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VOL. 128 | NO. 181 | Tuesday, September 17, 2013




Bass Pro Shops Files $40 Million Permit

By Eric Smith

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1 A.W. Willis Ave.
Memphis, TN 38103
Permit Cost: $40 million

1 A.W. Willis Ave. • Memphis, TN 38103

Project Cost: $150 million

Permit Date: Applied September 2013

Completion: 2014

Owner: City of Memphis

Tenant: Bass Pro Shops

Architect: O.T. Marshall Architects

Contractor: Graycor Construction Co. Inc.

Details: Springfield, Mo.-based Bass Pro Shops has filed a $40 million building permit with the city-county Office of Construction Code Enforcement for work at The Pyramid.

The permit signals the beginning of work by Bass Pro Shops on its store and the other attractions it will have in the Downtown arena, whose address is listed as 1 A.W. Willis Ave.

Up to this point, the construction work on The Pyramid has been the city of Memphis setting the stage for the retail space and other attractions that are the second part of the project and the responsibility of Bass Pro Shops in its lease agreement with the city.

The city’s responsibility included taking out the seating bowl in what was once a 20,000-seat arena and performing seismic measures within and outside the structure.

Earlier this month, the Memphis City Council approved the final $12 million appropriation of the city’s share of the constructions costs.

In August the Downtown Memphis Commission’s Design Review Board approved the signage for The Pyramid that will be part of the Bass Pro Shops part of the project.

Memphis-based O.T. Marshall Architects is architect for the project, and Chicago-based Graycor Construction Co. Inc. is general contractor.

1655 Harbor Ave.
Memphis, TN 38103
Sale Amount: $3.3 Million

Sale Date: Sept. 10, 2013

Buyer: Ergon Asphalt & Emulsions Inc.

Seller: AGS Harbor LLC

Details: The industrial warehouse at 1655 Harbor Ave. on Presidents Island has sold for $3.3 million.

Jackson, Miss.-based Ergon Asphalt & Emulsions Inc. bought the Class C, 66,408-square-foot facility in a Sept. 10 warranty deed from AGS Harbor LLC. That company had acquired the property in a 1996 quitclaim.

Built in 1964, the warehouse sits on 4.7 acres on the south side of Harbor Avenue at the north end of Presidents Island. The Shelby County Assessor of Property’s 2013 appraisal is $866,400.

Ergon Asphalt & Emulsions makes “paving asphalt, specialty polymer-modified asphalts, asphalt emulsions, asphalt sealants, flux, specialty coatings, adhesives, corrosion-resistant lining systems,” according to its website. No financing was associated with the transaction.

1570 Bonnie Lane
Cordova, TN 38016
Sale Amount: $2.1 million

Sale Date: Aug. 30, 2013

Buyer: Houghton Acquisition Co. LLC

Seller: U.S. Bank NA c/o C-III Asset Management LLC

Details: The Cordova Stor-N-Lock at 1570 Bonnie Lane has sold for $2.1 million for the second time in four months after facing foreclosure.

Dallas-based Houghton Acquisition Co. LLC bought the 54,199-square-foot property in an Aug. 30 special warranty deed from U.S. Bank NA, in care of special servicer C-III Asset Management LLC of Irving, Texas.

The special servicer acquired the property in April, also for $2.1 million, via substitute trustee’s deed from R. Spencer Clift of Baker, Donelson, Bearman, Caldwell & Berkowitz PC, acting on behalf of the lender.

The storage facility fell into financial straits earlier this year when its previous owner, Cordova Storage Investments LLC of San Diego, defaulted on a $2.8 million loan through UBS Real Estate Investments Inc. dated May 29, 2007.

Stephen R. Kaplan signed that trust deed as manager of Cordova Storage Management LLC, managing member of the borrowing entity.

Built in 1997, the Class B storage facility sits on 5 acres on the south side of Bonnie Lane east of its intersection with North Germantown Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $2.4 million.

Cordova Storage Investments bought the property in 2007 for $3.6 million from Cordova Self Storage LLC.

7610 Smythe Farm Road
Memphis, TN 38120
Permit Cost: $2 million

Project Cost: TBA

Permit Date: Applied September 2013

Completion: TBA

Owner: Bayer

Tenant: Bayer

Architect: N/A

Contractor: Rose Construction Inc.

Details: Bayer CropScience is moving ahead with construction of its $17 million greenhouse near Agricenter International, filing a $2 million permit application with the city-county Office of Construction Code Enforcement.

The application lists Bayer as the owner and tenant and Rose Construction Inc. as the contractor. It describes the facility as 55,000 square feet at 7610 Smythe Farm Road, and lists the scope of the project as “shell permit to erect greenhouse shell only.”

In late March, Bayer CropScience and Collierville-based Helena Chemical Co. announced separate investments at Agricenter International totaling nearly $20 million, and both companies unveiled their plans at an April 1 ceremony.

Bayer’s greenhouse, which is expected to be finished early next year, will feature 40,000 square feet of growing space plus open office space.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 50 299 14,717
MORTGAGES 59 436 19,330
FORECLOSURE NOTICES 14 91 3,796
BUILDING PERMITS 135 697 35,330
BANKRUPTCIES 58 306 14,034
BUSINESS LICENSES 22 87 5,013
UTILITY CONNECTIONS 121 483 21,433
MARRIAGE LICENSES 22 104 4,557

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