VOL. 126 | NO. 251 | Monday, December 26, 2011
Memphis Real Estate Recap
Holmes Road Acreage, Lots Sell for $1.6M in Foreclosure
Property on Holmes Road
Memphis, TN 38109
Sale Amount: $1.6 million
Sale Date: Nov. 18, 2011
Buyer: Renasant Bank
Seller: John B. Philip, substitute trusteeDetails: Renasant Bank has bought back three parcels on Holmes Road at a foreclosure sale for $1.6 million after former owner HBT Investments LLC defaulted on a $4.8 million loan through the bank. The substitute trustee for the sale was John B. Philip.
HBT Investments bought the properties in January 2007 for about $1.5 million, filing the $4.8 million construction/development loan through Renasant at that time.
The properties, which are on the north side of East Holmes Road west of Hacks Cross Road, together include about 51 acres of vacant land plus 24 lots and common open spaces in Stone Creek Planned Development, phase 1A.
The Shelby County Register of Deeds’ 2011 appraisal for the 51 vacant acres is $1.1 million.
The plan for Stone Creek phase 1A was filed with the Shelby County Register of Deeds in 2009 and re-filed in July. It shows 21 lots and five common open spaces on about 9 acres.
5025 Tuggle Road
Memphis, TN 38118
Loan Amount: $9.9 million
Loan Date: Dec. 13, 2011
Maturity Date: n/a
Borrower: Monmouth Real Estate Investment Corp.
Lender: First SunAmerica Life Insurance Co.
Details: Monmouth Real Estate Investment Corp. has filed a $9.9 million trust deed through First SunAmerica Life Insurance Co. for a warehouse at 5025 Tuggle Road occupied by FedEx Global Supply Chain Services Inc.
Freehold, N.J.-based Monmouth bought the Oakhaven/Parkway Village property, which is part of an eight-year payment-in-lieu-of-taxes agreement, in October 2009 for $14.6 million, shortly after it underwent a $1 million expansion.
The site is a 447,822-square-foot, single-story, Class A warehouse built in 1996. It is on 16.5 acres on the north side of where Tuggle intersects with Lamar Avenue. The Shelby County Assessor of Property’s 2011 appraisal is $13.9 million.
The city-county Industrial Development Board owns the property as part of the PILOT agreement and leases it to Monmouth, which subleases it to FedEx Global Supply Chain Services.
Former owner Harbin Enterprises GP in 2005 entered into the eight-year PILOT, which expires in June 2013. The project, according to PILOT documents, was expected to create 279 jobs with a median wage of $30,700. Harbin Enterprises in 2009 assigned the PILOT lease and option to purchase to Monmouth – that company’s first acquisition in the Memphis area.
FedEx has a lease agreement in place through 2019.
5299 Summer Avenue and 5305 Summer Avenue
Memphis, TN 38122
Sale Amount: $1.2 million
Sale Date: Dec. 8, 2011
Buyer: JMDH Real Estate of Memphis LLC
Seller: Lewis Management Co. LP
Details: College Point, N.Y.-based JMDH Real Estate of Memphis LLC has bought 7 acres southeast of Summer Avenue north of Interstate 40 for $1.2 million.
The seller is Lewis Management Co. LP of Memphis.
The 7-acre site is part of two tracts totaling 16.4 acres listed on the sale deed. The first tract is 13.9 acres at 5299 Summer Ave., containing an 83,600-square-foot vacant auto dealership/service shop built in 1973. The Shelby County Assessor of Property’s 2011 appraisal is $1.7 million.
The second tract is 2.5 acres of vacant land at 5305 Summer. Its 2011 appraisal is $70,000.
1717 W. Massey Road
Memphis, TN 38119
Loan Amount: $2.5 million
Loan Date: Nov. 17, 2011
Maturity Date: Nov. 1, 2013
Borrower: 1717 West Massey LLC
Lender: Magna Bank
Details: The entity 1717 West Massey LLC has financed an office building at 1717 W. Massey Road through Magna Bank for $2.5 million. The building houses UBS Financial Services Inc.’s Memphis office.
The property includes a 18,722-square-foot, one-story, Class A office building built in 1994 on 1.9 acres on the west side of West Massey north of Poplar Avenue. The property is in Massey-Poplar Office Center Planned Development.
The Shelby County Assessor of Property’s 2011 appraisal is $1.8 million.
The limited liability company bought the property in September 2003 for $3 million.