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VOL. 128 | NO. 84 | Tuesday, April 30, 2013

 

Virginia Company Buys Poplar Avenue Retail Property

By Eric Smith

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7665 Poplar Ave. Germantown, TN 38138

Sale Amount: $2.9 million

Sale Date: April 19, 2013

Buyer: Poplar Avenue LLC

Seller: VZN I LLC

Loan Amount: $1.4 million

7665 Poplar Ave. • Germantown, TN 38138

Loan Date: April 18, 2013

Maturity Date: May 5, 2023

Lender: First Freedom Bank

Details: A Reston, Va.-based company called Poplar Avenue LLC has paid $2.9 million for 7665 Poplar Ave. in Germantown.

The entity bought the retail property in an April 19 special warranty deed from VZN I LLC, which has acquired it in October for $1.5 million.

The 1-acre property sits at the southeast corner of Poplar Avenue and South Germantown Road, adjacent to Methodist Le Bonheur Germantown Hospital, and is zoned retail. It contains two buildings, one of which housed a CK’s Coffee Shop.

No building or square footage information is listed on the Shelby County Assessor of Property’s website, although it does show a 2013 appraised value of $470,900, down from $809,700 in 2012.

In conjunction with the purchase, Poplar Avenue LLC filed a $1.4 million loan through First Freedom Bank. Daniel L. Bommer signed the trust deed as member/manager of the borrowing entity.

717 White Station Road, Units A, E and F • Memphis, TN 38117

Sale Amount: $1.7 million

Sale Date: April 19, 2013

Buyer: Cypress Realty Holdings Co. II LLC

Seller: PPM XI LP

Loan Amount: $1.2 million

Loan Date: April 19, 2013

Maturity Date: May 1, 2023

Lender: Financial Federal Bank

Details: Memphis-based realty investment fund Cypress Realty Holdings has paid $1.7 million for a trio of office condominiums at 717 White Station Road.

The company, operating in the transaction as Cypress Realty Holdings Co. II LLC, bought Units A, E and F in an April 19 warranty deed from PPM XI LP.

David S. Wolfe signed the warranty deed as president of Public Properties Management Inc., the general partner in PPM XI, which bought the property in December 2005 for $2.8 million.

The three condos sit on the west side of White Station north of Poplar Avenue. Girl Scouts Heart of the South bought three condos (Units B, C, and D) in the development in 2010 for its headquarters.

As for the units sold to Cypress Realty ­– whose fund managers are Price Ford and Joseph Jarratt – all three are Class A office condos with 2,728 square feet and appraised values of $405,900, according to the Shelby County Assessor of Property.

Unit A was built in 2010 and Units E and F were built in 1991, according to the assessor’s website.

Cypress Realty Holdings filed a $1.2 million loan in conjunction with the purchase; Ford signed the trust deed as chief manager of the borrower.

7125 Riverdale Bend Road

Memphis, TN 38125

Sale Amount: $500,000

Sale Date: March 8, 2013

Buyer: EP Minerals LLC

Seller: Moltan Company LP

Loan Amount: $7.1 million

Loan Date: March 26, 2013

Maturity Date: N/A

Lender: Bank of Montreal

Details: Reno, Nev.-based EP Minerals LP has filed a $7.1 million loan on its mixed-use office building at 7125 Riverdale Bend Road in Southeast Memphis.

The company had purchased the 9,716-square-foot Class B office March 8 for $500,000 from Moltan Company LP, which had received the property in a quitclaim deed from Gurley Companies LP.

EP Minerals filed the deed of trust, security agreement, assignment of leases and rents and financing statement (fixture filing) March 26 through Bank of Montreal.

Built in 1985, the office building sits on 0.8 acres on the north side of Riverdale Bend Road east of Riverdale Road. The Shelby County Assessor of Property’s 2013 appraisal is $550,900.

Dave Keselica signed the trust deed as CEO of EP Minerals.

2625 Mount Moriah

Memphis, TN 38115

Loan Amount: $2.6 million

Loan Date: April 17, 2013

Maturity Date: April 17, 2020

Borrower: Extra Space Properties Ninety Two LLC

Lender: Compass Bank

Details: The owner of the Extra Space Storage facility at 2625 Mount Moriah Road in Hickory Hill has filed a $2.6 million loan on the property.

Extra Space Properties Ninety Two LLC filed the deed of trust, assignment, security agreement and fixture filing April 17 through Compass Bank.

The mortgage followed an April 15 quitclaim deed that saw Extra Space Properties Ninety Two take possession of the 104,160-square-foot property from Storage Portfolio Bravo II LLC. That entity had bought the storage facility for $4.2 million in 2004 from SUSA-TN LLC.

Built in 1988, the Class A storage facility sits on 6.4 acres along the south side of Mount Moriah Road between South Mendenhall Road and Fox Plaza Drive. The Shelby County Assessor of Property’s 2013 appraisal is $3 million.

Charles L. Allen, executive vice president and chief legal officer for Salt Lake City-based Extra Space Storage, signed the trust deed as manager of the borrowing entity.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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