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VOL. 127 | NO. 246 | Tuesday, December 18, 2012

 

Delta Blues Winery LLC Buys 15 Acres in Lakeland

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6495 Stewart Road Lakeland, TN 38002
Sale Amount: $165,000

Sale Date: Dec. 10, 2012

Buyer: Delta Blues Winery LLC

Seller: Stanley E. Stevens Jr. and Dianne M. Day

6495 Stewart Road, Lakeland, TN 38002

Loan Amount: $1.5 million.

Loan Date: Dec. 10, 2012

Lender: Jerry M. Mitchie

Details: Delta Blues Winery LLC has paid $165,000 for 15 acres at 6495 Stewart Road in Lakeland to establish a winery at the location.

The limited liability company, whose registered agent is James N. Wilson of Memphis, filed a $1.5 million loan in conjunction with the purchase through Jerry M. Mitchie, also of Memphis.

The company bought the land, which is part of a 100-acre parcel, from Stanley E. Stevens Jr. and Dianne M. Day.

Wilson, Stevens, Day and Sheila Zaricor-Wilson of Delta Blues Winery spoke Nov. 19 before Lakeland’s Municipal Planning Commission about their plans for the winery.

The group, which is involved with the Crown Winery in Humboldt, Tenn., said it will build a facility on the grounds for tastings and events, according to a recent Commercial Appeal article.

The Delta Blues Winery would be the county’s second winery after the Old Millington Vineyard and Winery at 6748 Old Millington Road.

The 15-acre parcel sits on the west side of Stewart Road, south of its intersection with the Paul Barret Parkway. The entire 100-acre parcel has an appraised value of close to $1 million, according to the Shelby County Assessor of Property’s 2012 data.

3579 Hacks Cross Road
Memphis, TN 38125
Sale Amount: $5.6 million

Sale Date: Oct. 29, 2012

Buyer: LB-UBS 2007-C6 Hacks Cross Road REO LLC

Seller: Erika R. Barnes, successor trustee

Details: The Hampton Inn Memphis-Southwind hotel at 3579 Hacks Cross Road sold for $5.6 million in a successor trustee’s deed following a foreclosure.

An entity called LB-UBS 2007-C6 Hacks Cross Road REO LLC – in care of Stamford, Conn.-based Five Mile Capital Partners – bought the property Oct. 29, although the Shelby County Register of Deeds didn’t process the deed until this week.

Erika R. Barnes of Nashville law firm Stites & Harbison PLLC served as successor trustee.

The lender appointed her as successor trustee after the hotel’s Memphis-based ownership group defaulted on an $11.5 million loan.

A first-run foreclosure notice that ran in The Daily News in September showed Hacks Cross Enterprises LLC took out the loan through Lehman Brothers Bank in 2007.

Built in 1999, the four-story, 72,680-square-foot Hampton Inn Southwind is on 2.2 acres on the west side of Hacks Cross north of Winchester Road, across from FedEx Express’ World Headquarters.

Hacks Cross Enterprises bought the then-vacant land in 1998 for $935,000.

The property, currently appraised by the Shelby County Assessor at $7.3 million, was slated for sale Oct. 9 at the Shelby County Courthouse but later was postponed.

1535 Appling Care Lane
Cordova, TN 38016
Sale Amount: $8.7 million

Sale Date: Dec. 4, 2012

Buyer: HCP SH ELP2 Properties LLC

Seller: BRE/SW Cordova Estates LLC

Details: An affiliate of Long Beach, Calif.-based real estate investment trust HCP Inc. has paid $8.7 million for the Emeritus of Cordova retirement community at 1535 Appling Care Lane in Cordova.

HCP SH ELP2 Properties LLC bought the 44,337-square-foot facility Dec. 4 from BRE/SW Cordova Estates LLC, an affiliate of Seattle-based Emeritus Senior Living.

Built in 1997, the 75-unit, Class B retirement home sits on 4.5 acres along the west side of Appling Road south of its intersection with Dexter Road. The Shelby County Assessor of Property, which lists the owner as Cordova Living LLC, shows a 2012 appraised value of $2.9 million.

This marked HCP’s second purchase in recent weeks. The company paid $11.7 million for the Rose Terrace assisted living community at 6015 Primacy Parkway in East Memphis. That entity, HCP SH ELP1 Properties, bought the 37,226-square-foot facility Oct. 31 from BRE/SW Rose Terrace LLC, also an affiliate of Emeritus Senior Living.

9811 U.S. 64
Arlington, TN 38002
Sale Amount: $1.1 million

Sale Date: Dec. 7, 2012

Buyer: Realty Income Properties 18 LLC

Seller: Advance Stores Co. Inc.

Details: An affiliate of Escondido, Calif.-based Realty Income Corp. has paid $1.1 million for the Advance Auto Parts store at 9811 U.S. 64 in Arlington.

Realty Income Properties 18 LLC bought the 6,708-square-foot retail store in a Dec. 7 special warranty deed from Advance Stores Co. Inc. of Roanoke, Va.

Built in 2005, the Class A facility sits on slightly less than an acre along the south side of U.S. 64 west of its intersection with Canada Road in the Houston Levee Trails Planned Development Fourth Amendment.

The Shelby County Assessor of Property’s 2012 appraisal is $1.2 million.

1Advance Stores bought the property from the developer, VDS Development LLC, in 2006 for $1.2 million.

Realty Income, a publicly traded real estate company, owns 25 properties in Shelby County and 133 properties in Tennessee totaling 1.1 million square feet.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 433 13,330
MORTGAGES 114 591 17,349
FORECLOSURE NOTICES 11 93 3,391
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 76 352 12,695
BUSINESS LICENSES 21 108 4,597
UTILITY CONNECTIONS 77 564 19,457
MARRIAGE LICENSES 29 151 4,060

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