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VOL. 129 | NO. 166 | Tuesday, August 26, 2014




Macon Homes Complex Sells for $800,000

By Eric Smith

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500 N. Claybrook St., Memphis, TN 38104

500 N. Claybrook St.
Memphis, TN 38104
Sale Amount: $800,000

Sale Date: Aug. 20, 2014
Buyer: Crosstown Macon Homes LLC
Seller: Macon Homes
Details: The 24-unit Macon Homes section 8 apartment complex at 500 N. Claybrook St. in Midtown has sold for $800,000.

A recently formed limited liability company called Crosstown Macon Homes LLC bought the 17,820-square-foot, three-building multifamily property in an Aug. 20 warranty deed from Macon Homes Ltd.

The seller had acquired the property in 1981 for $191,000.

Built in 1950, the Class D apartment complex sits on 1.2 acres along the east side of North Claybrook Street where it bends west into Forrest Avenue. The Shelby County Assessor of Property’s 2014 appraisal is $411,300.

No financing was associated with the transaction, but the seller did quitclaim the property to Crosstown Macon Homes on the same date.

1106 Kansas St.
Memphis, TN 38106
Permit Cost: $3.8 million

Project Cost: TBA
Permit Date: Applied August 2014
Completion: TBA
Owner: Trumbo Inc.
Tenant: Trumbo Inc.
Architect: N/A
Contractor: Trumbo Inc.
Details: Locally owned custom fabrication company Trumbo Inc. has filed a $3.8 million permit with the city-county Office of Construction Code Enforcement to build a 32,870-square-foot fabrication shop at its 1106 Kansas St. property.

The company owns several buildings totaling 99,743 square feet on its 6.6-acre campus at the northeast corner of Kansas Street and West McLemore Avenue.

The Class C property was built in 1965 and has a 2014 appraised value of $530,600, according to the Shelby County Assessor of Property.

Founded in 1949 by L.C. Trumbo, the company is a “custom fabricator of ASME Code pressure vessels, heat exchangers, sterilizers, process piping and storage tanks,” according to its website.

Trumbo is also listed as the contractor.

9113 Winchester Road
Germantown, TN 38138

Permit Cost: $1.1 million

Project Cost: N/A
Permit Date: Applied August 2014
Completion: TBA
Owner: Circle K Stores Inc.
Tenant: Circle K Stores Inc.
Architect: N/A
Contractor: Great Western Builders
Details: Circle K Stores has filed a $1.1 million permit with the city-county Office of Construction Code Enforcement for a store at 9113 Winchester Road in Germantown.

The permit, which shows Great Western Builders of Collierville as general contractor but doesn’t list an architect, is for construction of a “new convenience store.”

The specific land on which the new store will be built is unclear

Circle K, an international chain of more than 3,300 convenience stores in the U.S. and 4,000 worldwide, was founded in 1951, in El Paso, Texas.

Now owned and operated by Canadian-based Alimentation Couche-Tard, the company has eight Memphis-area locations.

4500 S. Mendenhall Road
Memphis, TN 38141

Permit Cost: $1.2 million

Project Cost: TBA
Permit Date: Applied August 2014
Completion: N/A
Owner: Medline
Tenant: Medline
Architect: N/A
Contractor: N/A
Details: Medline Industries Inc. has filed a $1.2 million permit application with the city-county Office of Construction Code Enforcement for improvements to its 4500 S. Mendenhall Road facility.

The permit, which doesn’t list a contractor or architect, calls for improvements to the 358,000-square-foot building’s offices and warehouse.

Mundelein, Ill.-based Medline Industries is “the largest privately held manufacturer and distributor of healthcare supplies in the United States, providing more than 350,000 products that serve the entire continuum of care,” according to its website.

Built in 1997, the Class A warehouse sits on 16.9 acres along the east side of South Mendenhall Road between East Raines Road and East Shelby Drive, not too far from BNSF Railway Co.’s Memphis Intermodal Facility.

The Shelby County Assessor of Property’s 2014 appraisal is $9.7 million.

6060 Primacy Parkway
Memphis, TN 38119

Loan Amount: $8.8 million

Loan Date: Aug. 14, 2014
Maturity Date: Aug. 14, 2017
Borrower: LSREF2 Newton LLC
Lender: Wells Fargo Bank NA
Details: The new owner of the 130,593-square-foot office building at 6060 Primacy Parkway in East Memphis has filed an $8.8 million loan on the property.

LSREF2 Newton LLC, an affiliate of Dallas-based private equity firm Lone Star Funds, filed the deed of trust Aug. 14 through Wells Fargo Bank NA. Summer Trejo signed the deed as assistant vice president of LSREF2 Newton LLC.

The company paid $6.9 million for the Class B office building in a June 27 limited warranty deed from Hub Properties Trust.

The previous sale was in 2004 when Ridge Lake Properties LLC paid $11.9 million for the property from ASP Lakecrest LLC.

Built in 1983, the office facility sits on 6.3 acres along Primacy Parkway’s southwest curve. The Shelby County Assessor of Property’s 2014 appraisal is $7.3 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 182 13,079
MORTGAGES 135 267 17,025
FORECLOSURE NOTICES 15 36 3,336
BUILDING PERMITS 366 366 30,930
BANKRUPTCIES 69 135 12,478
BUSINESS LICENSES 23 43 4,532
UTILITY CONNECTIONS 182 328 19,221
MARRIAGE LICENSES 32 67 3,976

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