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Memphis' Top Commercial Real Estate Sales of 2011

January 10, 2012

by Jane Donahoe
Web and sections editor- Memphis Business Journal

What were the largest commercial property transactions in Memphis in 2011?

Memphis Business Journal has created a slideshow of the top 10 commercial deeds recorded in the Memphis area through Dec. 9, 2011, as compiled by American City Business Leads, a division of MBJ parent company American City Business Journals.

The most expensive sale was a $45 million multifamily development. Sales of apartment communities accounted for half of the 10 largest 2011 transactions. There also were three transactions in the retail category and two industrial properties.

Noticeably absent from the largest transaction list were office sales: None were large enough to crack the top 10.

Click here to view the photo gallery.

The data is collected from the public records of each county or applicable municipality.

Effort is made to ensure its accuracy, though the data relies entirely on information reported to, and transcribed by, government agencies, and errors or omissions may occur.

Read the Memphis Business Journal article >

Mayfield Buys Valwood Industrial Building in Carrolton

October 12, 2011

Mayfield Properties purchased 2101 Belt Line Drive in Carrolton, TX, from Wolverine Tube Forming for $5.68 million, or about $34 per square foot.

The 166,000-square-foot industrial building at Valwood Industrial business park was constructed in 1998 in the North Stemmons/Valwood submarket.

Anthony Steinreide of Mueller Industries represented the seller. John Jenkins and Jim Jones of Mayfield represented the buyer in-house.

Read CoStar Group article >

Investor Buys Carrollton Industrial Property

August 30, 2011

A Dallas property investment group has purchased a Carrollton manufacturing building.

Mayfield Properties acquired the 166,000-square-foot building on West Belt Line Road from owner Wolverine Tube Inc.

The building is fully leased to Tube Forming Inc.

Binswanger Management Corp.'s Holmes Davis brokered the sale of the building, which is in Valwood industrial park.

Mayfield Properties was set up last year by John Jenkins and Jim Jones to buy industrial properties in several U.S. markets. They are focused on buying properties valued from $4 million to $50 million.

Terms of the Carrollton sale were not disclosed.

Read DallasNews article >

Carrollton Manufacturing Facility, Acreage Changes Hands

August 26, 2011

A 166,000-square-foot manufacturing facility with acreage at 2101 West Beltline Road in Carrollton was bought by an industrial real estate investment company.

The property is 100 percent leased to Tube Forming Inc.

Holmes Davis, of Binswanger's Dallas office, handled the transaction on behalf of the seller, Wolverine Tube Inc.

The investment firm Mayfield Properties was founded in 2010 to focus on acquiring industrial buildings in pockets throughout the nation, including the Southwest.

Read Dallas Business Journal article >

Depot’s Success Could Be Emulated on Other Projects

August 12, 2011

It’s not often an entity is formed with the intention of going out of business, but that is exactly what’s happened for the Depot Redevelopment Corp.

As the group’s chairman Tommy Farnsworth III puts it, the job is done.

The Depot Redevelopment Corp. was formed in 1997 with the intention of sprucing up and leasing up the Memphis Depot Business Park. By all accounts, the group has been successful.

Part of the 400- acre property is 85 percent leased and now rests comfortably in the hands of an industrial real estate investor, Dallas-based Mayfield Properties. Mayfield paid $35.8 million for the former distribution and warehousing center for the U.S. military.

The Depot can now exist as a model for similar facilities across the country. Military depots aren’t usually at the top of real estate investors’ wish lists, thanks to typically outdated buildings and environmental challenges stemming from the storage of hazardous substances.

But the local depot reinvested in itself. The Environmental Protection Agency led cleanup efforts to make the area safe. The Depot Redevelopment Corp. spent rental income on building and site improvements. And at the end of the process, the city and county get to split the $38.5 million reward.

Also a boon for the city and county is the fact that the property finally will be returned to the tax rolls, contributing an estimated $1 million in annual tax payments.

It’s not immediately clear where the money from the sale will go. One idea we support is to reinvest it in economic development efforts. Memphis Mayor A C Wharton and Shelby County Mayor Mark Luttrell have positioned economic development as a quintessential piece of their political leadership roles. The city and county’s Economic Development Growth Engine — a new super board solely focused on attracting and retaining business — could surely use a $38.5 million shot in the arm to kick off its efforts.

However the profits are spent, the fact that there are profits to spend is a victory for all involved parties, including taxpayers. The depot board did the job it was intended to do and did it well.

Maybe the city should reappoint the board’s nine members to form the Memphis Pyramid Redevelopment Corp. It may need a new tenant on the hook.

