Belz sells Memphis office park property for $41M
Article by: Jane Roberts
Published by the Daily Memphian
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Belz Enterprises sold Shelby Oaks Corporate Office Park for nearly $41 million to a Dallas-based commercial real estate firm. The new owner isn’t expected to change much for the center’s 78 tenants, including ServiceMaster and a Perkins test kitchen.
Westmount Realty Capital, which has industrial, multifamily and office properties in 13 states, purchased the roughly 480,000-square-foot Shelby Oaks portfolio from three LLCs connected to Belz Enterprises in mid-September.
The property, spread over 16 buildings, is 95% occupied.
It represents what Belz often did in the industrial market, producing and maintaining small flex spaces that can be used as warehouses or an office-showroom combination.
In a release, Westmount described the corporate park — located one mile from the 1-240/I-40 interchange — as a place where tenants have access to lakes and jogging trails in a wooded setting off Sycamore View and North Shelby Oaks Drive.
“Memphis’ strong history and role in shaping American culture, coupled with strong tenant demand and the region’s central location with its world-class transportation infrastructure, are just a few factors that have propelled investor interest in the city’s growing industrial market,” said Brian Scruggs, managing director of acquisitions at Westmount.
Belz’ in-house construction division built the park in several phases from 1979 to 2005. Today, the construction division accounts for roughly $25 million in revenue.
Click here to read the full article from the Daily Memphian.
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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.
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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.
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October Real Estate Update
Home Sales
Shelby County home sale activity fell 25% this October with 1,397 home sales recorded compared to 1,868 home sales recorded in October 2021.
As home sale activity slows, sale prices continue to rise with prices up 3% in October with an average price of $239,894 for the month compared to October 2021's average home sale price of $232,438.
The total sales volume for the county was $335 million for October compared to $434 million last October.
The median sales price was $184,000.
24% of home sales recorded in October were valued under $100,000.
Home sales valued over $300,000 were down 22% in October with 387 sales recorded compared to 493 last year.
There were 10 home sales over $1M for the month and 16 sales over $1M recorded in October 2021.
Year-to-date, the number of homes sales recorded is down 4% and average sale prices are up 11% compared to the same time period in 2021.
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Commercial Sales (September)
Commercial sales activity for September was up 5% with 125 sales recorded for the month totaling $315M compared to 119 sales recorded in September 2021 totaling $302M.
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The largest commercial transaction recorded in September was the $28M sale of the Autumnwood Apartments. The 324 unit apartment complex built in 1985 located at 3119 Kirby Parkway (38115) has 280,711sqft and sits on 14.95 acres. The property sold on September 22nd from MFDJ T94 LLC to Autumnwood Memphis LLC
Click here to download our latest Commercial Market Conditions reports.
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Residential Foreclosure Analysis
Foreclosure activity in October was up with 42 foreclosures recorded for the month compared to 27 recorded in October 2021.
On the properties foreclosed this October, the average foreclosure amount was $132,596 and the average tax appraisal value for the properties was $120,190.
The City of Memphis recorded the most foreclosures for the month with 32 total averaging $116,198.
Foreclosure notices for October were up with 92 notices published jumping 67% from 55 notices published in October 2021.
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New Housing & Builder Activity (September)
New home sales were up 17% this September with 54 sales recorded for the month compared to 46 sales in September 2021.
Average new home sales prices were up 15% for the month to $495,126 compared to $429,879 in September 2021.
The Millington area (38053) claimed the most new home sales with 10 recorded averaging $292,490.
D.R. Horton had the most new home sales for September with 10 sales averaging $292,490.
New home starts for September fell 49% to 48 permits filed for the month averaging $404,882 compared to 94 filed in September 2021 averaging $414,394.
The Arlington/Lakeland area (38002) claimed the most new home permits for the month recording 15 permits averaging $483,396.
Regency Homes was the top builder for September with 6 new home permits recorded for the month averaging $375,047.
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Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale fell 19% in October with 843 loans recorded for the month compared to 1,043 recorded in October 2021.
The average mortgage amount was $245,282 with an average sales price of $280,691 making the average loan to value ratio 87%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 56 mortgages averaging $454,841.
The top lenders for October based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp.
with 49 loans, Pinnacle Bank with 42 loans and Trustmark Bank with 30 loans.
Click here to download our Residential Lender Analysis reports.
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Fayette & Tipton County Market Trends
Fayette County home sale activity fell 26% in October with 81 home sales recorded for the month compared to 109 recorded in October 2021. Average home sales prices were down 5% from last year to $357,193.
Oakland (38060) recorded the most home sales for the month with 51 total averaging $345,091.
Year-to-date in Fayette County, the number of homes sales recorded is down 13% and average sale prices are up 8% compared to the same time period in 2021.
Tipton County home sales were down 15% in October with 80 sales recorded for the month compared to 94 recorded in October 2021. Average home sales prices were up 26% for the month to $266,922.
The Covington area (38019) recorded the most home sales for the month with 18 sales averaging $157,267.
Year-to-date in Tipton County, the number of homes sales recorded is down 4% and average sale prices are up 16% compared to the same time period in 2021.
Click here to download our West TN market trend reports.
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