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VOL. 128 | NO. 34 | Tuesday, February 19, 2013

 

Hand Family Files Loan on Local Properties

By Eric Smith

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45 W. E.H. Crump Blvd.
Memphis, TN 38106
Loan Amount: $3.2 million

Loan Date: Feb. 4, 2013
Maturity Date: N/A
Borrower: The Hand Family Realty Co. LLC
Lender: JPMorgan Chase Bank NA
Details: The Hand Family Realty Co. LLC has filed a $3.2 million loan on its Memphis portfolio, including the Anheuser-Busch distribution facility at 45 W. E.H. Crump Blvd. south of Downtown.

The Clarksville, Tenn.-based company filed the Tennessee deed of trust, assignment of leases and rents, security agreement and fixture filing Feb. 4 through JPMorgan Chase Bank NA. Charles W. Hand signed the trust deed as chief financial officer of the borrower.

45 W. E.H. Crump Blvd., Memphis, TN 38106

The Hand Family Realty Co LLC, an affiliate of The Hand Family Beverage Co., bought the former D. Canale Beverages LLC property in 2010 for $4 million. Hand’s purchase of D. Canale, the city’s longtime Anheuser-Busch distributor, was announced prior to that property sale.

The Hand Family is a joint venture between Ray Hand and Charles and J.R. Hand, the respective owners of Eagle Distributing Inc. and Ideal Distributing Co., both of Clarksville.

The main parcel in the sale – and in this most recent financing – was the 149,052-square-foot warehouse that was built in 1981 and sits on 8.29 acres along the south side of E.H. Crump near the intersection with Interstate 55.

The property had a 2012 appraised value of $2.5 million, according to the Shelby County Assessor of Property.

7601 U.S. 64
Memphis, TN 38133
Loan Amount: $1.4 million

Loan Date: Jan. 29, 2013
Maturity Date: Feb. 15, 2018
Borrower: FairCo 64 LLC
Lender: INSOUTH Bank
Details: FairCo 64 LLC has filed a $1.4 million deed of trust through INSOUTH Bank for its strip retail center at 7601 U.S. 64 in Northeast Memphis.

The company filed the loan Jan. 29, with Cato Ellis Jr. and John S. Bomar signing the trust deed as members and Rosemarie Fair signing the trust deed as managing member of FairCo 64.

The owner bought the 15,900-square-foot strip shopping center in August 2007 from William A. Crum and Joan R. Crum for $1.4 million.

Built in 1996, the center sits on 1.38 acres on the south side of U.S. 64 east of Appling Way. The Shelby County Assessor of Property’s 2012 appraisal was $1.2 million.

At the time of the 2007 purchase, the center housed Bridal Collection, a tuxedo store and a temporary store called Spirit of Halloween, according to Fair, president of One Source Commercial Inc. and manager of FairCo 64.

1310 Wolf Park Drive
Germantown, TN 38138

Loan Amount: $9.4 million

Loan Date: Feb. 12, 2013
Maturity Date: N/A
Borrower: G.I Diagnostic and Therapeutic Rental Co. LLC
Lender: First Tennessee Bank NA
Details: The owner of the 13,458-square-foot medical office at 1310 Wolf Park Drive in Germantown has filed a $9.4 million loan on the property.

G.I Diagnostic and Therapeutic Rental Co. LLC filed the deed of trust, assignment of rents and leases, security agreement and fixture filing Feb. 12 through First Tennessee Bank NA.

David Harano signed the trust deed as an authorized agent of G.I Diagnostic and Therapeutic Rental, which bought the Class A property for $824,986 in 2000 and developed the facility the following year.

The medical office, which houses Gastro One’s GI diagnostics and therapeutic endoscopy center, sits on 1.5 acres on Wolf Park Drive, just south of Wolf River Boulevard.

The Shelby County Assessor of Property’s 2012 appraisal was $2.3 million.

6101 Airline Road
Arlington, TN 38002

Loan Amount: $1.2 million

Loan Date: Jan. 22, 2013
Maturity Date: Jan. 7, 2028
Borrower: Pasture Investment Properties LLC
Lender: BancorpSouth Bank
Details: The owner of the recently built Sonic drive-in restaurant at 6101 Airline Road in Arlington has filed a $1.2 million loan on the property.

Pasture Investment Properties LLC filed the real estate deed of trust Jan. 22 through BancorpSouth Bank. Patricia A. Solberg signed the deed as partner of Solberg Properties, a member of the borrowing entity.

Completed last year, the 2,044-square-foot restaurant sits on slightly less than an acre on the west side of Airline Road at its intersection with U.S. 70.

The Shelby County Assessor of Property’s 2012 appraisal was $527,600.

Pasture Investment Properties received the property in a June 2011 quitclaim deed from Solberg Properties, a family-owned business that operates Sonic restaurants throughout the area.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 35 250 5,016
MORTGAGES 60 382 6,608
FORECLOSURE NOTICES 0 38 1,517
BUILDING PERMITS 179 720 11,979
BANKRUPTCIES 54 257 5,216
BUSINESS LICENSES 24 89 2,025
UTILITY CONNECTIONS 92 443 6,907
MARRIAGE LICENSES 16 81 1,422

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