VOL. 129 | NO. 33 | Tuesday, February 18, 2014
Memphis Real Estate Recap
Orpheum Files Permit For Performing Arts Center
By Eric Smith
225 S. Main St.
Memphis, TN 38103
225 S. Main St. • Memphis, TN 38103
Permit Cost: $10.2 million
Project Cost: $14.5 million
Permit Date: Applied February 2014
Owner: The Orpheum Theatre Memphis
Tenant: Orpheum Theatre Memphis
Architect: The Crump Firm
Contractor: Grinder, Taber & Grinder Inc.
Details: The Orpheum Theatre Memphis has filed a $10.2 million permit with the city-county Office of Construction Code Enforcement for its Centre for Performing Arts.
The $14.5 million, two-story facility, which will offer advanced performing arts education programs, will rise at 225 S. Main St., adjacent to the Orpheum Theatre Downtown.
Grinder, Taber & Grinder Inc. is listed as general contractor. The Crump Firm is architect for the project, whose original plans called for a three-story, 50,000-square-foot facility to help alleviate The Orpheum’s overcrowding while also offering a variety of programs.
The Orpheum’s campus expansion was “re-energized” early last year due to an unanticipated lack of donor dollars.
The Memphis Development Foundation, the organization that operates The Orpheum, in May 2012 closed on its $1.2 million purchase of the 0.87-acre parking lot immediately to the south of the 85-year-old theater at 203 S. Main St. from Memphis Light, Gas and Water Division.
4370 S. Mendenhall Road
Memphis, TN 38141
4450 S. Mendenhall Road
Memphis, TN 38141
Sale Amount: $17 million
Sale Date: Feb. 12, 2014
Buyer: Taurus CD 170 Mendenhall Memphis LP
Seller: RREEF America REIT II Corp. AAAA
Loan Amount: $11.3 million
Loan Date: Feb. 12, 2014
Maturity Date: March 1, 2019
Lender: Branch Banking and Trust Co.
Details: An affiliate of Boston-based Taurus Investment Holdings LLC has paid close to $17 million for a 650,000-square-foot industrial portfolio on South Mendenhall Road in Hickory Hill.
Taurus CD 170 Mendenhall Memphis LP bought two properties in the Mendenhall Business Center – 4370 S. Mendenhall Road and 4450 S. Mendenhall Road – in a Feb. 12 special warranty deed from RREEF America REIT II Corp. AAAA.
The seller is a real estate investment trust affiliated with Deutsche Asset & Wealth Management, which bought the property in 2005 for $22.5 million.
Built in 1984, the 4370 S. Mendenhall Road parcel includes 561,541 square feet of warehouse space in multiple buildings on 36.8 acres along South Mendenhall Road. The Shelby County Assessor of Property’s 2013 appraisal was $11.5 million.
Also built in 1984, the 4450 S. Mendenhall Road parcel includes a 92,317-square-foot warehouse that sits on 6.1 acres just south of the other property. The assessor’s 2013 appraisal was $2.8 million.
In conjunction with the purchase, the buyer filed an $11.3 million trust deed through Branch Banking and Trust Co. Taurus CEO and founding partner Peter Merrigan signed the deed.
The trust deed lists the properties as 4270 S. Mendenhall Road, 4400 S. Mendenhall Road, 4440 S. Mendenhall Road, 4444 S. Mendenhall Road and 4450 S. Mendenhall Road.
85 Market Center Drive
Collierville, TN 38017
Sale Amount: $375,000
Sale Date: Feb. 4, 2014
Buyer: DP Memphis LLC
Seller: Schilling Farms LLC
Loan Amount: $2.6 million
Loan Date: Feb. 4, 2014
Maturity Date: Feb. 4, 2021
Lender: Trustmark National Bank
Details: An affiliate of Franklin, Tenn.-based D1 Sports Training has bought 1.9 acres of land in Collierville and filed a construction loan for a 19,062-square-foot sports facility on the property.
DP Memphis LLC paid $375,000 for the vacant parcel, whose address is known as 85 Market Center Drive, in a Feb. 4 special warranty deed from Schilling Farms LLC.
The land is along the southwest side of Market Center Drive just east of Schilling Boulevard East.
The buyer also filed a $2.6 million construction loan through Trustmark National Bank, with Randy Russell signing the trust deed as manager of Sports Med Properties LLC, the managing entity of DP Memphis.
D1 Sports Training “delivers athletic-based scholastic and adult training programs, expert coaching and the latest in sports therapy, all in a high-energy, motivating environment,” according to its website.
The company on Jan. 27 presented a plan to the Collierville Board of Mayor and Aldermen for a sports training facility on the site.
6700 Stage Road
Bartlett, TN 38134
Loan Amount: $1.6 million
Loan Date: Jan. 31, 2014
Maturity Date: Jan. 31, 2019
Borrower: Desianna Properties
Lender: First State Bank
Details: The owner of the Burger King restaurant at 6700 Stage Road in Bartlett has filed a $1.6 million loan on the property.
Memphis-based Desianna Properties filed the deed of trust Jan. 31 through First State Bank. Joseph W. Mirabile signed the deed as managing general partner of the borrower.
Built in 1992, the 3,706-square-foot fast food restaurant sits on 0.9 acres at the northeast corner of Stage and Kirby Whitten roads.
The Shelby County Assessor of Property’s 2013 appraisal was $831,300.