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VOL. 127 | NO. 217 | Tuesday, November 06, 2012

 

Corporate Avenue Building Sells for $1.2 Million

By Eric Smith

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1721 Corporate AveMemphis, TN 38132

Sale Amount: $1.2 million

Sale Date: Oct. 26, 2012

Buyer: Mid South Tech Services LLC

Seller: KSH Family LLC

Loan Amount: $1.2 million

1721 Corporate Ave., Memphis, TN 38132

Loan Date: Oct. 26, 2012

Maturity Date: Oct. 26, 2022

Lender: Iberiabank

Details: The 35,097-square-foot industrial facility at 1721 Corporate Ave. next to the Nonconnah Corporate Center has sold for $1.2 million to Mid South Tech Services LLC.

The company bought the property Oct. 26 from KSH Family LLC, which paid $1.1 million for the building from Edwards Lifesciences LLC in 2005 and whose chief manager Kerry S. Hirschman signed the warranty deed.

Built in 1981, the Class B warehouse storage facility sits on 5.45 acres along the south side of Corporate Avenue, which runs parallel and to the south of Interstate 240 between Millbranch Road and Airways Boulevard.

The Shelby County Assessor of Property’s 2012 appraisal is $1.3 million.

The building houses Focus Services, which provides a variety of services from commercial printing to distribution to promotional products.

Mid South Tech Services filed a $1.2 million deed of trust through Iberiabank in conjunction with the acquisition. Stuart W. Bassett signed the deed as member of the buying entity.

3590 New Tchulahoma Road
Memphis, TN 38118

Loan Amount: $1.5 million

Loan Date: Oct. 31, 2012

Maturity Date: Nov. 1, 2022

Borrower: Woodlake LP

Lender: Financial Federal Savings Bank

Details: Woodlake LP, the owner of the Woodlake Apartments at 3590 New Tchulahoma Road in Oakhaven, has filed a $1.5 million loan on the property.

The company filed the multifamily deed of trust, absolute assignment of leases and rents, and security agreement (including fixture filing) Oct. 31 through Financial Federal Savings Bank.

Built in 1972, the Class C multifamily property includes 122 apartments and 110,288 square feet on 7.15 acres on the west side of New Tchulahoma Road, southeast of the intersection of Winchester and Tchulahoma roads near Memphis International Airport.

The Shelby County Assessor of Property’s 2012 appraisal of the property is $1.6 million.

Woodlake acquired the property in a 1990 quitclaim deed from Robert F. Fogelman.

Jerome B. Makowsky signed the trust deed as vice president of JAN Realty Inc., a general partner of Woodlake.

2345 N. Germantown Parkway
Memphis, TN 38016

Loan Amount: $1.3 million

Loan Date: Aug. 24, 2012

Maturity Date:

Borrower: Abbay Hyde Enterprises LLC

Lender: First Tennessee Bank NA

Details: Abbay Hyde Enterprises LLC, the owner of the Abbay’s fast-food restaurant at 2345 N. Germantown Parkway in Cordova, has filed a $1.3 million on the property.

The Walls, Miss.-based company filed the deed of trust through First Tennessee Bank NA.

The loan closed in August but wasn’t recorded by the Shelby County Register of Deeds until this week.

Built in 2006, the 3,979-square-foot restaurant sits on a 1.1-acre outparcel of the Countrywood Crossing shopping center in the Galleria of Memphis Planned Development.

The restaurant is on the east side of Germantown Parkway between Rockcreek Parkway and Market Plaza Drive, just south of Interstate 40. The Shelby County Assessor of Property’s 2012 appraisal is $1.5 million.

Robert I. Abbay IV signed the trust deed as member of Abbay Hyde Enterprises, which bought the land from the center’s developer, TomBo Properties Inc., in 2005 for $876,413 to build the freestanding restaurant.

The family-owned Abbay’s also has restaurants in Jackson, Tenn., Olive Branch and Southaven.

3009 Davies Plantation Road
Lakeland, TN 38002

Loan Amount: $1.1 million

Loan Date: Oct. 8, 2012

Maturity Date: N/A

Borrower: MEP Investments LLC

Lender: First Tennessee Bank NA

Details: MEP Investments LLC, whose members George Edward “Ed” Hargraves and Stephen Patrick “Pat” Harcourt are principals in the engineering and architectural firm A2H, has filed a $1.1 million loan on A2H’s headquarters at 3009 Davies Plantation Road in Arlington.

The property’s ownership entity filed the loan Oct. 8 through First Tennessee Bank NA with Hargraves and Harcourt signing the trust deed.

MEP Investments bought the 13,759-square-foot building in 2006 for $1.1 million.

Built in 1974, the Class A mixed-use office building sits on 3.89 acres on the southwest corner of Davies Plantation and Fletcher Trace Parkway in the Louis Gray Estate Division and Tract subdivision.

The Shelby County Assessor of Property’s 2012 appraisal is $1.1 million.

A2H began in 1986 when Mark Askew – the “M” in MEP Investments – formed Mark Askew Consulting Engineers. Hargraves joined the firm in 1991, Harcourt joined in 1996 and the firm’s fourth principal, Logan Meeks, joined in 2008.

The company, which employs more than 70 professionals in engineering, architecture and planning, has branch offices in Nashville, Jackson, Tenn., and Oxford, Miss.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

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