VOL. 129 | NO. 78 | Tuesday, April 22, 2014
Memphis Real Estate Recap
Pinnacle Apartments Sell for $3.8 Million
By Eric Smith
305 S. Bellevue Blvd.
Memphis, TN 38104
Sale Amount: $3.8 million
305 S. Bellevue Blvd. • Memphis, TN 38104
Sale Date: April 8, 2014
Buyer: Pinnacle Apartments Property Owner LLC
Seller: Bellevue Tower II LLC
Loan Amount: $3.4 million
Loan Date: April 11, 2014
Maturity Date: May 1, 2019
Lender: JPMorgan Chase Bank NA
Details: An affiliate of Woodbury, N.Y.-based CLK Properties has paid $3.8 million for the 118-unit Pinnacle Apartments at 305 S. Bellevue Blvd. in Midtown.
Pinnacle Apartments Property Owner LLC bought the Class C, 18-story multifamily tower in an April 8 warranty deed from Bellevue Tower II LLC. That company bought the property in 2004 from Bellevue Tower LLC for $2.3 million.
Built in 1970 and formerly known as the Bellevue Tower Apartments, the 177,698-square-foot high-rise complex features 84 one-bedroom units and 34 two-bedroom units and includes an adjacent parking garage. The Shelby County Assessor of Property’s 2013 appraisal was $2.1 million.
Pinnacle Apartments Property Owner filed a $3.4 million deed of trust, assignment of leases and rents and security agreement through JPMorgan Chase Bank NA. Craig Koenigsberg, CEO of CLK Properties, signed the trust deed on behalf of the borrower.
This marks another recent addition to CLK’s Memphis portfolio. The company in March bought the 100-unit Georgian Woods Apartments at 118 St. Agnes Drive in Midtown for $3.9 million. And last year it paid $49.2 million for the 972-unit Country Squire Apartments in Cordova.
542 Danny Thomas Place
Memphis, TN 38105
Permit Costs: $20.9 million; $2.1 million
Project Cost: $25 million
Permit Dates: Applied April 2014
Owner: St. Jude Children’s Research Hospital
Tenant: St. Jude Children’s Research Hospital
Architect: Evans Taylor Foster Childress Architects
Contractor: Flintco LLC
Details: St. Jude Children’s Research Hospital has filed a pair of building permits with the city-county Office of Construction Code Enforcement for a $25 million parking garage on its Downtown campus.
The nine-story, 1,601-space garage at 542 Danny Thomas Place will become St. Jude’s third parking structure.
“At our current growth rate, it should handle growth for at least six or seven years,” John Curran, St. Jude’s director of design and construction, told The Commercial Appeal recently.
St. Jude filed a $2.1 million permit application for foundation work and a $20.9 million permit application for construction.
Evans Taylor Foster Childress Architects is architect and Flintco LLC is general contractor for the project.
3950 Raleigh Millington Road
Memphis, TN 38128
Sale Amount: $1.7 million
Sale Date: April 8, 2014
Buyer: Noorallah Dharani and Yasoo Dharani
Seller: Haitham Alyousef, Naser Ozrail, Mohammad Isa and Wael Salem
Loan Amount: $1.1 million
Loan Date: April 8, 2014
Maturity Date: April 10, 2034
Lender: First Citizens National Bank
Details: The Cash Express retail strip center and gas station at 3950 Raleigh Millington Road in Raleigh has sold for $1.7 million.
Noorallah Dharani and Yasoo Dharani bought the 8,400-square-foot retail property in an April 8 warranty deed from Haitham Alyousef, Naser Ozrail, Mohammad Isa and Wael Salem. Alyousef acquired the then-vacant property in 2006 for $60,000.
Built in 2011, the Class C shopping center sits on an acre at the southeast corner of Raleigh Millington Road and St. Elmo Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $591,800.
In conjunction with the purchase, the buyers filed a $1.1 million loan through First Citizens National Bank.
430 E. Winchester Blvd.
Collierville, TN 38017
Loan Amount: $1.9 million
Loan Date: April 3, 2014
Maturity Date: N/A
Borrower: 430 Winchester Collierville TN LLC
Details: The owner of the ABRA Auto Body & Glass at 430 E. Winchester Blvd. in Collierville has filed a $1.9 million loan on the property.
Florida-based 430 Winchester Collierville TN LLC filed the deed of trust April 3 through Iberiabank. Traci L. Ambrosino signed the deed as manager of the borrower.
In September 430 Winchester Collierville TN completed a $2.8 million sale-leaseback on the property. It bought the 13,056-square-foot auto service facility in a warranty deed from Collierville Investments LLP.
The buyer then executed an assignment and assumption of lease on the property with the seller on behalf of ABRA.
Collierville Investments developed the property three years ago after buying the then-vacant land from ABRA Tennessee, an affiliate of Minneapolis-based ABRA Auto Body & Glass, for $465,000.
Built in 2010, the Class A building sits on 1.3 acres along the north side of East Winchester Boulevard east of its intersection with South Byhalia Road. The Shelby County Assessor of Property’s 2013 appraisal was $1 million.
ABRA, founded in Minneapolis in 1984, debuted in Memphis in the late 1980s with a handful of franchise locations, but the ABRA corporation in 1999 bought them out from the franchisee. The Collierville locale was the first of ABRA’s newest store prototype.