7216 Goodlett Farms Road
Unincorporated Shelby County
Sale Amount: $14 Million
Details: Smith & Nephew Inc. has completed its $14 million purchase of the four-story office building at 7216 Goodlett Farms Road in unincorporated Shelby County near Cordova from Las Vegas-based Harrah’s Entertainment.
The sale closed Jan. 13 and is part of Smith & Nephew’s $42 million expansion of its orthopedic division’s global headquarters in Memphis.
The seller was Harrah’s Operating Co. Memphis LLC, which vacated the building last year when it closed its Memphis corporate office and data center.
Built in 2003, the 293,504-square-foot building sits on 24.97 acres in the Goodlett Farms East Planned Development. The Shelby County Assessor of Property’s 2009 appraisal was $26.2 million.
Smith & Nephew also bought 7.34 acres of vacant land at Raleigh-LaGrange and Whitten roads, north of Interstate 40. Smith & Nephew paid $1.4 million for the land, which it bought from Belz Investco GP, Bico Associates GP and Reaves Family Partnership. That sale closed Jan. 15.
Smith & Nephew was approved for a 15-year payment-in-lieu-of-taxes (PILOT) agreement by the Memphis and Shelby County Office of Economic Development.
The Goodlett Farms site will host the research, marketing and development functions of Smith & Nephew’s global orthopedics division.