VOL. 128 | NO. 253 | Tuesday, December 31, 2013
Memphis Real Estate Recap
Highland Street Family Dollar Sells for $1.6 Million
By Eric Smith
656 S. Highland St., Memphis, TN 38111
656 S. Highland St.
Memphis, TN 38111
Sale Amount: $1.6 million
Sale Date: Dec. 2, 2013
Buyer: Amicorp Enterprises Inc.
Seller: DCTN3 328 Highland Memphis TN LLC
Loan Amount: $600,000
Loan Date: Nov. 25, 2013
Maturity Date: N/A
Lender: The Bank of Hemet
Details: The Family Dollar retail store at 656 S. Highland St. near the University of Memphis has sold for $1.6 million.
Escondido, Calif.-based Amicorp Enterprises Inc. bought the 8,505-square-foot store in a Dec. 2 special warranty deed from DCTN3 328 Highland Memphis TN LLC. The deed incorrectly lists the buyer on first reference as Americorp Enterprises Inc.
Built in 2011, the Class B retail building is on 0.6 acres at the northeast corner of South Highland Street and Spottswood Avenue. The Shelby County Assessor of Property’s 2012 appraisal of the property is $730,600.
In conjunction with the purchase, Amicorp Enterprises filed a $600,000 loan through The Bank of Hemet. Daniel V. Titcomb signed the trust deed as president of the borrower.
Texas-based DCTN3 328 Highland Memphis TN LLC had purchased the store, which is leased to Family Dollar Stores of Tennessee Inc., in January 2012 for $1.3 million from Marketplace Development LLC.
Marketplace Development bought the property in October 2010 from Circle K Stores Inc. At the time of purchase, a 1,012-square-foot vacant Circle K store was on the fenced-in lot.
A build-to-suit Family Dollar store was planned for the site when Marketplace bought it.
317 Woodland Lake Drive
Cordova, TN 38018
Loan Amount: $23 million
Loan Date: Dec. 18, 2013
Maturity Date: Jan. 1, 2024
Borrower: Orleans Apartment Community LLC
Lender: Transamerica Pacific Insurance Co. Ltd.
Details: The owner of the 276-unit Orleans at Walnut Grove Apartments in Cordova has filed a $23 million loan for the property.
Orleans Apartment Community LLC filed the deed of trust, security agreement and fixture filing for the Class A complex Dec. 18 through Transamerica Pacific Insurance Co. Ltd. Charles W. Misenhelter signed the trust deed as member of Orleans Apartment Community.
The Orleans at Walnut Grove, situated on about 17.5 acres north of Walnut Grove Road between Gray’s Creek and Houston Levee Road, consists of two phases. The first 180 units, totaling about 198,000 square feet, were delivered in 2012; the remaining 96 units, totaling about 93,800 square feet, were built this year.
The Shelby County Assessor of Property’s 2013 appraisal splits the phases but lists both at 317 Woodland Lake Drive. Phase one was appraised at $14.3 million, which includes the 10.6-acre parcel and the buildings. Phase two, which includes the 7.1-acre parcel but not the buildings, was appraised at $444,100.
Wes Misenhelter, owner of Lakeland-based Wesscorp Communities, is the developer of The Orleans at Walnut Grove. Amenities include a 20-acre lake, 3,500-square-foot clubhouse, 2,200-square-foot fitness center, and a salt-water pool with palm trees and cooking area.
AEGON USA Realty Advisors LLC, which acted as agent for Transamerica Pacific, agreed in September to fund the $23 million loan.
1335 S. Bellevue Blvd.
Memphis, TN 38106
Sale Amount: $1.5 million
Sale Date: Dec. 17, 2013
Buyer: 1335 S. Bellevue LLC
Seller: H & P Shell LLC
Loan Amount: $1.1 million
Loan Date: Dec. 19, 2013
Maturity Date: Dec. 17, 2016
Lender: First Capital Bank
Details: The Shell gas station and convenience store at 1335 S. Bellevue Blvd. in the 38106 ZIP code has sold for $1.5 million.
An entity called 1335 S. Bellevue LLC bought the 4,950-square-foot gas station and store in a Dec. 17 warranty deed from H & P Shell LLC, which had acquired the property in 2006 for $1.8 million.
Built in 2003, the store sits on 1.1 acres at the northwest corner of South Bellevue Boulevard and South Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $677,100.
In conjunction with the purchase, 1335 S. Bellevue filed a $1.1 million deed of trust through First Capital Bank. Sardar A. Aman and Rafiq Devji signed the deed as members of the borrower.
1175 N. Germantown Parkway
Memphis, TN 38016
Sale Amount: $12.5 million
Sale Date: Dec. 17, 2013
Buyer: Waypoint Cordova Owner LLC
Seller: Cordova Creek Apartments Inc.
Loan Amount: $7.5 million
Loan Date: Dec. 17, 2013
Maturity Date: June 18, 2014
Lender: KeyBank NA
Details: The 196-unit Cordova Creek apartment complex at 1175 N. Germantown Parkway has traded hands for $12.5 million.
Waypoint Cordova Owner LLC, an affiliate of Atlanta-based Waypoint Residential LLC, bought the Class C multifamily property in a Dec. 17 deed from Cordova Creek Apartments Inc., which acquired the property in 1995 for $9.1 million.
Built in 1985, the apartment complex contains 210,459 square feet in multiple buildings on 19.5 acres at the southwest corner of North Germantown Parkway and Cordova Road. The warranty deed lists the property as 7965 Humphreys Hill Drive.
The Shelby County Assessor of Property’s 2013 appraisal is $8.3 million.
The buyer, Waypoint Residential, is a “vertically integrated real estate investment manager specializing in apartment properties,” according to its website.
Waypoint also filed a $7.5 million multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) through KeyBank NA. Waypoint chief financial officer Linda Lewis signed the deed.