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VOL. 133 | NO. 91 | Monday, May 7, 2018

Two Large Industrial Portfolios in Southeast Memphis Sold

By Patrick Lantrip

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4049 Willow Lake Blvd., Memphis, TN 38118 (portfolio)

Sale Amount: $21.8 million

Buyer: Faropoint Ventures

Buyer Rep: Brian Califf, NAI Saig Co.

Sellers: Multiple

Details: Faropoint Ventures has purchased another batch of properties in the Memphis area, effectively increasing its local footprint by almost 1 million square feet.

NAI Saig Co. executive vice president Brian Califf represented Faropoint in the $21.8 million, multi-property deal.

The package includes the 217,000-square-foot former International Paper office at 4049 Willow Lake Blvd.; 90,000 square feet at 10666 Ridge Wood in Olive Branch, Mississippi; 247,000 square feet across multiple addresses on Collins Street in Memphis; and 367,000 square feet at 4791 and 4721 Burbank Road. All of the properties are warehouses except for the former IP office, which will be converted to warehouse use.

Financing for these properties was provided by Nashville-based CapStar Bank.

This latest batch of property acquisitions brings Faropoint’s year-to-date local investment total to $37 million. The company plans to acquire an additional $38 million in industrial properties by year’s end, according to Califf.

4155 E. Holmes Road
Memphis, TN 38118 (portfolio)

Sale Amount: $96.6 million

Buyer: Dawson Logistics Assets, Finlayson Logistics Assets and Thomson Logistics Asset

Seller: Exeter Property Group

Details: Pennsylvania-based Exeter Property Group has sold of a chunk of its local assets in Southeast Memphis for $96.6 million, according to five separate warranty deeds filed with the Shelby County Register.

In the transaction, three separate LLCs – Dawson Logistics Assets, Finlayson Logistics Assets and Thomson Logistics Assets – all in care of Corporation Service Co., located at 251 Little Falls Drive in Wilmington, Delaware, purchased multiple properties in the Southpark Distribution Center in Memphis in five separate warranty deeds.

Exeter Property Group principal Timothy Weber signed all five deeds on behalf of his company.

No deed of trust had been filed by press time, according to the Shelby County Register’s website.

The multiple distribution warehouses located at 4600 Shelby Drive, 4155 E. Holmes Road, 4500 Shelby Drive, 4650 E. Shelby Drive, and 4585 Quality Drive were last appraised for a combined $69.7 million.

The properties total a little more than 2 million square feet of space, according to the Shelby County Property Assessor.

2125 Central Ave.
Memphis, TN 38104

Sale Amount: $681,000

Sale Date: April 24, 2018

Buyer: Sparky Memphis LLC

Seller: Squirrel LLC

Loan Amount: $521,250

Loan Date: April 25, 2018

Maturity Date: April 25, 2023

Lender: Renasant Bank

Details: Architecture and design firm Haizlip Studio has sold its Midtown location near the corner of Central Avenue and Cooper Street.

Haizlip, doing business as Squirrel LLC, sold the 6,400-square-foot building to Sparky Memphis LLC for $681,000, according to an April 24 warranty deed filed with the Shelby County Register. Seldon P. Haizlip signed the warranty deed on behalf of the sellers.

In conjunction with the purchase, the buyers signed a $521,250 mortgage on April 25 with Renasant Bank that will mature on April 25, 2023. J. Kevin Adams, acting as chief manager, signed the deed of trust on behalf of Sparky Memphis.

5350 Poplar Ave.
Memphis, TN 38119

Lease Amount: 5,200 square feet

Tenant: Avison Young

Landlord: Magnolia Capital Investments

Details: For the fifth time in a little more than two years, commercial real estate brokerage Avison Young is growing in Memphis. Now the rapidly expanding local franchise, which started out as two men in a temporary office and currently employs 15, will be occupying 5,200 square feet in an iconic building along the Poplar corridor, more than doubling its previous footprint.

“Our capabilities, people and customer base continue to grow,” said Avison Young principal Shane Soefker, who established the office – one of 84 in Toronto-based Avison Young’s global network – alongside principal Jacob Biddle in 2016. “We have experienced over 350 percent growth in personnel and over a 1,000 percent growth in year-over-year top-line revenue from the time we started AY Memphis.”

To accommodate this growth, Avison Young Memphis chose to relocate into the Trustmark Centre at 5350 Poplar Ave., a building they helped purchase last November.

“We continue to pursue investments in a variety of real estate transactions and we are partners in the sponsor that currently owns 5350 Poplar,” Soefker said. “We are doing a lot of great things at 5350, including the launching of a significant capital program and aggressively repositioning the property, and as such, we wanted a flagship space that represented who we are and the direction we are heading with the building.”

For the new digs, Avison Young decided to buck the trend of open office space in favor of a more traditional setup, but still with plenty of breakout and collaborative space.

“There are a lot of reasons why an open office plan works and a lot of reasons why it doesn’t,” Soefker said. “We chose to have offices.”

However, he added, this is indicative of a work culture that hasn’t been afraid to go against the grain to get the job done.

“Our principal-owned, principal-led platform gives us a lot of flexibility with what we want to do and how we want to do it,” Soefker said. “It’s a much more entrepreneurial platform.”

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173