VOL. 133 | NO. 144 | Monday, July 23, 2018
Memphis Real Estate Recap
Germantown Retail Center Sells for $13M, Orion Files Permit for New HQ
By Patrick Lantrip
1245 N. Germantown Parkway,
Cordova, TN 38016
Sale Amount: $12.6 million
Buyer: Nash Fields LLC
Seller: Faropoint Ventures
Details: Faropoint Ventures, doing business as Germantown Square Retail LLC, has sold a 142,000-square-foot retail building to Florida investor Nash Fields LLC for $12.6 million. Located at 1245 N. Germantown Parkway, the retail center was 93 percent occupied at the time of the sale and is anchored by Incredible Pizza Co., Tile Shop, and L’ecole Culinaire.
NAI Saig Co. executive vice president Brian Califf represented Faropoint in the deal.
In May, Faropoint sold two Olive Branch retail centers for combined $9.2 million. At the time, Califf said Faropoint was looking to reinvest the proceeds from the sales into more Memphis properties as it gradually shifts its focus to buying exclusively office and industrial properties in the area.
400 Monroe Ave.
Memphis, TN 38103
Permit Amount: $5.8 million
Application Date: July 18
Owner: Orion Federal Credit Union
Contractor: Montgomery Martin
Details: Orion Federal Credit Union has filed a $5.8 million building permit application for its new headquarters in the Memphis Medical District.
Located at 400 Monroe Ave., the building permit application for interior build-out lists.
Montgomery Martin as the project’s contractor.
Orion announced last year it would be the anchor office tenant for the $73 million mixed-use Bakery Development project, which consists of 86 upscale multifamily units, a 480-space parking garage and 150,000 square feet of office and retail space spread out across five parcels, including the former Wonder Bread factory.
1615 Union Ave.
Memphis, TN 38104
Sale Amount: $2.2 million
Sale Date: July 13
Buyer: Balvinder Kumar and Jatinder Sharma
Seller: 1615 Union Development LLC
Loan Amount: $1.5 million
Loan Date: July 13
Lender: Bank of Bartlett
Details: The vacant lot on Union Avenue where Sean’s Cafe & Smooth Moves juice bar once stood will soon be home to the latest Pinnacle Financial Partners bank branch.
Property owner 1615 Union Development LLC sold the parcel for $2.2 million, according to a July 13 warranty deed for the former cafe lot. In conjunction with the purchase, new owners Balvinder Kumar and Jatinder Sharma took out a $1.5 million loan from Bank of Bartlett for the former drugstore property.
While the days of getting milkshakes at Wiles-Smith Drug Store may be gone, the vacated pharmacy and old fashioned soda fountain is slated for a new use.
In February, tenant Pinnacle Financial Partners applied for a $1.3 million building permit for a 4,100-square-foot bank branch with drive-thru service at the corner of Union Avenue and Rozelle Street.
Last year, the Nashville-based bank received a variance from the Midtown Overlay portion of the Unified Development Code by the Board of Adjustment for a 20-foot setback, alternative streetscape layout and the orientation of its drive-thru. .
In 2016, Sean’s Cafe & Smooth Moves and neighboring Happy Day Laundry & Cleaners burned down in a fire.
3536 Canada Road
Lakeland, TN 38002
Owner: Gilad Development Inc.
Owner Agent: Ron Riley, Colliers International
Details: Lake District developer Gilad Development Inc. has hired real estate brokerage firm Colliers International to handle the leasing for the office portion of the 160-plus-acre mixed-use development.
“The Lake District is a luxurious, welcoming community built on the highest of standards,” Gilad owner Yehuda Netanel said in statement. “We carefully select partners that embody this ethos and Colliers International aligns perfectly.”
In addition to the 65,000 square feet of Class A office space that Colliers will manage, the Lake District is projected to include 300,000 square feet of retail and restaurant space, two hotels, 240 custom-built single-family homes, 390 apartments and 168 age-restricted apartments.
“The potential for this development is endless, and we’re excited to be a part of a project that we know will be transformative for the city and, quite frankly, the entire state,” Colliers senior vice president of asset services Ron Riley said.
Recently, the Lake District has announced several new retail tenants that will call the mixed-use project home, including The Stock Market, Malco Theatres and Gould’s Salon and Spa.
The Shopping Center Group’s Shawn Massey represents the Lake District’s retail space.
6060 Poplar Ave.
Memphis, TN 38119
Permit Amount: $2 million
Application Date: July 13
Owner: Highwoods Properties
Tenant: Bank of America
Details: North Carolina-based Highwoods Properties has filed a $2 million building permit application for some interior changes at East Memphis’ Triad Centre II building. The application for alterations to the first and third floors lists Highwoods as the owner and Bank of America as the tenant.
Located at 6060 Poplar Ave., Triad Centre II is one of a trio of Class A office buildings along the Poplar Corridor offering more than 100,000 square feet of space.
1201 Winchester Road
Memphis, TN 38116
Permit Amount: $1.1 million
Application Date: July 16
Owner: Homer Fulton Jr.
Tenant: Soulfood Restaurant
Contractor: Traditional Construction Co. Inc.
Details: On Monday, July 16, a building permit application valued at $1.1 million was filed for a restaurant in Whitehaven.
The permit was to “[build] a restaurant” at 1201 Winchester Road. The owner is listed as Homer Fulton Jr., the tenant is Soulfood Restaurant and the general contractor is Traditional Construction Co. Inc., according to the application.