VOL. 128 | NO. 157 | Tuesday, August 13, 2013
Memphis Real Estate Recap
Winchester Court Sells for $6 Million After Foreclosure
By Eric Smith
6740 Winchester Rd, Memphis, TN 38115
6740 Winchester Road
Memphis, TN 38115
Sale Amount: $6 million
Sale Date: July 31, 2013
Buyer: WBCMT 2007-C31 Winchester Court LLC
Seller: Harris P. Quinn, substitute trustee
Details: The Winchester Court retail center at Kirby Parkway and Winchester Road in Hickory Hill has sold for $6 million following a foreclosure.
An affiliate of Miami Beach, Fla.-based loan servicer LNR Partners LLC bought the property – composed of four parcels – in a July 31 substitute trustee’s deed from Harris P. Quinn of the law firm Prochaska Thompson Quinn & Ferraro PC.
The previous owner, Winchester Improvements LLC, whose owner is listed in care of Tarrytown, N.J.-based DLC Management, defaulted on an $8.8 million loan through Wachovia Bank NA dated Nov. 7, 2006, prompting the foreclosure proceedings.
The property includes the main retail center at 6740 Winchester Road and three outparcels, at 6600 Kirby Parkway, 6648 Winchester Road and 6668 Winchester Road.
Built in 1987, Winchester Court at 6740 Winchester is a Class B, 221,945-square-foot strip center on 19.7 acres at the northeast corner of Kirby Parkway and Winchester. The Shelby County Assessor of Property’s 2013 appraisal is $4.9 million.
The center is anchored by Winchester Farmers Market and Memphis Furniture, and includes other retailers.
The 1.9-acre outparcel at 6600 Kirby Parkway is home to a 13,484-square-foot CVS pharmacy built in 2010. Its 2013 appraisal is $2.1 million.
The 1.1-acre outparcel at 6648 Winchester Road is home to a 5,164-square-foot fast food restaurant built in 1986. Its 2013 appraisal is $553,600.
And the 0.9-acre outparcel at 6668 Winchester Road is home to a 4,448-square-foot McDonald’s built in 1989. Its 2013 appraisal is $629,800.
7955 Market Plaza Drive
Memphis, TN 38016
Permit Cost: $5 million
Project Cost: TBA
Permit Date: Applied August 2013
Owner: Globus Partners
Tenant: Hilton Garden Inn
Details: The owner of 2.8 acres of vacant land at 7955 Market Plaza Drive in Cordova has filed a $5 million permit to build a Hilton Garden Inn.
Globus Partners filed the application with the city-county Office of Construction Code Enforcement to bring a five-story, 124-room hotel to the property.
The parcel sits on the south side of Market Plaza Drive, just west of North Germantown Parkway and behind the Countrywood Crossing shopping center, along the road that runs between Kohl’s and Kirkland’s Home.
No architect or contractor was listed on the permit.
The land is in the Galleria of Memphis Planned Development second amendment outline and has an appraised value of $950,000, according to the Shelby County Assessor of Property.
Globus Partners bought the property in 2009 for $1 million from TomBo Properties Inc.
5665 Quince Road
Memphis, TN 38119
Sale Amount: $990,000
Sale Date: July 29, 2013
Buyer: Quince Rd LLC
Seller: New Century Properties and Investment LLC
Loan Amount: $850,000
Loan Date: July 29, 2013
Maturity Date: July 26, 2018
Borrower: 5665 Quince Rd LLC
Lender: First Capital Bank
Details: The Shell gas station and convenience store at 5665 Quince Road in East Memphis has sold for $990,000.
A Collierville-based entity called 5665 Quince Rd LLC bought the 3,080-square-foot store in a July 29 warranty deed from New Century Properties and Investment LLC of Bartlett. That company had bought the property earlier this year for $350,000 from Paik Enterprises Inc.
Built in 1966, the gas station and convenience store sits on 0.6 acres along the south side of Quince Road at its intersection with Yorkshire Drive. It is an outparcel of the Yorkshire Square Shopping Center.
The Shelby County Assessor of Property’s 2013 appraisal is $314,700.
In conjunction with the purchase, 5665 Quince Rd filed an $850,000 loan through First Capital Bank. Anwar Aman signed the trust deed as chief manager of the borrower.
5043 Park Ave.
Memphis, TN 38117
Loan Amount: $2.2 million
Loan Date: July 31, 2013
Maturity Date: Aug. 1, 2028
Borrower: Park Avenue LLC
Lender: Genworth Life and Annuity Insurance Co.
Details: The owner of the Park Cosmorama retail center at 5043 Park Ave. in East Memphis has filed a $2.2 million loan on the property.
Park Avenue LLC filed the Tennessee deed of trust, assignment of rents and leases and security agreement July 31through Genworth Life and Annuity Insurance Co.
Built in 1954, the Class A, 30,800-square-foot strip center has two-buildings that sit on 2.4 acres on the south side of Park Avenue between White Station and Mendenhall roads. The Shelby County Assessor of Property’s 2013 appraisal is $2.6 million.
Park Avenue LLC, whose chief manager and member Marlin Graber signed the trust deed, bought the property in 1998 for $3.2 million.
Cosmorama tenants include Memphis Pizza Cafe, Supercuts, GameStop, SAS Shoes, Honeybaked Ham and Tan-N-Go.