Kroger-Anchored Center Sells for $14.6 Million

By Eric Smith

4270 Summer Ave. Memphis, TN 38122

4270 Summer Ave. • Memphis, TN 38122

Sale Amount: $14.6 million

Sale Date: June 18, 2013

Buyer: BDB Summer Center LLC

Seller: WNI/Tennessee LP

Loan Amount: $11 million

Loan Date: June 19, 2013

Maturity Date: July 6, 2023

Lender: Starwood Mortgage Capital LLC

Details: The Kroger-anchored retail center at 4270 Summer Ave. in Berclair has sold for $14.6 million.

BDB Summer Center LLC, an affiliate of Atlanta-based BDB Realty LLC, bought the 151,958-square-foot center in a June 18 special warranty deed from WNI/Tennessee LP, an affiliate of Houston-based Weingarten Realty Investors.

In conjunction with the purchase, BDB Summer Center LLC filed an $11 loan through Starwood Mortgage Capital LLC. Michael G. Bisciotti signed the trust deed as president of BDB Summer Center.

Built in 1956, the Class B retail center occupies 12.8 acres at the northwest corner of the Summer Avenue and Waring Road intersection.

The Shelby County Assessor of Property, which lists the center’s address as 4304 Summer Ave., shows a 2013 appraisal of $8.9 million.

WNI/Tennessee LP acquired the center – home to Kroger and a host of smaller shops along with two outparcels – in a 2003 quitclaim deed from a related entity.

1475 E. Shelby Drive Memphis, TN 38116

Sale Amount: $1.1 million

Sale Date: June 21, 2013

Buyer: The Influence1 Foundation

Seller: The Catholic Diocese of Memphis (by and through the Rev. J. Terry Steib)

Details: The Memphis-based Influence1 Foundation, best known for operating the City University charter schools, has paid $1.1 million for Bishop Byrne High School at 1475 E. Shelby Drive in Whitehaven.

The foundation bought the recently closed high school in a June 21 special warranty deed from The Catholic Diocese of Memphis, by and through the Rev. J. Terry Steib, the local diocese’s bishop.

The Shelby County Assessor of Property shows the school as being owned by the diocese’s former bishop, the Rev. Carroll T. Dozier.

Because the school has been run by the Catholic diocese and was exempt from property taxes, no dwelling details are available, but it does occupy 13.9 acres along the south side of East Shelby Drive between Elvis Presley Boulevard and Interstate 55.

Influence1 is “organized exclusively for purposes to include educational management, community engagement and economic development,” according to the organization’s website. Details on the Influence1 Foundation’s plans for the property were not immediately known.

The Memphis Catholic Diocese announced in January it would close Bishop Byrne after the school year that just ended.

Memphis Catholic Schools superintendent Janet Donato announced the closing Jan. 24 while also announcing plans to attract many of the 170 students from Bishop Byrne to Memphis Catholic Middle and High School in Midtown.

Bishop Byrne opened as a grade 9-12 high school in 1965 when Whitehaven was still part of unincorporated Shelby County.

8000 E. Shelby Drive Memphis, TN 38125

Loan Amount: $4.7 million

Loan Date: June 1, 2013

Maturity Date: July 1, 2048

Borrower: Pedcor Investments-2005-LXXIX LLC

Lender: P/R Mortgage & Investment Corp.

Details: An affiliate of Carmel, Ind.-based Pedcor Investments has filed a $4.7 million loan on the second phase of Southwind Lakes Apartments at 8000 E. Shelby Drive in Southwind.

Pedcor Investments-2005-LXXIX LLC filed the multifamily deed of trust, assignment of leases and rents, and security agreement June 1 through P/R Mortgage & Investment Corp.

Phillip J. Stoffregen signed the trust deed as executive vice president of Pedcor Investments, as managing member of the borrowing entity. The Shelby County Assessor of Property lists the owner as Pedcor Investments 2005 LXXIV LP.

Built in 2007, the Class B, 87,748-square-foot multifamily property – which is adjacent to other phases of the sprawling Southwind Lakes complex – sits on 4.8 acres at the northeast corner of East Shelby Drive and Hacks Cross Road.

The 2013 appraisal is $2.5 million.

2359 N. Germantown Parkway Cordova, TN 38016

Loan Amount: $1.4 million

Loan Date: June 13, 2013

Maturity Date: June 12, 2018

Borrower: Fresh Fund I LLC

Lender: PNC Bank NA

Details: Jim ‘N Nick’s Owner Files Loan on Cordova Property

The owner of the Jim ‘N Nick’s Bar-B-Q restaurant at 2359 N. Germantown Parkway in Cordova has filed a $1.4 million loan on the property.

Fresh Fund I LLC filed the deed of trust, assignment of rents and leases, security agreement and financing statement June 13 through PNC Bank NA. Mike Tidwell signed the deed as president of Fresh Fund Holdings LLC, sole member of the borrowing entity.

The property houses Birmingham, Ala.-based Jim ‘N Nick’s, which has about 30 restaurants in seven states.

Built in 2006, the 5,074-square-foot restaurant sits on a 1.3-acre outparcel along the west side of North Germantown Parkway near its intersection with Market Plaza Drive and south of the Interstate 40 interchange.