VOL. 128 | NO. 240 | Tuesday, December 10, 2013
Memphis Real Estate Recap
Methodist Pays $22.5 Million for Germantown Facility
By Eric Smith
7945 Wolf River Blvd.
Germantown, TN 38138
Sale Amount: $22.5 million
7945 Wolf River Blvd. • Germantown, TN 38138
Sale Date: Dec. 2, 2013
Buyer: Methodist Healthcare – Memphis Hospitals
Seller: UT Medical Group Inc.
Details: Methodist Le Bonheur Healthcare has bought the Germantown Multispecialty Center at 7945 Wolf River Blvd. for $22.5 million from UT Medical Group Inc.
Operating in the transaction as Methodist Healthcare – Memphis Hospitals, Methodist Le Bonheur Healthcare bought the 116,865-square-foot, Class A medical office building in a Dec. 2 warranty deed.
UT Medical Group chief financial officer Brenda H. Jeter signed the warranty deed. The organization received the property in a 1997 transfer for $3.3 million.
Built in 1999, the building sits on 9.6 acres along the south side of Wolf River Boulevard east of its intersection with South Germantown Road. The Shelby County Assessor of Property’s 2013 appraisal is $13.6 million.
UT Medical Group, UT Cancer Institute and the Methodist Breast Center – Germantown are housed in the facility.
6465 Holmes Road
Unincorporated Shelby County
Loan Amount: $1.2 million
Loan Date: Nov. 25, 2013
Maturity Date: Dec. 5, 2018
Borrower: Crumpler Investment LLC
Lender: Renasant Bank
Details: The new owner of the recently built BP convenience store and gas station at 6465 Holmes Road in unincorporated Southeast Shelby County has filed a $1.2 million loan on the property.
Crumpler Investment LLC filed the deed of trust Nov. 25 through Renasant Bank. Amin Budhwani, Rooziman Shah and Nizar Lalani signed the deed as members of Crumpler Investment, which acquired the property in a Nov. 22 quitclaim deed from Holmes Road Properties LLC.
Built this year, the 7,500-square-foot convenience store and gas station sits on 1.8 acres at the southeast corner of Crumpler and Holmes roads. The Shelby County Assessor of Property’s 2013 appraisal is $692,000.
The transaction also included a 1.7-acre vacant parcel across Crumpler from the BP station.
6920 Reese Road
Loan Amount: $5 million
Loan Date: Dec. 2, 2013
Maturity Date: N/A
Borrower: Countryside North Apartments LP
Lender: Magna Bank
Details: The owner of the 152-unit Countryside North Apartments at 6920 Reese Road in Northeast Memphis has filed a $5 million loan on the property.
Countryside North Apartments LP, the local affiliate of New York-based Whitney Capital Co. LLC, filed the leasehold deed of trust, security agreement, assignment of leases and fixture financing statement Dec. 2 through Magna Bank.
Whitney Capital “specializes in the development, renovation and acquisition of affordable housing,” according to its website. The company’s managing director, Thomas G. Granville, signed the trust deed as chief manager of the borrowing entity.
The property is under a payment-in-lieu-of-taxes (PILOT) program through the Shelby County Health, Education and Housing Facility Board, which is listed on the deed.
Built in 1984, the Class C multifamily complex sits on 19 acres along the north side of Reese Road to the east of its intersection with Whitten Road. The Shelby County Assessor of Property’s 2013 appraisal is $5.7 million.
Memphis-based Whitney Management, whose website lists the property’s address as 6934 Country Manor Drive, manages the complex.
The other Memphis asset Whitney manages is The Renaissance Apartments, at 99 N. Main St. The 209,824-square-foot, Class B apartment building, formerly known as 99 Tower Place Apartments, includes 243 studio, one- and two-bedroom units on 25 floors.
3520 Lamar Ave.
Memphis, TN 38118
Loan Amount: $1.2 million
Loan Date: Nov. 13, 2013
Maturity Date: Nov. 13, 2018
Borrower: Fleet Equipment LLC
Lender: The Metropolitan Bank
Details: The owner of the property at 3520 Lamar Ave. in Oakhaven has filed a $1.2 million loan on the property.
Fleet Equipment LLC of Memphis filed the deed of trust Nov. 13 through The Metropolitan Bank for three parcels – 3520-3543 Lamar Ave., 3543 Fuller Road and 0 Pearson Road. William Mark Welch signed the deed as member of Fleet Equipment.
The properties’ main parcel is listed by the Shelby County Assessor of Property as 3543 Lamar Ave. The 11.7-acre parcel sits at the southeast corner of Lamar and Fuller and includes multiple buildings. The assessor’s 2013 appraisal is $752,700.