VOL. 127 | NO. 227 | Tuesday, November 20, 2012
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Delek Buys Lion Oil Facility for $6.4 Million
By Eric Smith
1023 Riverside Drive Memphis, TN 38106
Sale Amount: $6.4 million
Sale Date: Nov. 7, 2012
Buyer: Delek Logistics Operating LLC
Seller: Lion Oil Co.
Loan Amount: $2.5 million
1023 Riverside Drive • Memphis, TN 38106
Loan Date: Nov. 7, 2012
Maturity Date: N/A
Lender: Fifth Third Bank
Details: Delek Logistics Operating LLC has paid $6.4 million for the oil distribution terminal at 1023 Riverside Drive from Lion Oil Co.
The Nov. 7 sale was part of an ongoing transaction in which Brentwood, Tenn.-based Delek US Holdings Inc. acquired the majority interest in Jackson, Miss.-based Lion Oil Co. The acquisition began in 2007 when Delek bought a minority interest in Lion.
Built in 1990, the Memphis facility includes 5,575 square feet of building space plus oil distribution infrastructure on 6.3 acres along the west side of Riverside near its intersection with the Jack Carley Causeway at the entrance to Presidents Island.
The Shelby County Assessor of Property’s 2012 appraisal is $334,400.
The transaction also included two parcels near the main property that provide port access.
Delek Logistics Operating filed a $2.5 million deed of trust and security agreement with assignment of rents through Fifth Third Bank. Danny Norris signed the trust deed as vice president of finance for the borrower.
6015 Primacy Parkway
Memphis, TN 38119
Sale Amount: $11.7 million
Sale Date: Oct. 31, 2012
Buyer: HCP SH ELP1 Properties (c/o HCP Inc.)
Seller: BRE/SW Rose Terrace LLC (c/o Emeritus Senior Living)
Details: An affiliate of Long Beach, Calif.-based real estate investment trust HCP Inc. has paid $11.7 million for the Rose Terrace assisted living community at 6015 Primacy Parkway in East Memphis.
HCP SH ELP1 Properties bought the 37,226-square-foot facility Oct. 31 from BRE/SW Rose Terrace LLC, an affiliate of Seattle-based Emeritus Senior Living.
Built in 1997, the facility sits on 1.68 acres along the southwest curve of Primacy Parkway, which links Park Avenue and Ridgeway Road, south of Saint Francis-Hospital Memphis.
The Shelby County Assessor of Property, which lists the owner as Memphis Living LLC, shows a 2012 appraised value of $3.2 million.
Memphis Living bought the home in 2005 from Atria Primacy LLC for $1.9 million.
5069 Sanderlin Ave.
Memphis, TN 38117
Loan Amount: $10.1 million
Loan Date: Oct. 24, 2012
Maturity Date: N/A
Borrower: GP Memphis LP
Lender: Goldman Sachs Mortgage Co.
Details: GP Memphis LP has filed a $10 million loan through Goldman Sachs Mortgage Co. on the DoubleTree by Hilton Memphis hotel at 5069 Sanderlin Ave. in East Memphis.
The hotel owner, listed by the Shelby County Assessor of Property as Garden Plaza Hotel Co. III, filed the loan Oct. 24, although it wasn’t recorded by the Shelby County Register of Deeds until this week.
Built in 1986, the 163,040-square-foot hotel sits on 4.94 acres along the south side of Sanderlin Avenue east of South Mendenhall Road between the Mendenhall Commons and Sanderlin shopping centers.
The assessor’s 2012 appraisal of the hotel is $8.9 million.
The DoubleTree has 266 rooms and 5,681 square feet of meeting space, according to the website of Cooper Hotels, the Memphis-based firm that owns the hotel under the GP Memphis limited liability company.
Cooper Hotels, whose president and CEO Pace Cooper signed the trust deed, owns a variety of branded hotels in seven states.
3719 Shelby Road
Millington, TN 38053
Loan Amount: $2.7 million
Loan Date: Oct. 31, 2012
Maturity Date: N/A
Borrower: Lighthouse Fellowship Assembly of God
Lender: Church Extension Plan
Details: Lighthouse Fellowship Assembly of God has filed a $2.7 million loan through an Oregon nonprofit organization called Church Extension Plan for its property at 3719 Shelby Road in Millington.
The church, part of Assemblies of God USA, filed the Tennessee deed of trust with security agreement and assignment of rents and leases Oct. 31.
The eight-acre, tax-exempt property is at the southeast corner of Shelby and Epperson Mill roads in Millington.
The church acquired the property in 2006 in a series of quitclaim deeds from Trustees of First Assembly of God Church of Millington, Tennessee.
Lighthouse Fellowship Assembly of God also runs Lighthouse Christian Academy & Preschool, which was built in 2000 and is diagonal from the church, on the northwest corner of Shelby and Epperson Mill.
Tim VanDouser and Wayne Rhinehart signed the trust deed as president and secretary, respectively, of Lighthouse Fellowship Assembly of God.
4015 Austin Peay Highway
Memphis, TN 38128
Loan Amount: $2.3 million
Loan Date: Nov. 1, 2012
Maturity Date: Nov. 1, 2022
Borrower: Antioch-Memphis Partners
Lender: Wells Fargo Bank NA
Details: A Walgreens store on Austin Peay Highway has been financed by its California-based ownership group, Antioch-Memphis Partners, for $2.3 million.
The 14,392-square-foot Class A store is situated on 1.9 acres at the northwest corner of Austin Peay and Singleton Parkway. Walgreen Co. began a 75-year lease on the property, which the Shelby County Assessor appraised this year at $2.2 million, when it was built in 2002.