Germantown has hot week for commercial real estate sales

Germantown recorded a trio of commercial real estate transactions totaling nearly $55 million in the past week. The sales came from three different property types–multi-family, retail and assisted living–but all three nabbed high price tags relative to prior purchases.

The biggest ticket sale was Brook Chase Apartments, which changed hands for $31.1 million. That price represents a 54 percent premium on the last time the property was sold in 2002.

Brook Chase is a 280-unit apartment community located at 7865 Grove Court West in Germantown. It was originally developed in two phases from 1993 to 1995 and features 39 two-story buildings and a clubhouse built on about 47 acres. A New York-based DRA Advisors LLC affiliate–G AND I VIII Brook Chase LLC–purchased the property from Brook Chase Apartments Partnership, an affiliate of Sentinel Real Estate Corp.

Germantown Collection also changed hands for $13 million, 78 percent higher than its previous purchase price. The 55,000-square-foot retail center–located at 7820 Poplar Ave.–houses Panera Bread, Chili’s and Jimmy John’s, among other tenants.

Germantown Collection Property LLC–a partnership of Chicago-based Wicker Park Capital Management LLC and Birmingham-based Bayer Properties LLC–bought the center from Principal Real Estate Investors LLC. Principal acquired it out of foreclosure in 2011 for $7.3 million.

Finally, the Gardens of Germantown sold for $10.3 million.

Developed in 2010, Gardens of Germantown is an assisted living and Alzheimer’s care facility located at 3179 Professional Plaza Drive. Gardens of Germantown LLC sold the facility to SHP IV Germantown LLC, an entity of Prudential Real Estate Investors.

The 31,000-square-foot facility is located between Poplar Ave. and Poplar Pike near the border of Germantown and Collierville.

By Jane A. Donahoe