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Done Deals: Millington headquarters, doc office, hospital renovation

Done Deals: Millington headquarters, doc office, hospital renovation

From Millington to Nashville, a recent batch of commercial real estate transactions have two things in common: large purchase prices and Memphis-based Crye-Leike Commercial.

The biggest done deal was the $6 million sale of the former Nashville Memorial Hospital located at 612 Due West Ave. in Madison, Tennessee. Crye-Leike Commercial represented the seller, and Dustin Marcellino with Reliant Realty represented the buyer, Charles Jones, a private investor.

"Charles Jones has a long track record of buying large, underutilized properties and converting them into thriving business destinations,” said Eric Fuhrman, president of Crye-Leike Commercial. “His most recent project, Milky Way Farm in Pulaski, Tennessee, is a prime example of his creative genius. His most recent acquisition, the former Nashville Memorial Hospital, is well over half-a-million square feet and in its day was a major source of jobs in the Madison community. This buyer has a mixed-use master plan for this property that will make a huge, positive impact on the community."

The second largest transaction was a $2.1 million purchase of a 115,700-square-foot facility at 3407 Fite Road in Millington. Fuhrman said Grisham Bros., an Arlington-based manufacturer of security doors and windows, bought the site to serve as it new headquarters.

Crey-Leike Commercial represented the buyer, and Charles Sevier with Crump Commercial represented the seller. According to the Shelby County Register of Deeds, the seller was listed as Global Cotton Recovery LLC.

"Top retail developers like Gil Ryan have big plans for Millington because of it's growth potential. This will add to the surge of retail along the Highway 51 corridor,” Fuhrman said. “I believe manufacturing companies like Grisham Bros. are choosing Millington because of these new amenities, close proximity to Memphis and convenient access to the suburbs via Highway 385."

The third deal was just shy of seven figures. The third floor of an office building at 6465 Quail Hollow Road was sold to local physician Jim Walker for $985,000. The seller was represented by Fuhrman and Dan Whipple of Crye-Leike Commercial, and John Walker with Walker Commercial Properties LLC represented the buyer. Community Bank of North Mississippi was listed as the seller on the Shelby County Register of Deeds.

by Meagan Nichols

Reposted from the Memphis Business Journal

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