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VOL. 133 | NO. 98 | Wednesday, May 16, 2018

Faropoint Sells Two Olive Branch Retail Centers for Almost $10M

By Patrick Lantrip

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Faropoint Ventures continues to remain active in the Greater Memphis Area with the sale of two Olive Branch retail centers for a combined $9.24 million.

NAI Saig Co. executive vice president Brian Califf and Elliot Embry negotiated the sale of the more than 54,000 square feet of retail space by representing Faropoint in the deal.

Brian Califf

Califf said both centers are very high quality properties, with diverse tenants, and upside through rental growth over time.

“The retail tenants at these locations are catering to daily needs activities with a mix of restaurants, doctors, and other service related businesses,” Califf said. “These uses are very sustainable in today's current economy and are well supported by the Olive Branch community.”

Embry will continue to lead leasing efforts on both centers after closing.

The first parcel, located at 7685-7721 Hacks Cross Rd., was purchased by Dr. Alan Werner from Clarksville, Tennessee, who is rapidly growing his small retail portfolio in North Mississippi and Memphis.

The second center, located at 7501 E. Goodman Rd., was bought by a local investment group known as Prosequi Investments LLC. This marks their second retail acquisition in the Memphis market.

Meanwhile, Califf said Faropoint will be looking to re-invest its proceeds from the sales into more Memphis properties as it gradually shifts its funds focus to buying exclusively office and industrial properties in the area.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 357 17,741
MORTGAGES 66 403 20,438
FORECLOSURE NOTICES 18 44 2,689
BUILDING PERMITS 208 696 36,641
BANKRUPTCIES 52 210 11,374
BUSINESS LICENSES 22 115 5,824
UTILITY CONNECTIONS 25 90 6,804
MARRIAGE LICENSES 21 107 4,023