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July Commercial Sales Recap

August 19th, 2010

Shelby County had 45 commercial sales in July valued at $95.3 million.

While overall sales were down 24% from July 2009, the total sales volume was up 274% and average sales prices were up 391% to $2.1 million!

The largest commercial sale was the Crescent Center located at 6075 Poplar Avenue in East Memphis. The property sold for $52.6 million on July 27, 2010. Highwoods Properties Inc. purchased the property from IPC Crescent Center. It is reported that the building was at 85% occupancy at the time of sale. Click here for full coverage on the sale from The Daily News.

There were 24 commercial foreclosures for the month, up 140% from the prior year. The largest foreclosure was The Preserve at Southwind Apartments that were built in 2000. The property contains 306 units and was foreclosed on July 27, 2010 for $19.9 million.

Commercial bank sales were up 50% from July 2009 with 6 reported for the month valued at $378,450.

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