VOL. 128 | NO. 152 | Tuesday, August 06, 2013
Memphis Real Estate Recap
Building Permit Filed for Volvo of Memphis
By Eric Smith
7910 Trinity Road
Cordova, TN 38018
Permit Cost: $2.3 million
7910 Trinity Road, Memphis, TN 38018
Project Cost: $3.5 million
Permit Date: Applied August 2013
Completion: Summer 2014
Owner: Wenco Properties LLC
Tenant: Volvo of Memphis
Architect: Fleming Associates Architects PC
Contractor: Grinder, Taber & Grinder
Details: The ownership group of Volvo of Memphis has filed a $2.3 million building permit for the company’s new dealership at 7910 Trinity Road in Cordova.
Wenco Properties LLC filed the permit application with the city-county Office of Construction Code Enforcement for the $3.5 million Volvo facility to be built on two parcels totaling 5.7 acres.
The property is on the north side of Trinity Road just west of its intersection with North Germantown Parkway. The Shelby County Assessor of Property lists the address as 0 Moriarty Road, which is the street that runs along the parcels’ northern border.
Wenco Properties, whose manager, Ernest Norcross, also owns Volvo of Memphis, bought the two parcels in November for a combined $845,000.
The dealership will be built under Volvo Cars North America’s new design standard, called Volvo Next Face. Volvo of Memphis will vacate its current location on Covington Pike and move into the new facility next summer
Grinder, Taber & Grinder Inc. is listed on the permit as the general contractor, and Fleming Associates Architects PC is the architect of record.
347 S. Front St.
Memphis, TN 38103
Permit Cost: $1.7 million
Project Cost: $3.2 million
Permit Date: Applied August 2013
Owner: Vince Smith
Tenant: Printers Alley
Details: The developers bringing a $3.2 million loft-style apartment development called Printer’s Alley Lofts to 347 S. Front St. Downtown have filed a permit for the project.
Printer’s Alley LLC president Vince Smith filed a $1.7 million permit with the city-county Office of Construction Code Enforcement for the 33,449-square-foot building at South Front Street and Talbot Avenue. Smith and business partner Robert Mallory are planning a loft-style apartment and mixed-use development called Printer’s Alley Lofts.
Printer’s Alley LLC a year ago bought the 93-year-old property for $360,000 from Gary M. Dawson and Norma Dawson.
The project – for which the Center City Development Corp. approved an $85,000 development loan in March 2012 – involves two buildings. The 24,600-square-foot existing structure at Front Street and Talbot Avenue will be revamped to include 20 loft-style apartments.
A three-story building will also be constructed in the parking lot to include nine townhome-style units. The building also will have about 750 square feet of ground-floor retail and 17 secured parking spaces.
1290 Lamar Ave.
Memphis, TN 38104
Loan Amount: $1.7 million
Loan Date: July 26, 2013
Maturity Date: N/A
Borrower: Erb Walker-Tennessee GP
Lender: Magna Bank
Details: The developer of a 16,000-square-foot Fred’s Inc. retail store at 1290 Lamar Ave. in Midtown has filed a $1.7 million construction loan for the project.
Erb Walker-Tennessee GP filed the Tennessee construction deed of trust and fixture filing, assignment of rents and security agreement July 26 through Magna Bank. Partners Jack Erb and John B. Walker signed the trust deed.
Their related entity, Memphis-Shelby Drive LLC, submitted plans to the city-county Office of Planning and Development for the new store at the corner of Lamar and Cleveland.
The 2.2-acre property is owned by Collierville-based Renaissance Memphis LLC and shows an address of 1318 Lamar Ave. by the Shelby County Register of Deeds and Shelby County Assessor of Property.
Renaissance Memphis bought the vacant parcel for $125,000 in 2003. It has a 2013 appraised value of $247,300, according to the assessor.
870 Keough Road
Collierville, TN 38017
Loan Amount: $3.1 million
Loan Date: July 23, 2013
Maturity Date: July 31, 2028
Borrower: Schaefer LLC
Lender: Kansas City Life Insurance Co.
Details: The owner of the 160,180-square-foot warehouse at 870 Keough Road in Collierville has filed a $3.1 million loan on the property, which houses Nashville-based millwork manufacturing and distribution company Central Woodwork.
Schaefer LLC filed the deed of trust, assignment of leases and rents, security agreement and fixture filing July 23 through Kansas City Life Insurance Co. Patrick E. Schafer signed the deed as chief manager of Schaefer LLC.
Built in 2003, the Class A industrial property sits on 12.8 acres on the north side of Keough Road between Tenn. 385 and Progress Road. The Shelby County Assessor of Property’s 2013 appraisal is $5 million.