693 Union Ave.
Memphis, TN 38103

693 UNION AVE. • MEMPHIS, TN 38103

Permit Cost: $14.6 million

Project Cost: $18.2 million

Permit Date: Applied January 2012

Owner: Tennessee Board of Regents

Tenant: Tennessee Board of Regents

Architect: Fleming/Associates/Architects PC

Contractor: W.G. Yates & Sons Construction Co.

Details: Work is moving forward on Southwest Tennessee Community College’s long-planned Nursing, Natural Sciences, Biotechnology Building at its Union Avenue campus Downtown.

A $14.6 building permit application has been filed with the city-county Office of Construction Code Enforcement for the three-story building, which also will include two mechanical penthouses. W.G. Yates & Sons Construction Co. is the project’s general contractor.

The Southwest Foundation in late 2010 received $8.4 million in state appropriations for the building. The foundation by that point had already raised about $10 million from individuals, corporations, organizations and federal appropriations. Those include a $1 million pledge from Medtronic Inc., the Minneapolis-based company whose Spinal and Biologics Business is based in Memphis, and $2 million from FedEx Corp. – the largest donation in STCC’s history.

The building, which was designed by Fleming/Associates/Architects PC, is slated to have about 61,000 square feet with two wings: one for nursing and one for natural sciences and biotechnology.

STCC’s nursing program has outgrown its 8,500-square-foot building and must turn away students each year because there’s no room to accommodate them, the school told The Daily News.

The new facility will be able to accommodate about 400 nursing students, according to the school, which stated the number of students for both the nursing and biotech programs can increase about 45 students.

For more details about the project, see The Daily News’ Thursday, Jan. 26, edition at www.memphisdailynews.com.

3390 U.S. 61
Memphis, TN 38109

Sale Amount: $1.1 million

Sale Date: Jan. 13, 2012

Buyer: DCTN3 330 Highway 61 Memphis TN LLC

Seller: Marketplace Development LLC

Loan Amount: $800,200

Loan Date: Jan. 12, 2012

Maturity Date: n/a

Lender: Bank of the Ozarks

Details: Texas-based DCTN3 330 Highway 61 Memphis TN LLC has bought retail property at 3390 U.S. 61 (also known as South Third Street) for $1.1 million. Marketplace Development LLC sold the building, which is leased to Family Dollar Stores of Tennessee Inc.

In conjunction with the purchase, DCTN3 330 Highway 61 filed an $800,200 trust deed through Bank of the Ozarks.

Built in 2011, the 8,320-square-foot Class B building is on 0.9 acres on the east side of U.S. 61 north of East Mitchell Road in the Third and Mitchell Commercial Subdivision.

The Shelby County Assessor of Property’s 2011 appraisal is $118,500.

The plat for the subdivision, filed with the Shelby County Register in late 2010, shows the subdivision encompassing about 1.8 acres running from the Family Dollar lot south to the corner of U.S. 61 and East Mitchell. The plat includes two other lots and space for a billboard.

Marketplace Development bought then-vacant property in early 2011 from Belz Investco GP with plans for a build-to-suit Family Dollar store.

656 S. Highland St.
Memphis, TN 38111

Sale Amount: $1.3 million

Sale Date: Jan. 20, 2012

Buyer: DCTN3 328 Highland Memphis TN LLC

Seller: Marketplace Development LLC

Loan Amount: $940,900

Loan Date: Jan. 20, 2012

Maturity Date: n/a

Lender: Bank of the Ozarks

Details: Texas-based DCTN3 328 Highland Memphis TN LLC has bought retail property at 656 S. Highland St. for $1.3 million, one week after related entity DCTN3 330 Highway 61 Memphis TN LLC bought a Family Dollar site at 3390 U.S. 61 (South Third Street) from Marketplace Development for $1.1 million. (See above for details.). Marketplace Development LLC sold the building, which is leased to Family Dollar Stores of Tennessee Inc.

In conjunction with the purchase, DCTN3 328 Highland filed a $940,900 trust deed through Bank of the Ozarks.

Built in 2011, the 8,505-square-foot Class B building is on 0.6 acres at the northeast corner of South Highland Street and Spottswood Avenue. The Shelby County Assessor of Property’s 2011 appraisal is $417,600.

Marketplace Development bought the property in October 2010 from Circle K Stores Inc. At the time, a 1,012-square-foot vacant Circle K store was on the fenced-in lot.

A build-to-suit Family Dollar store was planned for the site when Marketplace bought it.

1201 Getwell Road
Memphis, TN 38111

Loan Amount: $2.9 million

Loan Date: Jan. 19, 2012

Maturity Date: n/a

Borrower: 1201 Get Well LLC

Lender: TD Bank NA

Details: 1201 Get Well LLC has filed a $2.9 million trust deed through TD Bank NA for a Walgreens building at 1201 Getwell Road.

1201 Getwell LLC bought the site in October for $4.9 million. Sale documents filed at the time list a New Jersey address for the limited liability company. The building is leased to Walgreen Co., and tax bills are being sent to the company’s Deerfield, Ill., headquarters.

The property is a 14,462-square-foot Walgreens store on 2.3 acres at the southwest corner of Rhodes Avenue and Getwell Road. The store was built in 2004, and the Shelby County Assessor of Property’s 2011 appraisal is $2.1 million.