Read Memphis Business Journal article >

Mayfield Properties Buys Memphis Depot Business Park

August 08, 2011

A Dallas-based real estate investment firm has purchased 4.2 million square feet of industrial space in the Memphis Depot Business Park for an as-yet undisclosed amount.

Mayfield Properties closed on the sale Friday after several months of due diligence. The sale’s proceeds will go to city and county coffers and the property will be returned to the tax rolls for the first time since the 1940s.

The company bought 43 Class B and C industrial buildings on 260 acres in the 400-acre park, which is just north of Memphis International Airport.

Mayfield Properties, founded by John Jenkins and Jim Jones, acquires mainly office warehouse and light industrial assets across the Southeast, Southwest and Midwest.

The Memphis Development Corp., formed in 1997, has done a great job repositioning the property, which was jointly owned by the city and county, according to Jenkins.

“Once we got on the ground and did our physical due diligence, we found these buildings to be in remarkable condition and well-maintained,” Jones says. “The Depot Redevelopment Corp. was very prudent and had plowed back a lot of live capital into the buildings to improve their value and enhance their image, therefore increasing the saleability and the city and county’s returns.”

The U.S. Army opened the property as the Memphis General Depot in 1942 as a supply point for World War II. It employed up to 1,500 people at a time, but was closed in 1997. That year, the city, county and the economic development community formed the Depot Redevelopment Corp. to buy the property and return it to productivity. The property now employs around 1,000 people.

The industrial buildings bought by Mayfield Properties are currently 85 percent leased and the company has hired Colliers International’s Memphis office to handle leasing and management.

“When you look into the tenant mix and quality of the tenant base which is there, it was very exciting for us,” Jenkins says.

Joel Fulmer, senior vice president at Memphis-based Boyle Investment Co., has been working with John Robinson, executive vice president with CB Richard Ellis Austin, to market the property.

Fulmer has been involved with the Memphis Depot Business Park for 14 years, starting with Depot Redevelopment Corp.’s first chairman Mike Ritz all the way through current chairman Tommy Farnsworth III and president Jim Covington.

In addition to proceeds from the sale going to the city and county, Fulmer says the property being in private hands could generate around $1 million annually in taxes.

Now that Mayfield Properties has a significant toehold in the Memphis industrial market, the firm could grow its presence there.

“We’d love to expand our base up there if possible,” Jones says. “We’re just looking for the right opportunities.”

Read Dallas Business Journal article >

Mayfield Properties Buys Depot Business Park

August 08, 2011

A Dallas-based real estate investment firm has purchased 4.2 million square feet of industrial space in the Memphis Depot Business Park for $35.8 million. Mayfield Properties closed on the sale Friday after several months of due diligence. The sale’s proceeds will go to city and county coffers and the property will be returned to the tax rolls for the first time since the 1940s.

The company bought 43 Class B and C industrial buildings on 260 acres in the 400-acre park, which is located at 2163 Airways Blvd. just north of Memphis International Airport.

Mayfield Properties, founded by John Jenkins and Jim Jones, acquires mainly office warehouse and light industrial assets across the Southeast, Southwest and Midwest.

The Memphis Development Corp., formed in 1997, has done a great job repositioning the property, which was jointly owned by the city and county, according to Jenkins.

“Once we got on the ground and did our physical due diligence, we found these buildings to be in remarkable condition and well-maintained,” Jones says. “The Depot Redevelopment Corp. was very prudent and had plowed back a lot of live capital into the buildings to improve their value and enhance their image, therefore increasing the saleability and the city and county’s returns.”

The U.S. Army opened the property as the Memphis General Depot in 1942 as a supply point for World War II. It employed up to 1,500 people at a time, but was closed in 1997. That year, the city, county and the economic development community formed the Depot Redevelopment Corp. to buy the property and return it to productivity. The property now employs around 1,000 people.

The industrial buildings bought by Mayfield Properties are currently 85 percent leased and the company has hired Colliers International’s Memphis office to handle leasing and management.

“When you look into the tenant mix and quality of the tenant base which is there, it was very exciting for us,” Jenkins says.

Joel Fulmer, senior vice president at Memphis-based Boyle Investment Co., has been working with John Robinson, executive vice president with CB Richard Ellis Austin, to market the property. Fulmer has been involved with the Memphis Depot Business Park for 14 years, starting with Depot Redevelopment Corp.’s first chairman Mike Ritz all the way through current chairman Tommy Farnsworth III and president Jim Covington.

"It’s been a fabulous group of people,” Fulmer says. “It’s been a lot of fun to work on it.”

In addition to proceeds from the sale going to the city and county, Fulmer says the property being in private hands could generate around $1 million annually in taxes. Now that Mayfield Properties has a significant toehold in the Memphis industrial market, the firm could grow its presence here.

“We’d love to expand our base up there if possible,” Jones says. “We’re just looking for the right opportunities.”

