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Memphis & Shelby County Commercial Sales up 14% in 1st Quarter

April 24th, 2014 Comments off

There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of  Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Download our complete collection of commercial market trends for the 1st Quarter including:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Commercial Market Conditions - Shelby County

 

 

Third Quarter Commercial Market Update

October 22nd, 2009 Comments off

Overall commercial sales for the third quarter were down 21% from the same quarter of 2008.  There were 138 sales totalling $73,869,926.

Midtown (38104) had the most sales with 11 properties totaling over $3.6 million. Hickory Hill North (38115) had the highest revenue with 5 sales totalling over $13 million.

The largest commercial property sale was a 2-story truck terminal in 38118 for $4,150,000.

There were 32 commercial foreclosures for the quarter with an average foreclosure amount of $28,479. West Person/Elvis Presley had the most foreclosures with 5 Bank-Sales and an average foreclosure amount of $13,240. Midtown (31804) had the highest average foreclosure amount at $130,768 with 2 foreclosures.

Click here to read the latest article on the commercial sales from The Daily News.