» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 142 | Tuesday, July 23, 2013




Presidents Island Property Sells for $1.1 Million

By Eric Smith

Print | Front Page | Email this story | Email reporter | Comments ()

2269 Channel Ave., Memphis, TN 38106

2269 Channel Ave.
Memphis, TN 38106
Sale Amount: $1.1 million

Sale Date: July 15, 2013
Buyer: CHS Inc.
Seller: Holcim (U.S.) Inc.

Details: CHS Inc., an Inver Grove Heights, Minn.-based agribusiness, has paid $1.1 million for 18.5 acres at 2269 Channel Ave. on Presidents Island.

The company bought the property – which includes water access and a 7,668-square-foot manufacturing mill – in a July 15 special warranty deed from Holcim (U.S.) Inc. No financing was associated with the transaction.

The Waltham, Mass., seller had acquired the property in a 2004 quitclaim deed from Trimcim LLC.

Built in 1961, the property’s structure has an appraised value of $798,100, according to the Shelby County Assessor of Property.

CHS operates a nearby Presidents Island property at 2226 Channel Ave.

According to its website, the company is “owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations.”

1817 Kirby Parkway
Memphis, TN 38119

Loan Amount: $1.1 million

Loan Date: July 8, 2013
Maturity Date: N/A
Borrower: J.P.J. Properties LLC
Lender: Renasant Bank

Details: The owner of the retail strip center and gas station at 1781-1817 Kirby Parkway in East Memphis has filed a $1.1 million loan on the property.

J.P.J. Properties LLC filed the deed of trust and security agreement July 8 through Renasant Bank.

The company owns the 10,611-square-foot retail center located at 1817 Kirby Parkway and the 2,700-square-foot gas station and convenience store at 1781 Kirby Parkway.

Jin Tak Paik signed the trust deed as president of J.P.J. Properties, which bought the properties in 2003 for $2 million from 3275 Kirby Parkway Center LLC.

Built in 1975, the Class A retail center at 1817 Kirby Parkway – which is anchored by the bar Doc Watson’s – sits on slightly less than an acre on the west side of Kirby Parkway just north of Poplar Avenue.

The Shelby County Assessor of Property’s 2013 appraisal is $954,700.

Adjacent to that property is a Mapco Station on about half an acre at 1781 Kirby Parkway. The assessor’s 2013 appraisal is $387,800.

3955 E. Holmes Road
Memphis, TN 38118

Loan Amount: $20.1 million

Loan Date: July 9, 2013
Maturity Date: N/A
Borrower: Exeter 3955 Holmes LLC
Lender: Wells Fargo Bank NA

Details: A local affiliate of Plymouth Meeting, Pa.-based Exeter Property Group has filed a $20.1 million loan on its 1 million-square-foot property at 3955 E. Holmes Road in Oakhaven.

Exeter 3955 Holmes LLC filed the fee and leasehold deed of trust with absolute assignment of leases and rents, security agreement and fixture filing statement July 9 through Wells Fargo Bank NA.

Exeter Property Group recently acquired a 2.5 million-square-foot Memphis industrial portfolio that includes the two Class A parcels of the 3955 E. Holmes Road facility, which sits on the south side of Holmes between Getwell and Malone roads.

The first parcel is a 703,800-square-foot warehouse that was built in 2000 and sits on 32.1 acres. The Shelby County Assessor of Property’s 2013 appraisal is $18.4 million.

The second parcel is an adjacent 329,120-square-foot warehouse that was built in 2006 and sits on 16.8 acres. The assessor’s 2013 appraisal is $15.6 million.

The deed lists the ground lessor as The Industrial Development Board of the City of Memphis and County of Shelby, Tennessee. The property is under a payment-in-lieu-of-taxes (PILOT) program.

Reid Dulberger signed the trust deed as president and Al Bright Jr. signed the trust deed as chairman of the IDB, the entity now known as EDGE (Economic Development Growth Engine).

Timothy Weber, CFO and managing principal of Exeter Property Group, signed the trust deed as secretary/treasurer of Exeter Industrial REIT II, an entity related to the borrower.

3275 Kirby Parkway
Memphis, TN 38115

Loan Amount: $920,000

Loan Date: July 1, 2013
Maturity Date: N/A
Borrower: Star-SM Properties LLC
Lender: Renasant Bank

Details: The owner of the retail strip center at 3275 Kirby Parkway in Hickory Hill has filed a $920,000 loan on the property.

Star-SM Properties LLC filed the Tennessee deed of trust, assignment of rents and leases, security agreement and fixture filing July 11 through Renasant Bank.

Sung Sil Moon signed the trust deed as member of Germantown-based Star-SM Properties, which bought the 19,614-square-foot center in 2003 for $1.7 million from 3275 Kirby Parkway Center LLC.

Built in 1986, the Class C retail property sits on 2.2 acres along the west side of Kirby Parkway south of Knight Arnold Road.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 43 12,074
MORTGAGES 0 78 15,834
FORECLOSURE NOTICES 39 39 3,168
BUILDING PERMITS 292 292 29,124
BANKRUPTCIES 3 100 11,771
BUSINESS LICENSES 0 18 4,292
UTILITY CONNECTIONS 0 190 17,922
MARRIAGE LICENSES 0 43 3,711

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.