Read Memphis Business Journal Article >

Depot Property Under Contract

June 17, 2011

Memphis Depot Business Park could have a buyer before the summer ends in a deal that could net tens of millions of dollars for city and county governments.

Dallas-based real estate investment firm Mayfield Properties has a portion of the 400-acre industrial property under contract.

Mayfield Properties acquires industrial real estate throughout the Southeast, Southwest and Midwest. The company focuses on office warehouse and light industrial assets from $4 million to $50 million, according to its website.

John Jenkins, who founded the company with Jim Jones, would not comment on the deal until the company has completed its due diligence and acquired the property.

Joel Fulmer, senior vice president at Boyle Investment Co., has been working with John Robinson, executive vice president with CB Richard Ellis Austin, to market the property.

Depot Redevelopment Corp., which operates Memphis Depot Business Park on behalf of the city and county governments, is selling 275 acres of the property just north of Memphis International Airport. This land includes 4.2 million square feet of improved second- and third-generation industrial property that is 80 percent leased.

Asking rents for industrial space in the Depot range between $1.68 and $2.60 per square foot, according to Memphis Business Journal’s industrial leasing guide.

The property’s remaining 125 acres consist of undeveloped land which will be retained by the city and county for future development.

Any proceeds from the sale would be split evenly between the City of Memphis and Shelby County.

“I hope this money can be directed to economic development,” City Councilman Kemp Conrad, who chairs the council’s economic development committee, says. “On the city side, I think I have proven that we have a spending problem, not a revenue problem, so to stick this money just in the operating fund would not be a good investment.”

Conrad, who has been nominated to serve on the Economic Development and Growth Engine board, points to recent recruitment successes such as Mitsubishi Electric Power Products Inc. and Electrolux Home Products when suggesting this money should be spent on economic development.

“Then we could create more private sector jobs because government simply can’t hire everybody,” Conrad says. “If we put it in the general fund budget, there will be no multiplier. If we take it and invest it in worthy economic development projects, we could have a huge multiplier which will create jobs for Shelby Countians.”

The Depot Redevelopment Corp. has been in charge of the property since 1997, renovating and renting its buildings. The organization, formed by the city and county, had planned to sell the property in 2009. The recession slowed that plan, which now appears to be on track for completion.

“It’s certainly an unusual property for the Memphis area, both from its history and its location,” says Rand Bouldin, owner of Memphis real estate appraisal company Bouldin & Associates. “They’ve done a tremendous job getting it leased up to a stabilized occupancy. They’ve gotten it to the point where it could be sold as an investment-grade property.”

Opened in January 1942 as the Memphis General Depot, the property was used as a supply point for the U.S. Army in World War II.

Over the years, various military agencies used it for everything from logistics to a prisoner of war camp. It was closed in September 1997 as a casualty of the U.S. Army’s Base Realignment and Closure program. At one time, it employed 1,500 people.

If the sale to Mayfield Properties goes through, it would put the sold portion of the Depot back on the tax rolls for the first time since the 1940s.

“That’s great,” Conrad says. “I don’t know what the potential tax revenue will be from it, but it’ll be a welcome dose of revenue for sure.”

The property has 2 million square feet of cotton storage. These buildings have 14-foot clearance, the tallest height allowable for cotton storage. The buildings also have high density sprinkler systems and firewalls, which are government and industry requirements for storing cotton.

“They’ve leased to companies which can utilize that type of space,” Bouldin says. “From what I understand they’re quality buildings, but the low ceiling heights make it difficult for some companies to use those buildings. The cotton storage has been a very good use for it.”

Once the property is sold, the Depot Redevelopment Corp. could continue while there is still property left in the Depot. It could also eventually be assimilated into EDGE, the city and county’s new joint economic development entity.

Bouldin notes that property went from being marketed to being under contract fairly quickly.

“It shows that there is a good market for investment grade properties which have a history of stable occupancy, despite the economic conditions we’re in,” he says.

Read Memphis Business Journal article >

Mayfield Properties Acquires 235,420 Sq. Ft. Distribution Center in San Antonio

May 27, 2011

Mayfield Properties has closed on its first industrial property purchase in the Alamo City. The deal marks one of the bigger buys in the industrial real estate market over the past few years. It also involves a player with a plan to establish a healthy foothold in the city’s industrial sector.

Mayfield, based in Dallas, purchased the Lanark Distribution Warehouse, a building spanning 235,420 square feet at 610 Lanark in Northeast San Antonio. Mayfield will own the building under the name 610 Lanark Partners LP.

The acquisition is the first for Mayfield in a city that has been on the firm’s radar screen for some time, says Jim Jones, a co-founder of Mayfield.

