Airport-Area Warehouse Sells for $2.3 Million
A Class B warehouse in Airport Industrial Park has sold for $2.3 million, more than four times its price at a foreclosure sale two years ago. Northbrook, Ill.-based BCL-Memphis LLC bought the warehouse at 4049 E. Raines Road from Memphis-based Progression Realty, which paid $501,500 for it in August 2010.
Brian Califf and Hank Martin with NAI Saig Co. negotiated the deal for the seller.
The warehouse, which has more than 140,000 square feet, was built in 1973 and is situated on about 8.6 acres on the south side of East Raines between Pilot Drive to the west and Delp Street to the east.
The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million, down from a 2011 appraisal of $2.8 million.
Source: The Daily News Online