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5120 E Shelby Drive, Memphis,
a 15,500 sq foot shopping center on 3.5 acres of land
was purchased from First Tennessee Bank for $500,000 ($32.26/sf)
all cash in March of 2005 who had recently foreclosed
on an $800,000 loan. The property was 47% occupied and
in need of repairs at the time of sale. The cap rate on
existing income was 7.48%. The center has excellent visibility
at a signalized intersection on Shelby Drive is easily
divisible into small shops, and after renovations should
generate rates of >=$10/sf NNN. This property was resold
in April 2006 for $1,250,000. |
