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VOL. 128 | NO. 74 | Tuesday, April 16, 2013

 

Harold Ford Sr. Buys Sycamore View Property

By Eric Smith

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1670 Sycamore View Road Memphis, TN 38134

Sale Amount: $1.8 million

Sale Date: April 8, 2013

Buyer: Harold Ford Sycamore View LLC

Seller: Belz Investco GP

Details: Former U.S. Rep. Harold Ford Sr. of Memphis has paid $1.8 million for a shopping center at 1670 Sycamore View Road in Northeast Memphis.

1670 Sycamore View Road • Memphis, TN 38134

Operating in the transaction as Harold Ford Sycamore View LLC, Ford bought the 38,487-square-foot retail center April 8 from Belz Investco GP.

Ford, who represented Memphis in Washington for 22 years, has said he intends to open a funeral services business in the shopping center that will include a chapel and the ability to watch funeral services remotely.

It will also offer a variety of options for funeral services.

Built in 1987, the Class B center sits on 6.2 acres near the intersection of Sycamore View Road and Summer Avenue. The Shelby County Assessor of Property’s 2013 appraisal is $1.7 million.

The transaction also included a 12.3-acre parcel of vacant land adjacent to the center. Its appraised value is $181,000.

Several generations of the Ford family have worked in the funeral industry including Ford who along with his brothers and sisters worked in his father’s business N.J. Ford and Sons Funeral Home in South Memphis.

Ford left Congress in 1996 and became a lobbyist. He lives in Florida.

9161 Winchester Road

Germantown, TN 38138

Sale Amount: $11.3 million

Sale Date: April 9, 2013

Buyer: Moody National HP G-Town Holding LLC

Seller: SHG HP Germantown LLC

Loan Amount: $7.8 million

Loan Date: April 9, 2013

Maturity Date: N/A

Lender: Ladder Capital Finance LLC

Details: An affiliate of Houston-based Moody National REIT I Inc. has paid $11.3 million for the Hyatt Place hotel at 9161 Winchester Road in Germantown.

The single-purpose entity Moody National HP G-Town Holding LLC bought the 127-room hotel in an April 9 special warranty deed from SHG HP Germantown LLC, an entity related to Boca Raton, Fla.- based Silver Cos.

SHG HP developed and built the 77,983-square-foot hotel in 2008. It sits on 3.6 acres at the southeast corner of Winchester and Forest Hill-Irene roads and has a 2013 appraised value of $7.8 million, according to the Shelby County Assessor of Property.

In conjunction with the purchase, Moody National HP G-Town Holding filed a $7.8 million deed of trust, assignment of leases and rents, security agreement and fixture filing through Ladder Capital Finance LLC.

Brett C. Moody signed the trust deed as president of the borrowing entity.

1204 N. Houston Levee Road

Cordova, TN 38018

Sale Amount: $1.8 million

Sale Date: April 8, 2013

Buyer: Cordova Ridge Shops LLC

Seller: 1204 Houston Levee Road Holdings LLC

Details: An affiliate of Norcross, Ga.-based Safeway Group Inc. has paid $1.8 million for Cordova Ridge Shops, a retail shopping center at 1204 Houston Levee Road in unincorporated Cordova.

The buyer – operating in the transaction as Cordova Ridge Shops LLC – bought the center in an April 8 special warranty deed from 1204 Houston Levee Road Holdings LLC, an affiliate of Dallas-based CWCapital Asset Management LLC

CWCapital Asset Management had acquired the property for $2 million last August in a substitute trustee’s deed with Robert F. Tom of Baker, Donelson, Bearman, Caldwell & Berkowitz PC selling the property as substitute trustee.

Cordova Ridge Shops, a Class A retail center on North Houston Levee Road, went into foreclosure last year after its Nashville-based owner defaulted on a $3.3 million loan, according to a first-run foreclosure notice in the Aug. 1, 2012, edition of The Daily News. Market Land Co., working as Cordova Ridge Shops LLC, bought the property in 2002 for $650,000 and financed it through PNC Bank in May 2004. That loan was later assigned to Wells Fargo Bank.

Built in 2002, the 21,832-square-foot, L-shaped strip shopping center sits on 2.1 acres on the east side of Houston Levee south of Macon Road.

The center, whose 2012 appraisal from the Shelby County Assessor of Property was $1.5 million, is attached to a 54,000-square-foot Kroger that was not included in the sale.

400 E. Market Blvd.

Collierville, TN 38017

Sale Amount: $4.4 million

Sale Date: April 4, 2013

Buyer: Baptist Memorial Medical Group Inc.

Seller: Collierville Medical Center LLC

Details: Baptist Memorial Medical Group Inc. has paid $4.4 million for the 39,635-square-foot medical office building at 400 E. Market Blvd. in Collierville.

The multi-specialty physician practice, an affiliate of Baptist Memorial Health Care Corp., bought the Class A facility in an April 4 special warranty deed from Collierville Medical Center LLC.

In 1996, that entity had acquired the then-vacant property from Malco Stage Road LLC for $855,312.

Built in 1998, the office medical building sits on 3.9 acres along the east side of East Market Boulevard north of its intersection with West Poplar Avenue. The Shelby County Assessor of Property’s 2012 appraisal was $3.1 million. Dr. Charles Woodall signed the warranty deed as managing partner of Collierville Medical Center.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 33 91 3,886
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

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