Memphis Daily News - An affiliate of Boston-based Taurus Investment Holdings LLC has paid close to $17 million for a 650,000-square-foot industrial portfolio on South Mendenhall Road in Hickory Hill. Taurus CD 170 Mendenhall Memphis LP bought two properties in the Mendenhall Business Center – 4370 S. Mendenhall Road and 4450 S. Mendenhall Road – in a Feb. 12 special warranty deed from RREEF America REIT II Corp. AAAA.
The seller is a real estate investment trust affiliated with Deutsche Asset & Wealth Management, which bought the property in 2005 for $22.5 million. Built in 1984, the 4370 S. Mendenhall Road parcel includes 561,541 square feet of warehouse space in multiple buildings on 36.8 acres along South Mendenhall Road. The Shelby County Assessor of Property’s 2013 appraisal was $11.5 million. Also built in 1984, the 4450 S. Mendenhall Road parcel includes a 92,317-square-foot warehouse that sits on 6.1 acres just south of the other property. The assessor’s 2013 appraisal was $2.8 million.
In conjunction with the purchase, the buyer filed an $11.3 million trust deed through Branch Banking and Trust Co. Taurus CEO and founding partner Peter Merrigan signed the deed. The trust deed lists the properties as 4270 S. Mendenhall Road, 4400 S. Mendenhall Road, 4440 S. Mendenhall Road, 4444 S. Mendenhall Road and 4450 S. Mendenhall Road.
Source: The Daily News Online & Chandler Reports
– Daily News staff