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VOL. 133 | NO. 101 | Monday, May 21, 2018




Faropoint, Belz Sell of Part of Retail Portfolio

By Patrick Lantrip

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7501 Goodman Road, Olive Branch, MS 38654 and 7685 Hacks Cross RoadOlive Branch, MS 38654:  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.

Sale Amount: $9.24 million (combined)

Buyer: Prosequi Investments LLC/Alan Werner

Seller: Faropoint Ventures

Seller Rep: Brian Califf and Elliot Embry, NAI Saig Co.

Details: 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.

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 Road, 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 Road, was bought by a local investment group known as Prosequi Investments LLC. This is Prosequi Investments’ second retail acquisition in the Memphis market.

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

5360 Winchester Road
Memphis, TN 38115

Sale Amount: $8.9 million

Buyer: Gestalt Community Schools

Buyer Rep: Darrell Cobbins, Universal Commercial Real Estate

Seller: Belz Enterprises

Details: A Belz-owned shopping center in southeast Memphis has been purchased by a longtime tenant in a multimillion-dollar deal.

Gestalt Community Schools, a charter school organization, purchased the Mendenhall Square Shopping Center, located on the northeast corner of Mendenhall and Winchester roads, from Belz Enterprises for $8.9 million.

Universal Commercial Real Estate’s founder and president, Darrell Cobbins, represented Gestalt in the transaction.

“They are heavily invested in that particular section of that community, so they bought the center with the idea of expanding their school and then ultimately building a school on the site over there,” Cobbins said.

Currently, one of Gestalt’s five Power Academy schools is located within the shopping center, while a second is located due south across Winchester Road.

“I think it’s a big deal for the community that they’re basically doubling down on their commitment and investing in that part of town,” Cobbins said.

1010 N Germantown Parkway
Cordova, TN 38018

Sale Amount: $3.7 million

Sale Date: May 14, 2018

Buyer: TMK Cordova LLC

Seller: Shops at Cordova Memphis LLC

Loan Amount: $2.8 million

Loan Date: May 14

Borrower: Kyle W. Nagel

Lender: Genworth Life and Annuity Insurance Co.

Details: The Shops of Cordova Station, located at 1010-1030 N. Germantown Parkway, has sold for $3.7 million.

TMK Cordova LLC purchased the 18,800-square-foot strip shopping center from Shops at Cordova Memphis LLC, according to a May 14 warranty deed filed with the Shelby County Register.

Satya Kumar Bhavahasi, acting as manager, signed the deed on behalf of the sellers.

In conjunction with the purchase, the new owners took out a $2.8 million mortgage through Overland Park, Kansas-based Genworth Life and Annuity Insurance Co.

Kyle W. Nagel signed the deed of trust as president of TMK Cordova.

Built in 1998, the center sits on the east side of North Germantown Parkway south of Macon Road. The Shelby County Assessor’s 2018 appraisal is $2.8 million.

10050 Oak Seed Lane
Lakeland, TN 38002

Permit Amount: $3 million

Application Date: May 15, 2018

Owner: The Lakeland School System

Tenant: Lakeland Elementary School

Details: The Lakeland School System has pulled a $3 million building permit for an expansion of Lakeland Elementary School at 10050 Oak Seed Lane. The expansion has been planned for some time as the school system has grown.

City leaders and leaders of the suburban school system opened Lakeland Middle Preparatory School last summer at a nearby site with tentative plans for a high school on the same 94-acre campus. The financing and construction of the high school is on hold with a pending lawsuit over the financing.

The Lakeland School System began in August 2014 with an elementary school.

2838 Stage Center Cove
Bartlett, TN 38134

Sale Amount: $155,000

Buyer: Jim and Charlotte Shephard

Seller: RREF BB-TN MVI LLC

Buyer/Seller Rep: Joseph Steffner and Jack Steffner, Newmark Knight Frank

Details: The Stage Center Building, located at 2838 Stage Center Cove in Bartlett, has sold for $155,000.

Jim and Charlotte Shephard purchased the 3,566-square-foot standalone office building near the intersection of Stage Road and Stage Center Drive from RREF BB-TN MVI LLC.

Newmark Knight Frank senior vice president and regional managing director Joseph Steffner and associate director Jack Steffner represented both parties in the transaction.

Built in 1986, the single-story office building was appraised at $322,300 this year, according to Shelby County Assessor of Property.

The building permit application for the elementary school expansion does not list a contractor.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 74 17,939
MORTGAGES 95 95 20,660
FORECLOSURE NOTICES 0 0 2,693
BUILDING PERMITS 141 141 36,977
BANKRUPTCIES 59 59 11,485
BUSINESS LICENSES 17 17 5,865
UTILITY CONNECTIONS 27 27 6,857
MARRIAGE LICENSES 41 41 4,090