VOL. 133 | NO. 131 | Monday, July 2, 2018
Memphis Real Estate Recap
Lake District’s Newest Tenant, New Medical District Apartments
By Patrick Lantrip
3536 Canada Road,
Lakeland, TN 38002
Tenant: Gould’s Salon and Spa
Tenant’s Agent: Paul Gould, Trezevant Realty
Landlord: The Lake District
Landlord’s Agent: Shawn Massey, The Shopping Center Group
Details: Gould’s Salon and Spa has signed a deal to become The Lake District’s newest tenant.
This marks the 12th location for Gould’s, which joins The Stock Market and Malco Theatres in the 160-plus-acre mixed-use development.
“Gould’s Salon and Spa is an iconic Memphis landmark driven by superior customer service and unrivaled salon services,” Lake District director of development Maggie Gallagher said in a statement. “Bringing in a local, family brand only reinforces our commitment to enhancing the consumer experience through trusted partners who bring luxury lifestyle amenities.”
Paul Gould and Trezevant Realty represented Gould’s in the deal, while Shawn Massey with The Shopping Center Group represented The Lake District.
Gould’s co-owner Philip Gould said The Lake District offers the “ideal environment” for the company’s newest salon and spa concept, which he said will include a complete hair salon and barber shop along with a full complement of spa services.
8056 Country Squire Ln.
Cordova, TN 38018
Sale Amount: $62 million
Sale Date: June 19
Buyer: Birge & Held
Seller: Colony NorthStar Inc.
Loan Amount: $48.1 million
Loan Date: June 19
Borrower: Andrew J. Held, Birge & Held
Lender: Merchants Bank of Indiana
Details: The Country Squire Apartments complex, located on the northeastern edge of Shelby Farms, has sold for $62 million.
Los Angeles-based Colony NorthStar Inc. sold the sprawling apartment community to Indianapolis-based Birge & Held.
Scott Freeman, managing director and global head of portfolio management for Colony NorthStar, signed the June 19 warranty deed.
In conjunction with the purchase, Andrew J. Held, president and COO of Birge & Held, signed a $48.1 million deed of trust on behalf of his company through the Merchants Bank of Indiana.
The Country Squire Apartment complex spans 57.6 acres near the corner of Walnut Grove and Germantown Parkway and was last appraised for a combined $34.9 million by the Shelby County Assessor.
5710-5730 Summer Trees Dr.
Memphis, TN 38134
Sale Amount: $5.9 million (combined)
Sale Date: June 13
Buyer: Royal Oak Realty Trust
Seller: EnSafe Inc.
Seller’s Agent: Shane Soefker and Jacob Biddle, Avison Young
Details: Avison Young principals Shane Soefker and Jacob Biddle have negotiated the sale-leaseback of environmental consultancy firm EnSafe Inc.’s northeast Memphis headquarters.
The six-building, 51,610-square-foot portfolio, located at 5710-5730 Summer Trees Drive just south of Summer Avenue and west of Sycamore View Road, was purchased by New York-based Royal Oak Realty Trust.
An additional parcel located at 5669 Summer Ave. was included in the transaction and brings Royal Oak’s purchase to just over 6.5 acres in the Memphis Northeast submarket.
“We are seeing sustained demand for quality properties across product types and submarkets in the Memphis market,” Soefker said in a statement.
“This transaction was a true win-win for both parties involved as EnSafe leveraged the opportunity to monetize their headquarters assets and secured a long-term lease to continue to operate its headquarters facility,” the statement added. “Royal Oak Realty Trust secured a rare opportunity to purchase a property with a well-capitalized and respected tenant. The resulting transaction brought value to both the buyer and seller.”
EnSafe Inc. was founded in 1980 to advise industry and government in environmental science, safety, and regulatory compliance. The firm offers a range of management and planning solutions to clients in a wide-range of industries, providing everything from job hazard analysis to compliance auditing to engineering design solutions.
1162 Peabody Ave.
Memphis, TN 38104
Application Date: July 25
Owner: Guatom Malhotra, RK Developers LLC
Architect: Ledford Engineering, Planning, and Architecture
Details: Guatom Malhotra with RK Developers LLC is seeking a height variance from the Board of Adjustment for a 20-unit apartment complex in the Medical District.
The developers are planning to construct the nearly 44-foot building on a 0.275-acre lot where a single-family residence currently sits at 1162 Peabody Ave. According to the Medical Overlay portion of the Unified Design Code, the maximum height for a new building in the area is 35 feet.
Since this is an infill project, the developers maintain that space is at a premium, so RK is requesting the height variance in order to elevate the apartment complex 10 to 12 feet to accommodate for the required parking below the building.
Ledford Engineering, Planning, and Architecture has been tapped to handle the project’s civil engineering and architecture.
“The neighborhood surrounding the property is a mix of single homes, apartments, a non-profit organization, and a church,” Kevin Ledford said of the surrounding area in his letter of intent to Office of Planning and Development principal planner Don Jones.
The Board of Adjustment is to review RK’s request during its July 25 meeting.