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VOL. 128 | NO. 59 | Tuesday, March 26, 2013

 

Berclair Dollar General Sells for Almost $1 Million

By Eric Smith

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3443 Jackson Ave., Memphis, TN 38122

Sale Amount: $971,000
Sale Date: March 14, 2013
Buyer: VM Property Investments LLC
Seller: Ware Properties LLC
Loan Amount: $679,700
Loan Date: March 14, 2013
Maturity Date: N/A
Lender: US Bank NA
Details: The 9,160-square-foot Dollar General store at 3433 Jackson Ave. in Berclair has sold for $971,000.

VM Property Investments LLC of Sandy, Utah, bought the 2-year-old retail store from Ware Properties LLC, the Coldwater, Miss.-based company that developed the property.

Built in 2011, the Class B retail building sits on 0.8 acres along the east side of Jackson Avenue south of its intersection with Chelsea Avenue. The Shelby County Assessor of Property’s 2012 appraisal was $709,100.

VM Property Investments filed a $679,700 deed of trust through US Bank NA in conjunction with the purchase.

Ware Properties – which develops Dollar General stores in the area – bought the vacant land at the site in May 2011 from Hector Tejeda for $140,000. The general contractor assigned to the project was Barry Holbrook, founder of MTE LLC Contracting, formerly known as Midtown Electric.

Goodlettsville, Tenn.-based Dollar General operates 10,000 stores in 40 states, and saw $14.8 billion in sales in fiscal 2011.

1211 Midas Cove, Unincorporated Shelby County, 38018 And 1211 Midas Cove, Unincorporated Shelby County, 38018

Sale Amounts: $1.1 million; $158,860
Sale Date: March 15, 2013
Buyer: EG Partners LLC
Sellers: Midas Cove Partners; Su Tsu Fon Lee and George Lee
Details: The 31,500-square-foot warehouse at 1211 Midas Cove in unincorporated Shelby County has sold for $1.1 million. An entity called EG Partners LLC bought the industrial property March 15 from Midas Cove Partners, which had acquired it in a 2001 quitclaim deed from Su Tsu Fon Lee and Peter Lee.

Built in 2001, the Class B warehouse sits on 1.6 acres on the west side of Midas Cove south of Cordova Park Road. The Shelby County Assessor of Property’s 2012 appraisal was $1.3 million.

EG Partners also bought an adjacent vacant parcel, listed as 1207 Midas Cove, from Su Tsu Fon Lee and George Lee for $158,860. The assessor’s 2013 appraisal of that property is $187,300.

3443 Jackson Ave., Memphis, TN 38122

4895 Outland Center Drive; 4900 Outland Center Drive; 4900 Outland Center Drive; 4935 Outland Center Drive; 4985 Outland Center Drive; 4995 Outland Center Drive; and 5000 Outland Center Drive, Memphis, TN 38118

Loan Amount: $6 million
Loan Date: March 6, 2013
Maturity Date: N/A
Borrower: 4895-4995 Outland Center Drive LLC
Lender: PNC Bank NA
Details: The new owner of an industrial portfolio in Oakhaven has filed a $6 million loan through PNC Bank NA on the properties.

Operating as 4895-4995 Outland Center Drive LLC, real estate investment companies Denver-based Amstar and Atlanta-based Huntington Industrial Partners filed the deed of trust, assignment of rents, security agreement and financing statement March 6. That was two weeks after it paid $11.8 million for the properties.

The partnership bought the following seven properties: 4895 Outland Center Drive; 4900 Outland Center Drive; 4900 Outland Center Drive; 4935 Outland Center Drive; 4985 Outland Center Drive; 4995 Outland Center Drive; and 5000 Outland Center Drive.

The sale closed in a Feb. 21 limited warranty deed with Outland Center Drive LP as the seller. That entity acquired the portfolio in 2006 for $15.8 million.

Two of the seven parcels are classified as accessory improvements. The other five were built in 1988 and 1989, and include roughly 400,000 square feet on about 28 acres and have an appraised value of $9 million, according to the Shelby County Assessor of Property’s 2012 data.

Built in 1988, the 35,200-square-foot property at 4895 Outland Center Drive sits on 4.8 acres and has an appraised value of $767,400.

Built in 1988, the 33,932-square-foot property at 4900 Outland Center Drive sits on 5.4 acres and has an appraised value of $970,500.

Built in 1988, the 102,656-square-foot property at 4935 Outland Center Drive sits on 7.2 acres and has an appraised value of $2.3 million.

Built in 1989, the 99,625-square-foot property at 4985 Outland Center Drive sits on 4.7 acres and has an appraised value of $2.2 million.

And built in 1989, the 122,824-square-foot property at 4995 Outland Center Drive sits on 5.7 acres and has an appraised value of $2.7 million.

5170 Sanderlin Ave., Memphis, TN 38117

Loan Amount: $700,000
Loan Date: March 20, 2013
Maturity Date: N/A
Borrower: Marger Partnership
Lender: Commercial Bank and Trust Co.
Details: The owner of a 12,286-square-foot office condominium at 5170 Sanderlin Ave. has filed a $700,000 loan on the property.

Marger Partnership, whose partners are Morris J. Kriger and William G. Martin, filed the deed of trust March 20 through Commercial Bank and Trust Co.

On the same day as the financing, Marger Partnership received the property in a quitclaim deed from Wingfinance Realty, whose partners are Kriger and Martin.

Built in 1985, the Class C office condo sits on 0.8 acres along the north side of Sanderlin Avenue between White Station and Mendenhall roads.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 206 16,619
MORTGAGES 0 228 21,660
FORECLOSURE NOTICES 0 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 0 222 15,764
BUSINESS LICENSES 0 51 5,542
UTILITY CONNECTIONS 0 287 23,860
MARRIAGE LICENSES 0 72 5,107

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