VOL. 127 | NO. 75 | Tuesday, April 17, 2012
Memphis Real Estate Recap
Colonnade at Germantown Sells for $23 Million
7491 Wyndhurst Place or 7455 Wolf River Blvd.
Germantown, TN 38138
7491 Wyndhurst Place • Germantown, TN 38138
Sale Amount: $23.1 million
Sale Date: April 5, 2012
Buyer: VA Germantown LLC
Seller: DMARC 2006-CD2 Wyndhurst Place LLC
Details: New York-based Sentinel Real Estate Corp., working under the name VA Germantown LLC, has bought The Colonnade at Germantown apartments for $23.1 million from DMARC 2006-CD2 Wyndhurst Place LLC, an entity affiliated with Miami-based special service lender LNR Partners LLC.
LNR bought the property at a December foreclosure sale for $17.1 million.
The Colonnade is a 252-unit complex built in 1996 on 27.7 acres at the southwest corner of Wolf River Boulevard and Miller Farms Road in Gables of Germantown subdivision. It uses the address 7491 Wyndhurst Place and has one-, two- and three-bedroom units.
The Shelby County Assessor of Property’s 2011 appraisal of the property, which it lists at 7455 Wolf River Blvd., is $18 million.
Sentinel is among the largest holders of apartment properties in the U.S., and also manages a large portfolio of commercial real estate assets. In addition to holdings in Memphis, Cordova and Germantown, it owns properties in and around Nashville.
LNR Partners is a subsidiary of LNR Property LLC, the world’s largest commercial mortgage special servicer.
315 Danny Thomas Place
Memphis, TN 38105
Permit Cost: $12.5 million
Project Cost: $110 million
Permit Date: Applied April 2012
Completion: Three years
Owner: St. Jude Children’s Research Hospital
Tenant: St. Jude Children’s Research Hospital
Architect: The Crump Firm; Evans Taylor Foster Childress
Contractor: Flintco Inc.
Details: St. Jude Children’s Research Hospital has taken the next step in its construction of a seven-story patient care and research tower at 315 Danny Thomas Place, next to the Chili’s Care Center. The hospital has filed a $12.5 million building permit application with the city-county Office of Construction Code Enforcement for sub-grade concrete structure running from the mat foundation up to and including the first floor.
St. Jude in May applied with the state Health Services and Development Agency for a Certificate of Need for a $190 million medical tower, $110 million of which is the project’s construction cost. In March, the hospital filed a $5 million permit application to begin work on the foundation and drainage system.
The Crump Firm is serving as the project’s architect, with Evans Taylor Foster Childress doing part of the work. Flintco LLC is the project’s general contractor. All the design work is expected to be completed by September, and construction is slated to last about three years.
The tower will include three surgery operatories; ICU rooms each with a connecting room for parents; and a proton-beam therapy system. The first floor will house the Global Education Collaboration Center, an auditorium that will hold about 420 people.
826 Virginia Run Cove, 832 Virginia Run Cove,
835 Virginia Run Cove and 836 Virginia Run Cove
Sale Amount: $1.4 million
Sale Date: April 4, 2012
Buyer: TI Properties LLC
Seller: Merchants and Farmers Bank
Loan Amount: $1.2 million
Loan Date: April 4, 2012
Maturity Date: April 5, 2017
Lender: Merchants and Farmers Bank
Details: Memphis-based TI Properties LLC has bought four warehouses totaling about 26,300 square feet near the intersection of Virginia Run Cove and Summer Avenue for $1.4 million. The seller, Merchants & Farmers Bank, acquired the properties at a December foreclosure sale after a former owner defaulted on about $6.8 million in loans through the bank.
The warehouses – 826 Virginia Run Cove, 832 Virginia Run Cove, 835 Virginia Run Cove and 836 Virginia Run Cove – were built between 1999 and 2003 and together are appraised at $1.4 million. They are part of 5325 Summer Avenue Planned Development, south of the intersection of Summer Avenue and the Wolf River, north of Macon Road.
212 Poplar Ave.
Memphis, TN 38103
Sale Amount: $1.5 million
Sale Date: March 14, 2012
Buyer: OC Parking Memphis Poplar LLC
Seller: CPC Realty LLC
Details: OC Parking Memphis Poplar LLC, an affiliate of Philadelphia-based CoveredBridge Ventures, has bought a parking garage at 212 Poplar Ave. from CPC Realty LLC for $1.5 million. It is one of 14 properties – five garages and nine parking lots – Central Parking System Inc. sold to CBV affiliates in the second of two coordinated transactions.
Nashville-based Central Parking, which operates in 39 states, will continue to hold long-term leases on all 14 assets.
The 37,679-square-foot garage, which the Shelby County Assessor of Property lists at 220 Poplar, was built in 1976. It is situated on 0.9 acres on the north side of Poplar west of North Fourth Street, and the assessor’s 2011 appraisal was $567,300.
CoveredBridge Ventures is a real estate and advisory firm that invests in underperforming and distressed traditional assets, then repositions, redevelops and manages them.