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VOL. 127 | NO. 70 | Tuesday, April 10, 2012




Cordova Presbyterian Plans to Build on Fay Road

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8707 Fay Road
Cordova, TN 38018

8707 Fay Road • Cordova, TN 38018

Permit Cost: $2 million

Permit Date: Applied March 2012

Owner: Cordova Presbyterian Church

Tenant: Cordova Presbyterian Church

Architect: Hord Architects

Contractor: Grinder, Taber & Grinder Inc.

Details: Cordova Presbyterian Church, 8707 Fay Road, is making preparations for its planned 12,000-square-foot sanctuary, according to a $2 million permit application filed with the city-county Office of Construction Code Enforcement.

The building was designed by Hord Architects and the general contractor is Grinder, Taber & Grinder Inc. – both Memphis-based companies.

Cordova Presbyterian is on the south side of Fay west of Sanga Road. The new building will have an entrance on Sanga and will provide expanded worship space, offices and classrooms, as well as additional parking, according to the church’s website.

25 acres on
Jack Carley Causeway

Sale Amount: $1.2 million

Sale Date: March 30, 2012

Buyer: SCF Real Estate LLC

Seller: Lone Star Industries Inc. d/b/a Buzzi Unicem USA

Details: SCF Real Estate LLC, an entity affiliated with St. Louis-based SCF Marine Inc., has bought Presidents Island acreage from Lone Star Industries Inc. d/b/a Buzzi Unicem USA for $1.2 million.

The industrial-zoned property is on the northwest corner of Jack Carley Causeway and where West Trigg Avenue would be if extended. The site is a lowland area on the Mississippi River, and the north side fronts the river. The Shelby County Assessor of Property’s 2011 appraisal was $885,800.

Lone Star, a concrete company, bought the land in 2000 for $1.1 million.

SCF Marine Inc. is part of Fort Lauderdale, Fla.-based SEACOR Holdings Inc. In August, related company SCF Development filed a $7.3 million permit application with the city-county Office of Construction Code Enforcement for to build on about 10.5 acres at 486 Jack Carley Causeway.

2663 Mt. Moriah Road
Memphis, TN 38115

Sale Amount: $1.2 million

Sale Date: March 14, 2012

Buyer: CFKRY LLC

Seller: The Krystal Co.

Loan Amount: $770,000

Loan Date: March 21, 2012

Maturity Date: March 21, 2014

Lender: Wells Fargo Bank NA

Details: CFKRY LLC has bought the Krystal fast-food site at 2663 Mt. Moriah Road from The Krystal Co. for $1.2 million. It is one of three Shelby County Krystal properties sold for about $3.1 million in a sale-leaseback deal, part of a $14.2 million investment by Raleigh, N.C.-based Triangle Capital Corp.

The 2,400-square-foot Krystal at 2663 Mt. Moriah Road sold for $1.2 million; the 2,180-square-foot Krystal at 4395 Elvis Presley Blvd. for $1.1 million; and the 2,505-square-foot Krystal at 4431 Summer Ave. for $849,563.

The Shelby County Assessor of Property’s combined 2011 appraisal totaled about $1.2 million.

All three properties are being leased back to The Krystal Co. for 17 1/2 years, with the option to extend for as many as 20 more years.

Triangle provides financing solutions for lower-middle-market companies nationwide, with investments that generally range between $5 million and $20 million, according to Triangle.

6344 Quail Meadow Cove
Bartlett, TN 38135

Loan Amount: $14.2 million

Loan Date: March 1, 2012

Maturity Date: April 1, 2047

Borrower: Quail Ridge Highlands LLC

Lender: Wells Fargo Bank NA

Details: Madison, Miss.-based Quail Ridge Highlands LLC has financed the 140-unit Quail Ridge Highlands apartment complex for $14.2 million through Wells Fargo Bank NA.

The complex, which was built in 2007 and uses the address 6344 Quail Meadow Cove, is on 10.5 acres on the north side of Egypt Central Road south of Fiske Road in Bartlett’s 38135 ZIP code.

Quail Ridge Highlands has one-, two- and three-bedroom units in three-story buildings. The Shelby County Assessor of Property, which lists the complex at 6360 Quail Meadow Cove, appraised it in 2011 at $9.1 million.

The $14.2 million multifamily trust deed is insured by the U.S. Department of Housing and Urban Development through the National Housing Act.

57 N. Somerville St,
Memphis, TN 38104

Loan Amount: $3 million

Loan Date: March 27, 2012

Maturity Date: March 27, 2022

Borrower: Memphis Medical Redevelopment Group LLC

Lender: American Equity Investment Life Insurance Co.

Details: Memphis Medical Redevelopment Group LLC has financed Park Tower Apartments at 57 N. Somerville St. with a $3 million, 10-year trust deed through American Equity Investment Life Insurance Co.

Park Tower is a 128-unit, 95,727-square-foot apartment building constructed in 1957. The Class D building is on 1.7 acres fronting the west side of North Somerville in the Memphis Medical District. The north and south sides front Jefferson and Court avenues, respectively.

The Shelby County Assessor of Property’s 2011 appraisal was $1.6 million. Memphis Medical Redevelopment Group bought the property in September 2009 for $1.7 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 110 154 13,810
MORTGAGES 135 193 18,019
FORECLOSURE NOTICES 0 28 3,533
BUILDING PERMITS 222 222 32,525
BANKRUPTCIES 52 130 13,133
BUSINESS LICENSES 20 45 4,750
UTILITY CONNECTIONS 83 204 20,104
MARRIAGE LICENSES 0 33 4,230

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