VOL. 124 | NO. 196 | Tuesday, October 06, 2009
Real Estate Recap
Golf Performance Center Slated For Timberlake’s Mirimichi
6129 Woodstock Cuba Road
Millington, TN 38053
Permit Amount: $1.3 Million
Project Cost: $1.3 million
Permit Date: Applied October 2009
Owner: Big Creek Golf LLC
Tenant: Callaway Performance Center
Contractor: Eagle Contractors Inc.
Details: Mirimichi golf course near Millington – the facility owned by megastar and Memphis native Justin Timberlake and his family – soon will begin work on the Callaway Performance Center, according to a $1.3 million building permit filed last week with the city-county Office of Construction Code Enforcement.
The formal address of the center is 6129 Woodstock Cuba Road in the unincorporated Woodstock community off U.S. 51 between Memphis and Millington. The golf course is at 6195 Woodstock Cuba Road.
Big Creek Golf LLC, the family owned entity that runs Mirimichi, filed the permit last week to build the center, scheduled to open in 2010. Mirimichi will be home to one of just nine Callaway Performance Centers in the country, according to the golf club’s Web site. The center’s technology assesses a golfer’s swing and then makes suggestions to improve a player’s mechanics and club selection. Timberlake, an avid golfer, has an endorsement contract with Callaway.
The entity Big Creek Golf is a nod to the golf course’s old name, Big Creek Golf Course. Timberlake, his mother, Lynn Harless, and his stepfather, Paul Harless, kept the property from being auctioned off to developers. They bought the course for $880,000 in 2007 and transformed it into Mirimichi, a Native American word meaning “place of happy retreat.”
17 lots in Collierville Gardens PD
Collierville, TN 38017
Sale Amount: $1.5 Million
Sale Date: Sept. 17, 2009
Buyer: Hilliard Crews Partnership
Seller: Jason Crews Partnership
Details: Jason Crews Partnership has sold 17 lots in the Collierville Gardens Planned Development for $1.5 million to Hilliard Crews Partnership. The sale occurred Sept. 17. The 23-lot, 56.66-acre subdivision was developed by Shelby Group Realty LLC, which filed its plat on the property in 2001. Collierville Gardens sits on the south side of East Holmes Road near its intersection with Reynolds Road. The subdivision is south of Tenn. 385 and just north of the Tennessee-Mississippi state line. Lots in the gated community range from 2 to 2.4 acres with a minimum house size of 5,000 square feet, according to Crew Realty LLC’s Web site. Each of the vacant lots has an appraised value of $147,600, according to the Shelby County Assessor of Property. The homes have addresses on Garden Trail Lane and Garden Wind Cove. A call about the transaction was not returned.
6859 U.S. 70
Memphis, TN 38134
2980 Broad Ave.
Memphis, TN 38112
Sale Amount: $1.2 Million (combined)
Sale Date: Sept. 24, 2009
Buyer: BAR II LLC
Seller: Mapco Express Inc.
Loan Amount: $1.4 million
Loan Date: Sept. 24, 2009
Maturity Date: N/A
Lender: First Capital Bank
Details: BAR II LLC has bought a Mapco Express portfolio for a combined $1.2 million from Mapco Express Inc. The sales closed Sept. 24 in special warranty deeds. Quitclaim deeds also were filed for the properties, which are at 6859 U.S. 70 (Summer Avenue) in Bartlett and 2980 Broad Ave. in the Rhodes College area. The 6859 U.S. 70 property is a 2,560-square-foot convenience store built in 1986 that sits on 1.16 acres on the southeast corner of the intersection of Summer Avenue and Stage Road. The Shelby County Assessor of Property’s 2009 appraisal is $852,000. BAR II paid $700,000 for that property. The 2980 Broad Ave. property is a 1,219-square-foot convenience store built in 1988 that sits on 0.52 acres at the southwest corner of Broad Avenue and Tillman Street. Its appraised value is $238,100. BAR II paid $475,000 for that property. BAR II, which financed the purchase with a $1.4 million loan through First Capital Bank, is a limited liability company whose name comes from its three principals – Bernard Farber, Anwar Aman and Robert Allen. Farber and Allen signed the trust deed as secretary and chief manager, respectively, of BAR II. Under the BAR entity, the group also recently has redeveloped the old Steak & Ale restaurant on Poplar Avenue into Sharky’s Gulf Grill and developed a retail center at Forest Hill-Irene Road.
1.01 Acres on Houston Levee Road
Collierville, TN 38017
Sale Amount: $695,000
Sale Date: Sept. 23, 2009
Buyer: Roller Properties LLC
Seller: Kevin Hyneman
Loan Amount: $1.3 million
Loan Date: Sept. 23, 2009
Maturity Date: Oct. 5, 2010
Lender: BancorpSouth Bank
Details: Olive Branch-based Roller Properties LLC, the parent company of Cecil’s Automotive, has purchased for $695,000 a 1.01-acre lot on Houston Levee Road for a new full-service car care center. The sale took place Sept. 23. The seller was Kevin Hyneman of Kevin Hyneman Cos. Hyneman confirmed he sold the lot to Cecil’s Automotive. “They’re going to open up a full-service car care center,” Hyneman said. The new center will be the company’s fourth Memphis-area location, and Hyneman said the company is looking to expand into Lakeland and Franklin, Tenn., within the next year. “I’m also looking at sites for them in Cool Springs (Miss.,) so I think that would probably be next year,” Hyneman said. Bradley Roller, a member of Roller Properties, declined to offer details on the project until the permits and other paperwork has gone through, but he did say “everything’s going good right now” on the Houston Levee project. Roller Properties took out a $1.3 million loan from BancorpSouth Bank in conjunction with the sale. The maturity date on the loan is Oct. 5, 2010. The lot, on the west side of Houston Levee Road, is zoned for commercial use. The Shelby County Assessor of Property’s 2009 appraisal of the land is $528,000.