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VOL. 127 | NO. 50 | Tuesday, March 13, 2012




Site Work for St. Jude Tower Part of Permit Application

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315 Danny Thomas Place
Memphis, TN 38105

315 DANNY THOMAS PLACE • MEMPHIS, TN 38105

Permit Cost: $5 million

Project Cost: $190 million

Permit Date: Applied March 2012

Owner: St. Jude Children’s Research Hospital

Tenant: St. Jude Children’s Research Hospital

Contractor: Flintco LLC

Details: St. Jude Children’s Research Hospital is in construction mode. A $5 million building permit application has been filed with the city-county Office of Construction Code Enforcement to begin work on a seven-story tower at 315 Danny Thomas Place, next to the Chili’s Care Center.

Flintco LLC is listed as the general contractor.

The description on the permit says it is part of a fast-track project for a seven-story addition to an existing building and covers “the building’s concrete mat foundation and under-mat drainage system.”

St. Jude in May applied with the state Health Services and Development Agency for a Certificate of Need for a $190 million medical tower to serve as a new patient care and research building with space for a number of new programs, surgery suites and an expanded intensive care unit.

Construction on the tower is likely to begin this spring, with site work beginning earlier, a St. Jude representative told The Daily News in May. Construction is expected to last about 4 1/2 years.

4450 Getwell Road
Memphis, TN 38118

Permit Cost: $2.5 million

Permit Date: Applied March 2012

Owner: Southeastern Freight Lines

Tenant: Southeastern Freight Lines

Contractor: D.F. Chase Inc.

Details: Southeastern Freight Lines has filed a $2.5 million building permit application to add an office and parking lot to its transit center at 4450 Getwell Road.

The permit lists Nashville-based D.F. Chase Inc. as the general contractor.

Lexington, S.C.-based Southeastern Freight Lines’ Getwell Road property is between Crowfarn Drive to the north, East Shelby Drive to the south and Delp Street to the east.

SEFL has 6,600 associates and operates in 12 states and Puerto Rico, according to the company’s website.

Its Tennessee’s transit centers are in Memphis, Jackson, Kingsport, Knoxville and Nashville.

1730 Hunter’s Trace Drive
Memphis, TN 38120

Loan Amount: $10.9 million

Loan Date: Feb. 29, 2012

Maturity Date: n/a

Borrower: Hunters Trace LLC

Lender: CBRE Capital Markets Inc.

Details: Hunters Trace LLC has financed Hunters Trace Apartments through CBRE Capital Markets Inc. for $10.9 million. On the day of the financing, the borrower changed its name from G&I V Hunters Trace – an entity comprised of New York-based DRA Advisors LLC and Memphis-based Fogelman Management Group – which bought the complex in 2007.

Hunters Trace is a 192-unit, two-story, Class B complex built in 1986. It sits on 11.7 acres on the east side of Quail Hollow Road north of Great Oaks Road in the 38120 ZIP code.

The Shelby County Register of Deeds, which lists the property address as 6790 Great Oaks, appraised it in 2011 at $8.8 million.

Hunters Trace Apartments was one of two that sold at the same time to related entities in 2007. G&I V Hunters Trace bought this complex from Hunter’s Trace-Memphis LLC for $11.6 million, while G&I V Dogwood Creek LLC bought the Collierville complex from Dogwood Creek-Memphis LLC for $24.2 million.

6555 Quince Road
Memphis, TN 38119

Loan Amount: $8.6 million

Loan Date: Feb. 29, 2012

Maturity Date: n/a

Borrower: 6555 Quince Building Owner LLC

Lender: UBS Real Estate Securities Inc.

Details: In-Rel Management Inc., working under the name 6555 Quince Building Owner LLC, has financed the nearly 124,000-square-foot office building at 6555 Quince Road through UBS Real Estate Securities Inc. for $8.6 million.

The five-story, 123,924-square-foot, Class A office building was constructed in 1989. It is on 5.9 acres at the southwest corner of Quince Road and Kirby Parkway, near Interstate 385 in Koger Center II. The Shelby County Register of Deeds’ 2011 appraisal was $3.8 million.

In-Rel bought the property in 2009 for $5 million. Formerly the Comcast building, In-Rel renamed it Quince Centre.

3417 Fontaine Road
Memphis, TN 38116

Sale Amount: $1.2 million

Sale Date: Feb. 22, 2012

Buyer: Devon-Memphis LLC

Seller: William C. Bateman Jr., Marjorie Bateman Gore, Robert J. Bateman and Virginia Bateman Hess

Details: An affiliate of Emeryville, Calif.-based Devon Self-Storage called Devon-Memphis LLC has bought a self-storage facility site at 3417 Fontaine Road in Whitehaven’s 38116 for $1.2 million. The sellers were William C. Bateman Jr., Marjorie Bateman Gore, Robert J. Bateman and Virginia Bateman Hess.

The property has been renamed Devon Self Storage-Memphis.

Built in 1972, the Class D facility has 164,610 square feet of storage space in multiple buildings. The site is on 7.4 acres on the west side of Fontaine Road north of Winchester Road in Hill & Fontaine Co.’s Brooks Avenue subdivision.

The Shelby County Assessor of Property’s 2011 appraisal was $1.7 million.

Devon Self-Storage was founded in 1998 and is one of the top 15 self-storage operators in the U.S., according to the company’s website. It owns facilities in 11 states. Its other Tennessee location is in the Nashville area.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 324 13,221
MORTGAGES 107 477 17,235
FORECLOSURE NOTICES 0 62 3,362
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 64 273 12,616
BUSINESS LICENSES 22 87 4,576
UTILITY CONNECTIONS 71 487 19,380
MARRIAGE LICENSES 0 94 4,003

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