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VOL. 128 | NO. 19 | Tuesday, January 29, 2013

 

Quince Fred’s Super Dollar Sells for $2.1 Million

By Eric Smith

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6500 Quince Road, Memphis, TN 38119

Sale Amount: $2.1 million

Sale Date: Jan. 18, 2013

Buyer: Westbrook Memphis LLC

Seller: Memphis-Quince LLC

Details: The recently opened fred’s Super Dollar store at 6500 Quince Road in East Memphis has sold for $2.1 million.

Metarie, La.-based Westbrook Memphis LLC bought the 16,000-square-foot store Jan. 18 from developer Memphis-Quince LLC. No financing was associated with the purchase.

Fred’s Super Dollar last fall celebrated 65 years of serving the Memphis area with the grand opening of two new stores, the one on Quince and another at 7965 E. Shelby Drive.

6500 Quince Road • Memphis, TN 38119

The Shelby County Assessor of Property’s profile of 6500 Quince doesn’t yet include the new building and only shows a 17.24-acre vacant parcel with a 2012 appraised value of $1.3 million.

Memphis-Quince bought the land for $400,000 in June from Willis & Willis LP.

Memphis-based fred’s last year launched its new 16,000-square-foot store concept, which feature an expanded food selection that doubles traditional fred’s food offerings. Both locations also include pharmacies featuring a drive-thru window providing easy pick-up and drop-off of prescriptions.

Memphis-based fred’s Super Dollar operates more than 700 discount general merchandise stores, including 21 franchised fred’s stores in 15 states.

2421 Lamar Ave.

Memphis, TN 38114

and

4285 Hacks Cross Road

Memphis, TN 38125

Loan Amount: $1.1 million

Loan Date: Dec. 27, 2012

Maturity Date: N/A

Borrower: Steele-Guiltner Inc.

Lender: Fidelity National Bank

Details: Steele-Guiltner Inc. has filed a $1.1 million loan on the Grimes Tire Pros businesses at 2421 Lamar Ave. and 4285 Hacks Cross Road.

The West Memphis property owner filed the loan Dec. 27 through Fidelity National Bank, also of West Memphis.

The transaction included multiple tracts, with the main two parcels being 2421 Lamar Ave. in the Defense Depot’s 38114 ZIP code and 4285 Hacks Cross Road in Southeast Shelby County’s 38125 ZIP code.

Built in 1984, the 9,200-square-foot auto service garage at 2421 Lamar Ave. sits on 0.8 acres along the west side of Lamar, south of its intersection with Airways Boulevard. The Shelby County Assessor of Property’s 2012 appraisal was $142,200.

Built in 2005, the 8,200-square-foot auto service garage at 4285 Hacks Cross Road sits on 0.72 acres along the west side of Hacks Cross, south of the Tenn. 385 junction. The assessor’s 2012 appraisal was $678,400.

The small parcel at 2417 Lamar Ave. also was included in the deed. No building details are available on the assessor’s website.

Marvin E. Steele signed the trust deed as president of Steele-Guiltner Inc., which also operates a Grimes Tire Pros in West Memphis.

2000 Covington Pike

Memphis, TN 38128

Loan Amount: $5.8 million

Loan Date: Jan. 16, 2013

Maturity Date: N/A

Borrower: Keras Children’s Family LP

Lender: Independent Bank

Details: Keras Children’s Family LP, owner of the Jim Keras Chevrolet dealership at 2000 Covington Pike in Raleigh, has filed a $5.8 million loan on the property.

The limited partnership filed the deed of trust Jan. 16 through Memphis-based Independent Bank. Benjamin Reed Keras and James Joseph Keras signed the deed as general partners of Keras Children’s Family LP.

Built in 1986, the dealership contains two buildings on 6.67 acres along the east side of Covington Pike, between Pleasant View and Elmore roads. The Shelby County Assessor of Property’s 2012 appraisal was $2.9 million.

The partnership bought the property for $7.1 million in 2008 from J. Russell Gwatney Sr.

1969 Poplar Ave.

Memphis, TN 38104

Permit Cost: $661,000

Project Cost: N/A

Permit Date: Applied January 2013

Completion: TBA

Owner: Memphis College of Art

Tenant: Memphis College of Art

Architect: N/A

Contractor: Montgomery Martin Contractors LLC

Details: Memphis College of Art Files Renovation Permit

Memphis College of Art has filed a $661,000 permit application with the city-county Office of Construction Code Enforcement for apartment renovations.

The address listed for the property is 1969 Poplar Ave., directly across from Overton Park, where the main Memphis College of Art campus is located.

Montgomery Martin Contractors LLC is listed as the contractor. No architect is listed on the permit.

The permit calls for interior renovations. Memphis College of Art owns and operates apartments along Poplar Avenue and along neighboring Midtown streets for student housing.

Montgomery Martin has done work for the college before, including renovations to the college’s Downtown campus on South Main Street and construction of the four-story, 24,000-square foot Fogelman Hall in Midtown.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 0 35 2,573
BUILDING PERMITS 0 154 23,678
BANKRUPTCIES 79 149 9,682
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 0 24 3,087

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