VOL. 126 | NO. 36 | Tuesday, February 22, 2011
Memphis Real Estate Recap
Real Estate Recap
IBERIABANK Files $2.5 Million Permit
By Kate Simone
4894 Poplar Ave.
Memphis, TN 38117
Permit Amount: $2.5 million
Project Cost: Applied January 2011
Completion: Fall 2011
Contractor: Webb Building Corp.
Architect: Chrestia Staub Pierce Inc.
Details: IBERIABANK has filed a $2.5 million permit application with the city-county Office of Construction Code Enforcement for its Memphis market headquarters at 4894 Poplar Ave. The Daily News first reported the planned move in September.
The permit states it is for interior renovation of a three-story bank building. The contractor is listed as Webb Building Corp.
New Orleans-based Chrestia Staub Pierce Inc. is the architect on the project, which features a large glass front and glass-enclosed elevator, said Greg Smithers, president of the Tennessee market.
The bank plans to fill two floors, with the rest reserved for future bank expansion and leasing opportunities. Smithers said the bank is actively seeking a tenant for the space.
The new location is slated to open in early fall, housing a full-service retail branch and the bank’s commercial and private banking teams.
Currently, the bank has two branch locations in Memphis: 7465 Poplar Ave. in Germantown and 1605 North Germantown Road in Cordova.
2514 Kentucky Drive
Memphis, TN 38106
Sale Amount: $2.4 million
Sale Date: Dec. 29, 2010
Buyer: Louis Dreyfus Commodities Cotton Storage LLC
Seller: Louis Dreyfus Commodities Memphis Warehousing LLC
Details: Louis Dreyfus Commodities Memphis Warehousing LLC has transferred two parcels to a related entity, Louis Dreyfus Commodities Cotton Storage LLC, for $2.4 million.
The company had recently bought the parcels from Westside Compress Co. Inc. for $2.4 million.
The buying and selling Louis Dreyfus limited liability companies are affiliates of Louis Dreyfus Corp., the parent of Memphis-based cotton giant Allenberg Cotton Co. That company bought its longtime cotton competitor Dunavant Enterprises Inc. last year.
The address listed on the sales document is 2514 Kentucky Drive. No loan documents were filed with the Shelby County Register of Deeds at the time of purchase.
The first parcel, which the Shelby County Assessor of Property lists at 0 Industrial Ave., is 81.06 acres. The Assessor’s 2010 appraisal was $6 million. The property includes a warehouse built in 1950, as well as railroad spurs, truck/train wells, loading docks and a number of smaller buildings.
The purchase also includes a 1.26-acre parcel of vacant land. The Shelby County Assessor’s 2010 appraisal was $1,000.
2117 Union Ave.
Memphis, TN 38104
Sale Amount: $2.3 million
Sale Date: Feb. 15, 2011
Buyer: CVS 4992 TN LLC
Seller: St. Luke’s United Methodist Church, formerly known as Union Avenue United Methodist Church Inc.
Details: CVS 4992 TN LLC, an affiliate of Woonsocket, R.I.-based CVS Caremark drug store chain, has officially bought Union Avenue United Methodist Church property at 2117 Union Ave., at the southwest corner of Union Avenue and South Cooper Street. CVS paid $2.3 million to St. Luke’s United Methodist Church, formerly known as Union Avenue United Methodist Church Inc.
It’s a project that’s undergone much scrutiny, pitting CVS supporters against an organized effort from Memphis Heritage Inc.
In December, Chancellor Walter Evans denied a motion that would have stopped work on the site. At the center of the suit was a 1912 deed turned up by Memphis Heritage attorneys that included a clause limiting the use of the property to a place of worship. Evans said a full reading of the deed did not specifically ban a commercial use.
1175 & 1195 Harbor Ave.
Memphis, TN 38113
Sale Amount: $1 million
Sale Date: Feb. 2, 2011
Buyer: REP Memphis LLC
Seller: Bluff City Steel LLC
Details: Canton, Ohio-based REP Memphis LLC has bought two parcels at 1175 and 1195 Harbor Avenue from Bluff City Steel LLC for $1 million.
Both parcels are on the south side of Harbor Avenue between Port Avenue to the west and the curve of Channel Avenue to the east.
The 1175 Harbor Ave. property is a 67,350-square-foot, one-story manufacturing/processing facility built in 1959. It sits on 3.4 acres. Bluff City Steel LLC received the property via quit claim from the city-county Industrial Development Board in December 2005. The Shelby County Assessor of Property’s 2010 appraisal was $908,200.
The 1195 Harbor Ave. property is a 60,059-square-foot, one-story manufacturing/processing facility built in 1963 on 4.4 acres adjacent to 1175 Harbor. Bluff City Steel LLC bought the property from Laclede Steel Co. in September 1998 for $850,000. The Shelby County Assessor of Property’s 2010 appraisal was $967,100.
REP Memphis LLC is an affiliate of – and shares an address with – Republic Engineered Products Inc. The company makes and sells special bar quality steel to automobile and machinery makers, according to its website.
1621 Dellwood Ave.
Memphis, TN 38127
Sale Amount: $500,000
Sale Date: Feb. 8, 2011
Buyer: Mt. Zion Baptist Church
Seller: Schoolfield United Methodist Church Inc.
Loan Amount: $395,575
Loan Date: Feb. 8, 2011
Maturity Date: Feb. 23, 2016
Lender: Regions Bank
Details: Mt. Zion Baptist Church has bought a church building at 1621 Dellwood Ave. in Frayser for $500,000. The seller was Schoolfield United Methodist Church Inc.
The building is on 2.2 acres at the southeast corner of Dellwood Avenue and Mensi Street. Vista Grande Street is to the east.
In conjunction with the purchase, Mt. Zion Baptist Church took out a $395,575 loan through Regions Bank with a maturity date of Feb. 23, 2016.
The seller, Schoolfield United Methodist Church Inc., received the property via quitclaim from Trustees of Schoolfield Memorial Methodist Church Inc. in October 1992.