Inked: Gregory Realty buys two shopping centers for $27.8M
Article by: Neil Strebig
Published by the Daily Memphian
|
Memphis-based Gregory Realty has spent nearly $30 million on shopping centers in Lakeland and Germantown.
Corner Shops
The firm acquired a fully leased shopping center in Lakeland for $7.8 million from Music City Publishing. The three-building Corner Shops shopping center is located at 2961 Canada Road in Lakeland. The sale closed on Friday, April 22.
“That whole Lakeland area continues to grow and strengthen,” Hulet Gregory, of Gregory Realty, said.
Gregory said his team was interested in the property due to the center’s full occupancy. All of the current tenants, including ATC Fitness, are under lease, the majority of which have been there for at least eight years already, he said.
The Corner Shops shopping center was built in 2008 by John Hyneman and his real estate firm.
In addition to the 32,480 square feet of commercial space between 13 retail shells, the shopping center has 224 parking spaces. The Corner Shops are located at the intersection of Canada Road and U.S. Highway 64.
Gregory Realty operates 400 commercial tenants between 40 strip malls and shopping centers throughout Shelby and DeSoto counties.
The real estate firm also owns and operates a property management arm called Marathon Management that oversees the majority of its commercial operations.
Barry Maynard and Frank Dyer of Gill Properties were the brokers for the Corner Shops transaction.
Maynard said the property sold for nearly $240 per square foot, which is above the norm for the market but quickly becoming the trend.
Gill Properties recently helped broker the sale of two other notable East Memphis commercial centers at 767 Brookhaven Circle for $1.6 million and 1717 S. White Station for $6.2 million in February.
Click here to read the full article from the Daily Memphian.
|
Derived from our extensive collection of Market Trends reports, and public record information from The Daily News, the "Pulse Report" offers you a comprehensive overview of residential and commercial sales activity, foreclosure analysis, new housing trends and mortgage activity.
This complimentary report is your monthly snapshot of the local real estate market.
|
|
Chandler Reports, a division of The Daily News and the most trusted source in real estate, releases the latest installment of the "Pulse Report", a publication to keep you informed of local market trends for Memphis and Shelby County.
|
April Real Estate Update
Home Sales
Shelby County home sale activity fell 7% in April with 1,603 home sales recorded compared to 1,719 home sales recorded in April 2021.
However, home sale prices continue to rise with prices up 11% in April with an average price of $242,729 for the month compared to April 2021's average home sale price of $218,823.
The total sales volume for the county was $389 million for April up 3% from last April with a total sales volume of $376 million.
The median sales price was $200,000.
22% of home sales recorded in April were valued under $100,000.
Home sales valued over $300,000 were up 7% in April with 454 sales recorded compared to 426 last year.
There were 13 home sales over $1M for the month and 13 sales over $1M recorded in April 2021 as well.
Year-to-date, the number of homes sales recorded is up 5% and average sale prices are up 16% compared to the same time period in 2021.
Click here to download our Residential Market Conditions reports.
|
Commercial Sales (March)
Commercial sales activity for March was up 50% with 144 sales recorded for the month totaling $383M compared to 96 sales recorded in March 2021 totaling $69M.
|
The largest commercial transaction recorded in March was the $82M sale of the Registry at Wolfchase apartment complex located at 8230 Dexter Road in Cordova (38018). The 546,586sqft apartment complex was built in 1998 with 502 units and sits on 33.8 acres covering 6 parcels. The property sold on March 18th from HPI Registry LLC to NPRC Wolfchase LLC.
Click here to download our latest Commercial Market Conditions reports.
|
Residential Foreclosure Analysis
Foreclosure activity in April was up with 42 foreclosures recorded for the month compared to 21 recorded in April 2021.
On the properties foreclosed this April, the average foreclosure amount was $132,224 and the average tax appraisal value for the properties was $109,280.
The City of Memphis recorded the most foreclosures for the month with 37 total averaging $127,978.
With the end of the foreclosure moratoriums, foreclosure notices continue to rise with 134 notices published in April jumping 272% from 36 notices published in April 2021.
Click here to download our Detailed Foreclosure Analysis reports.
|
New Housing & Builder Activity (March)
New home sales were down 12% this March with 69 sales recorded for the month compared to 78 sales in March 2021.
Average new home sales prices rose 24% for the month to $576,083 compared to $465,530 in March 2021.
The Collierville area (38017) claimed the most new home sales with 20 recorded averaging $656,360.
Regency Homes had the most new home sales for March with 15 sales averaging $531,221.
New home starts for March fell by 7% to 56 permits filed for the month averaging $429,764 compared to 60 filed in March 2021 averaging $407,131.
The Arlington/Lakeland area (38002) claimed the most new home permits for the month recording 24 permits averaging $416,440.
Keith and David Grant were the top builders for March with 19 new home permits recorded for the month averaging $421,698.
Click here to download our New Housing Inventory & Analysis reports.
|
Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale fell 11% in April with 925 loans recorded for the month compared to 1,044 recorded in April 2021.
The average mortgage amount was $250,397 with an average sales price of $285,641 making the average loan to value ratio 88%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 82 mortgages averaging $429,643.
The top lenders for April based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp.
with 74 loans, Pinnacle Bank with 39 loans and First Horizon Home Loan with 27 loans.
Click here to download our Residential Lender Analysis reports.
|
Fayette & Tipton County Market Trends
Fayette County home sales activity remained steady, down by just 1% in April with 98 home sales recorded for the month compared to 99 recorded in April 2021. Average home sales prices rose 3% from last year to $327,160.
Oakland (38060) recorded the most home sales for the month with 59 total averaging $316,602.
Year-to-date in Fayette County, the number of homes sales recorded is down 10% and average sale prices are up 2% compared to the same time period in 2021.
Tipton County sales were up 4% in April with 118 sales recorded for the month compared to 113 recorded in April 2021. Average home sales prices were up 16% for the month to $215,792.
The Covington area (38019) recorded the most home sales for the month with 32 sales averaging $151,005.
Year-to-date in Tipton County, the number of homes sales recorded is up 5% and average sale prices are up 20% compared to the same time period in 2021.
Click here to download our West TN market trend reports.
|
Successful real estate professionals rely on Chandler Reports for timely, accurate real estate data. Trusted in the community for over 50 years, our reports provide access to detailed property information, neighborhood trends, and local market data that is unparalleled in the industry.
|
Monitor Activity in Your Neighborhood
The Daily News Online has the most comprehensive public record database available for Memphis and Shelby County.
Our exclusive services allow you to easily monitor your community and review property sales, new utility connections, evictions, tax liens, crime data and much more!
-
Neighborhood Report: Review all public records around your home including new utility connections, foreclosures, permits and much more.
-
Crime Report: Review crimes reported in your area. Our crime watch service alerts you as activity occurs.
-
Watch Service: Receive instant alerts anytime a person or property hits the public record.
These services are available with a subscription to The Daily News Online. Not a subscriber? Click here to request a free, 5-day trial.
|
|