Done Deal: East Memphis office building sells on Quail Hollow
An East Memphis office building just sold for nearly $2 million.
Located at 6409 N. Quail Hollow Road, the 13,600-square-foot building went for $1.957 million. Barry D. Maynard and Frank Dyer with Loeb Realty Group represented the seller — Quail’s Nest LLC — and Matt Weathersby and Dave Curran with Cushman & Wakefield/Commercial Advisors represented the buyer, Keenland Downs Properties LLC.
“This Class A office transaction continues to show real estate investors strong desire to park their money in Memphis-area income-producing properties, as Memphis often lends better returns on investment than other major markets across the U.S.,” Maynard said. “That being said, the supply and demand is upside down for good, Class A commercial properties. A lot more money chasing many fewer deals is making it a tough market to find good asset plays, and therefore investors are having to think outside of their typical comfort zone of investment. That is leading to some alternative commercial investment income-producing assets.”
The Quail Hollow building is 100 percent occupied thanks to its single tenant — Comprehensive Pharmacy Services. Maynard and Dyer also helped complete a new, five-year lease agreement with the tenant.
Don Bourland of Bourland, Heflin, Alvarez, Minor & Mathews PLC took care of the closing for the seller, and M. Neal Hanna, attorney with Saddle Creek Title, handled the closing on the buyer side.
“Frank [Dyer] and I are seeing some very exciting and new income-alternate properties come to market, and we have some big plans to take to market several Arkansas income-producing properties in the next few months, as well as other investment properties in Tennessee and Mississippi,” Maynard said.http://www.bizjournals.com/memphis/news/2016/10/20/done-deal-east-memphis-office-building-sells-on.html