VOL. 127 | NO. 30 | Tuesday, February 14, 2012
Memphis Real Estate Recap
Belmont Village Senior Living Sells for $16.9 Million
6605 Quail Hollow Road
Memphis, TN 38120
6605 QUAIL HOLLOW ROAD • MEMPHIS, TN 38120
Sale Amount: $16.9 million
Sale Date: Jan. 26, 2012
Buyer: 6605 Quail Hollow Road LLC
Seller: Belmont Village Memphis LLC
Loan Amount: $36.5 million
Loan Date: Jan. 31, 2012
Maturity Date: February 2013
Mortgagor: 6605 Quail Hollow Road LLC
Borrower: Belmont Village Landlord LLC
Lender: Health Care REIT Inc.
Details: Belmont Village-Memphis, a senior living community at 6605 Quail Hollow Road, has sold for $16.9 million to an Ohio-based real estate investment trust.
6605 Quail Hollow Road LLC, an affiliate of Health Care REIT, bought the 120-unit center from its Texas-based ownership group, Belmont Village Memphis LLC. In conjunction with the purchase, a $36.5 million loan was filed, listing Belmont Village Landlord LLC as the borrower, 6605 Quail Hollow Road LLC as the mortgagor and Health Care REIT Inc. as the lender.
Belmont Village-Memphis is a three-story, Class A senior living center built in 1999 on 3.8 acres at the southwest corner of Kirby Parkway and Quail Hollow Road. The Shelby County Assessor of Property’s 2011 appraisal was $8.5 million.
A lease was signed in conjunction with the purchase in which Belmont Village Tenant LLC will lease the property through January 2027 from five entities, including 6605 Quail Hollow Road LLC.
Publicly traded Health Care REIT Inc. invests in senior housing and health care real estate. As of Sept. 30, the last date for which HCR has released information, the REIT owned 898 properties in 45 states.
3505 S. Mendenhall Road
Memphis, TN 38115
Sale Amount: $7.25 million
Sale Date: Feb. 9, 2012
Buyer: Cedar Mill LLC
Seller: Mid-America Apartments LP
Loan Amount: $7.25 million
Loan Date: Feb. 9, 2012
Maturity Date: n/a
Lender: 2589738 Manitoba Ltd.
Details: Orlando, Fla.-based Cedar Mill LLC has bought the 227-unit Cedar Mill Apartments in Hickory Hill North’s 38115 ZIP code from Mid-America Apartments LP for $7.25 million. Cedar Mill LLC filed a $7.25 million trust deed through 2589738 Manitoba Ltd. The transactions closed Thursday, Feb. 9.
Cedar Mill is a Class C complex of 209 apartments and 68 townhouses built in 1974. It is on two parcels totaling about 14 acres on the west side of South Mendenhall Road north of Winchester Road. The Shelby County Assessor of Property’s 2011 appraisal is $3.3 million.
For seller Mid-America Apartments LP, the property has been the center of a couple of transactions over more than a decade. In 1999, Mid-America Apartments sold the property to BRE/MAAC Cedar Mill LLC for $10.9 million. Then the two entities combined, keeping the Mid-America Apartments LP name, and now is selling the property under the Mid-America Apartments name.
The Orlando address listed for Cedar Mill LLC is a private residence.
5110 Summer Ave., 5124 Summer Ave., 5126 Summer Ave. and 5130 Summer Ave. Memphis, TN 38122
Sale Amount: $4.8 million
Sale Date: Jan. 23, 2012
Buyer: Summer Commons Investors LLC
Seller: Summer Commons LLC
Loan Amount: $5 million
Loan Date: Jan. 26, 2012
Maturity Date: Feb. 1, 2022
Lender: Symetra Life Insurance Co.
Details: Summer Commons Investors LLC has bought the Summer Commons Retail Center at 5110 Summer Ave., 5124 Summer Ave., 5126 Summer Ave. and 5130 Summer Ave. from Summer Commons LLC.
The shopping center includes a 101,033-square-foot Class B building constructed in 1974, a 32,126-square-foot Class A building constructed in 1974 and a 7,500-square-foot Class A building constructed in 2008. The purchase also includes a parking lot. Together, they sit on about 13 acres on the northwest side of North White Station Road west of Summer. The Shelby County Assessor of Property’s 2011 appraisal totals about $5.5 million.
In conjunction with the purchase, Summer Common Investors filed a $5 million trust deed through Symetra Life Insurance Co.
Seller Summer Commons LLC bought the property at a 2009 foreclosure sale for $3.5 million.
8385 U.S. 64
Memphis, TN 38133
Sale Amount: $3.8 million
Sale Date: Feb. 1, 2012
Buyer: WXSSI Wolfchase LLC
Seller: Wolf Chase Partners LLC (73.4 percent interest) and Chrisafis Family LLC (26.6 percent interest)
Details: WXSSI Wolfchase LLC has bought the 34,600-square-foot Shoppes of Wolfchase center at 8385 U.S. 64 for $3.8 million from Wolf Chase Partners LLC, which held a 73.4 percent interest in the site, and Chrisafis Family LLC, which held the remaining 26.6 percent interest.
The Class A center, built in 2002, is on 3.1 acres south of U.S. 64, directly across that street from a Walmart Supercenter and northeast of Wolfchase Galleria mall. Shoppes is bounded by Wolf Lake Drive to the west with access to Wal-Mart Drive to the east. The Shelby County Assessor of Property’s 2011 appraisal is $4.1 million.
The center’s endcaps are Buffalo Wild Wings restaurant, and McAlister’s Deli.
In conjunction with the purchase, WXSSI assumed a $3.2 million loan through U.S. Bank NA. The sellers’ original $5 million loan was taken out in August 2003.