Developer Tellus Grand Central Obtains Quitclaim for Memphis-Area Self-Storage Property

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Gulfport, Miss.-based Tellus Grand Central LLC has acquired a Cordova, Tenn., self-storage facility appraised at $1.3 million via a quitclaim deed. The industrial-zoned property consists of a 3.8-acre plot of land with a self-storage facility built in 1977.

The facility is located at 7384 Raleigh-LaGrange Road at the northeast corner of Raleigh-LaGrange and Mullins Station roads, about 15 miles from downtown Memphis.

Tellus obtained a $1.1 million loan through Financial Federal Savings Bank to finance the transaction. The loan matures in April 2014. In May 2010, Tellus sold a vacant 1.4 acres of the property to Shelby Farms Park Conservancy for $300,000 to become part of the Shelby Farms Greenline.

Tellus Grand Central is part of Tellus Development Ltd., which was founded in 1990. According to the company website, Tellus Development owns and manages properties in Alabama, Florida, Louisiana, Mississippi, Tennessee, Georgia and Texas.

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