While he declined to divulge the purchase price, Jones does say that Mayfield is investing approximately $1 million to redevelop the property.

The building is currently valued at approximately $4.4 million, according to the latest information from the Bexar Appraisal District.

To date, the Alamo City industrial real estate market has been dominated by one major player: ProLogis. All told, the Denver-based real estate investment trust (REIT) owns more than 6 million square feet of multitenant industrial space in the greater San Antonio area — out of the 30.7 million square feet that makes up the local market.

As the biggest owner, ProLogis also has been the price-setter for the local industrial market, observes John Greg Turcotte, senior vice president and partner in NAI REOC San Antonio. Turcotte is marketing Lanark on behalf of Mayfield Properties.

ProLogis’ niche has been the larger industrial users — those needing 50,000 square feet or more.

Mayfield, however, is coming into San Antonio with a different tactic. The firm is taking what was a large, open warehouse and breaking it up into smaller spaces to make it attractive to the smaller tenants — those needing 15,000 to 20,000 square feet or less.

Given the age of Lanark — it was built in 1979 — Mayfield will also be able to offer competitive rents, without having to compete against the deeper discounts of a global player like ProLogis, Jones and Turcotte add. “By splitting it up, we can enhance the return to our investors — by making more leases to the smaller tenants,” says Jones.

Local guys

Mayfield’s leasing strategy appears to be working. The firm recently inked a lease with Birmingham-based Ram Tool and Supply Co. for 17,820 square feet in the Lanark facility, says Turcotte, who adds that several other deals are in the works.

Mayfield’s purchase also speaks to a revival in investment activity within the local industrial sector.

Prior to Mayfield’s acquisition of Lanark, the biggest investment news was the $1.02 billion deal between ProLogis and New York-based Blackstone Real Estate Advisors. That deal made Blackstone the new owner of 180 industrial properties in North America — including eight buildings, totalling roughly 728,000 square feet of space, in San Antonio.

But while these larger players go after the bigger users, Mayfield is courting what remains the prime market for the San Antonio area.

“They’re repositioning Lanark to go after the local and regional guys,” Turcotte says.

Mayfield’s Jones is no stranger to the local industrial scene. Prior to co-founding Mayfield, Jones was responsible for buying industrial properties in San Antonio for Shreveport, La.-based Sealy & Co.

“We like the dynamics of the San Antonio market,” says Jones. “We like the mid- to smaller-tenant type market.”

The Lanark distribution center, he says, was a “good opportunity to acquire a sizeable (piece) of Class B warehouse in San Antonio.”

The local industrial market — like the city’s other real estate sectors — has struggled in the tough economic times.

The market ended the first quarter of 2011 in the red — posting negative absorption of more than 161,000 square feet, according to the NAI REOC San Antonio report. Absorption is a measure of the net space leased or returned (negative absorption) to the market over a given period of time.

A year earlier, the industrial market was sitting firmly in the black — having absorbed some 280,000 square feet of space.

Not surprisingly, vacancy rates were also up on a year-over-year basis — going from 13 percent as of first-quarter 2010 to 13.8 percent at the end of the first quarter this year.

Despite these lackluster numbers, Turcotte says that activity is brewing in the industrial market.

The trick now is getting negotiations across the finish line as done deals.

“Things are turning around,” says Turcotte.

See San Antonio Business Journal article >

HFF Closes Sale of and Arranges Acquisition Financing for SE Houston Industrial Facility

November 14, 2010

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of and arranged financing for 8451 Market Street Road (top left photo), a 120,810-square-foot industrial facility in southeast Houston, Texas.

HFF senior managing director Rusty Tamlyn (middle right photo) and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, Market Portwall L.P. (a partnership controlled by The National Realty Group, Inc.).

Mayfield Properties purchased the property for an undisclosed amount free and clear of debt.

Working on behalf of the buyer, HFF director Brian Carlton (lower left photo) placed the five-year, 5% fixed-rate acquisition loan with Aetna Life Insurance Company.

8451 Market Street Road is situated on five acres close to the 610 Loop and Interstate 10 interchange three miles north of the Port of Houston and five miles east of Houston’s central business district.

The property has been renovated within the last year and is fully leased to Santini Export Packaging, Area Wholesale Tire and Interglobal Plastics.

“8451 Market Street’s largest tenant has been in occupancy since the early 1980’s, providing the owner with a strong anchor tenant and solid income stream,” said Tamlyn.

Contacts:
Rusty Tamlyn, CCIM, SIOR, HFF Senior Managing Director, 713-852-3500, rtamlyn@hfflp.com
Brian Carlton, HFF Director, 214-265-0880, bcarlton@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713-852-3500, krmurphy@hfflp.com

Read DoneDeals-3 article >

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