybank.
Philip Balderston, Odin’s founder and CEO, signed the deed of trust on behalf of Medley Apartments.
– Patrick Lantrip
FedEx Ground Pulls $1M Permit
FedEx Ground is seeking a $1 million building permit for an addition to the existing gateway building at its 555 Compress Drive location.
The permit application filed with the city-county Office of Construction Code Enforcement also calls for new on-site sidewalks, pavement and fences, and the restoration of an existing parking lot.
Pennsylvania-based Poerio Inc. is listed as the contractor, while Connecticut-based BL Cos. is slated to handle the architecture and engineering.
The 37-acre site was last appraised for $8.6 million and currently houses a 245,593-square-foot truck terminal that was built in 2001, according to the Shelby County Assessor of Property.
– Patrick Lantrip
Arch 2 Arch to Open Midtown Location
Spa/salon Arch 2 Arch plans to open its eighth location at Loeb Properties’ Belvedere Collection shopping center at corner of Union Avenue and Belvedere Boulevard.
Owners Sherry Sarfani and Laila Dharani, opened their first salon at Hacks Cross Road in 2010 and have subsequently additional locations in Memphis, Southaven and San Antonio, Texas.
The salon specializes in eyebrow threading, facials, waxing, and classic henna design – techniques the owners said they learned growing up in India.
Arch 2 Arch also offers permanent makeup, micro-blading, eyelash extensions, micro-needling, microdermabrasion, skin tag removal and broken capillary reductions.
– Patrick Lantrip
Liberty Bowl to be Played Dec. 30
The 59th AutoZone Liberty Bowl will kick off Saturday, Dec. 30, at 11:30 a.m. and be televised on ABC and broadcast on ESPN Radio.
As the seventh-oldest bowl game, the AutoZone Liberty Bowl has had a long partnership with ABC. The network telecast the first AutoZone Liberty Bowl in 1964
Tickets to the game are already on sale. For tickets or other event information, call the AutoZone Liberty Bowl at 901-795-7700, or visit autozonelibertybowl.org.
– Don Wade
AT&T Invested $225M in Memphis Over Past 3 Years
AT&T reports it spent more than $225 million on its Memphis wireless and wired networks between 2014 and 2016.
Those investments, the company says, “enhance reliability, coverage, speed and overall performance for residents and businesses,” among other benefits. The company says it’s also speeding its wired and wireless buildout plans in Tennessee, allocating “hundreds of millions of dollars” to improve its network, paving the path for 5G mobile services in the coming years.
Memphis network enhancements in 2016 included 66 bandwidth expansions, 197 carrier additions and one new cell site.
– Andy Meek