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VOL. 128 | NO. 14 | Monday, January 21, 2013

 

City, Bass Pro File Permits for Pyramid Renovations

By Eric Smith

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1 A.W. Willis Memphis, TN 38105

Permit Costs: $21.5 million; $7 million

Project Cost: TBA

Permit Date: Applied January 2013

Completion: TBA

Owner: City of Memphis

Tenant: Bass Pro Shops

Architect: O.T. Marshall Architects

1 A.W. Willis Ave. • Memphis, TN 38105

Contractor: Gracycor Construction Co. Inc.

Details: The city of Memphis and Springfield, Mo.-based Bass Pro Shops have filed two permits with the city-county Office of Construction Code Enforcement for $21.5 million and $7 million for renovations to The Pyramid arena.

The city is still working on The Pyramid’s structure to make the space ready for the actual store to be put in The Pyramid as Bass Pro Shops’ part of the project.

The Bass Pro Shops Outdoor World at The Pyramid is tentatively scheduled to open in late 2013 or early 2014.

Alterations like a set of skylights at the mid-point of The Pyramid’s four sides to be done by the city have been abandoned and there have been some changes to the location of a hotel, which is one of the other attractions to go with the store.

The retail space will be approximately 220,000 square feet.

As the city has worked on the interior and seismic measures around The Pyramid, it also demolished last year the Lone Star Industries cement terminal at the foot of Poplar Avenue as part of the changes to the property.

The permits, which list Gracycor Construction Co. Inc. as the contractor, show The Pyramid’s address as 1 A.W. Willis Ave. O.T. Marshall Architects is the architect of record for the project.

2838 New Brunswick Road

Memphis, TN 38133

Sale Amount: $2.8 million

Sale Date: Dec. 21, 2012

Buyer: STORE Master Funding II LLC

Seller: Wolfchase Wings LLC

Loan Amount: $3 million

Loan Date: Dec. 27, 2012

Maturity Date: N/A

Lender: Citibank NA

Details: An affiliate of Scottsdale, Ariz.-based real estate investment trust STORE Capital has bought another Wolfchase-area restaurant.

STORE Master Funding II LLC – whose name stands for Single Tenant Operational Real Estate – paid $2.8 million for the Hooters of Memphis-Wolfchase restaurant at 2838 New Brunswick Road, south of U.S. 64 near Wolfchase Galleria.

The company bought the 4,655-square-foot restaurant in a Dec. 21 special warranty deed from Wolfchase Wings LLC of Louisville, Ky.

Built in 2002, the restaurant sits on 1.29 acres along the south side of New Brunswick Road and backing up to Interstate 40. It has an appraised value of $1.1 million, according to the Shelby County Assessor of Property, which lists the address as 2832 New Brunswick Road.

STORE Master Funding filed a $3 million deed of trust, assignment of rents and leases, security agreement and fixture filing through Citibank NA in conjunction with the purchase.

On Dec. 28, the same entity paid $2.1 million for the Firebirds Wood Fired Grill at 8470 U.S. 64 in Bartlett. Built in 1998, the freestanding restaurant sits on the north side of U.S. 64 between North Germantown Parkway and 64’s intersection with Interstate 40 near Wolfchase Galleria. It filed a $2.3 million trust deed, also through Citibank, for that purchase.

Michael T. Bennett signed both trust deeds as executive vice president of the buyer.

8470 U.S. 64

Bartlett, TN 38133

Sale Amount: $2.1 million

Sale Date: Dec. 28, 2012

Buyer: Store Master Funding II LLC

Seller: DMLD Building Group LLC

Loan Amount: $2.3 million

Loan Date: Dec. 28, 2012

Maturity Date: N/A

Lender: Citibank NA

Details: An affiliate of Scottsdale, Ariz.-based STORE Capital has paid $2.1 million for the Firebirds Wood Fired Grill at 8470 U.S. (Highway) 64 in Bartlett.

The entity, STORE Master Funding II LLC, bought the 7,168-square-foot restaurant in a Dec. 28 special warranty deed from DMLD Building Group LLC of Charlotte, N.C.

Built in 1998, the freestanding restaurant sits on the north side of U.S. 64 between North Germantown Parkway and 64’s intersection with Interstate 40 near Wolfchase Galleria.

The Shelby County Assessor of Property’s 2012 appraisal of the restaurant was $2.4 million.

DMLD Building Group bought the restaurant in 2003 for $1.3 million from Don Pablos Operating Corp.

In conjunction with the purchase, STORE Master Funding II filed a $2.3 million deed of trust, assignment of rents and leases, security agreement and fixture filing through Citibank NA.

Michael T. Bennett signed the deed as executive vice president of the buyer, a real estate investment trust whose name stands for Single Tenant Operational Real Estate.

The Bartlett restaurant is one of two Firebirds in the area along with a location at Carriage Crossing in Collierville.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 55 55 13,385
MORTGAGES 73 73 17,422
FORECLOSURE NOTICES 32 32 3,423
BUILDING PERMITS 623 623 31,553
BANKRUPTCIES 66 66 12,761
BUSINESS LICENSES 11 11 4,608
UTILITY CONNECTIONS 153 153 19,610
MARRIAGE LICENSES 44 44 4,104

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