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VOL. 129 | NO. 13 | Monday, January 20, 2014




Belz Sells Shelby Oaks EnSafe Center for $910,000

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5710-5730 Summer Trees Drive, Memphis, TN 38134

5710-5730 Summer Trees Drive
Memphis, TN 38134

Sale Amount: $910,000

Sale Date: Jan. 10, 2014
Buyer: EnSafe Inc.
Seller: BICO Associates GP
Details: An affiliate of Belz Enterprises has sold the five-building Shelby Oaks EnSafe Center office complex on Summer Trees Drive in Northeast Memphis for $910,000.

BICO Associates GP sold the property’s four parcels in a Jan. 10 warranty deed to EnSafe Inc., a Memphis-based environmental remediation engineering firm whose headquarters is at the complex.

The sale included two parcels with buildings – 5710 Summer Trees Drive and 5730 Summer Trees Drive – and two vacant parcels, both listed as 0 Summer Trees Drive.

The 5710 Summer Trees Drive parcel is 2.7 acres and has four Class B office buildings totaling 27,328 square feet that were constructed in 1980. The Shelby County Assessor of Property’s 2013 appraisal was $2.2 million.

The 5730 Summer Trees Drive parcel is 1.4 acres and has one 10,254-square-foot, Class B office building constructed in 1980. The assessor’s 2013 appraisal was $873,800.

And the two vacant parcels are a combined 2.4 acres with a combined 2013 appraisal of $407,600.

1605 N. Germantown Parkway
Memphis, TN 38016

540 S. Mendenhall Road
Memphis, TN

Sale Amounts: $27 million; $14.2 million

Sale Dates: Jan. 1, 2014; Jan. 6, 2014
Buyer: WNI/Tennessee LP
Seller: WRI HR Venture Properties I LLC
Details: Two Class A retail centers anchored by Kroger stores at 1605 N. Germantown Parkway and 540 S. Mendenhall Road have traded hands in an internal transfer for a combined $41.2 million.

An entity called WNI/Tennessee LP bought the properties in two special warranty deeds from a related party, WRI HR Venture Properties I LLC, which is joint venture between Weingarten Realty Investors and Hines Real Estate Investment Trust (REIT), both of Houston.

The seller had acquired the Commons at Dexter Lake in Cordova and Mendenhall Commons in East Memphis in 2008 for $41.6 million.

The 229,971-square-foot Commons at Dexter Lake sits on 23.5 acres at the southwest corner of Dexter Road and North Germantown Parkway in Cordova. Tenants include Kroger, Stein Mart, Home Goods and Marshall’s. The Shelby County Assessor of Property’s 2013 combined appraisal of its three parcels was $19.5 million.

The 80,000-square-foot Mendenhall Commons sits on 5.73 acres at the southeast corner of Sanderlin Avenue and South Mendenhall Road in East Memphis. Tenants include Kroger, Taziki’s Mediterranean Cafe and Lucchesi’s Ravioli & Pasta Co. The Assessor’s 2013 appraisal was $9.9 million.

No financing was associated with the transaction.

5580 Raleigh-LaGrange Road
Memphis, TN 38134
Sale Amount: $9 million

Sale Date: Jan. 10, 2014
Buyer: RCP Meadows LLC
Seller: SCA Meadows LP
Loan Amount: $7.2 million
Loan Date: Jan. 14, 2014
Maturity Date: N/A
Lender: Beech Street Capital LLC.
Details: The 200-unit Meadows Apartments at 5580 Raleigh-LaGrange Road in Northeast Memphis have sold for $9 million.

RCP Meadows LLC, an affiliate of New York-based RCP General Inc., bought the multifamily property in a Jan. 10 special warranty deed from SCA Meadows LP.

Built in 1986, the Class C apartment complex contains 100,080 square feet in multiple buildings on 13.1 acres along the north side of Raleigh-LaGrange Road between Bartlett and Sycamore View roads.

The Shelby County Assessor of Property’s 2013 appraisal was $6.1 million.

In conjunction with the purchase, RCP Meadows filed a $7.2 million multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing through Beech Street Capital LLC. Jonathan A. Rosen signed the deed as president of RCP General.

5828 Summer Ave.
Memphis, TN 38134
Loan Amount: $4.7 million

Loan Date: Dec. 31, 2013
Maturity Date:
Borrower: ARC WGMEMTN001 LLC
Lender: BOKF, doing business as Bank of Texas
Details: The owner of the Walgreens drugstore at 5828 Summer Ave. (U.S. 70) in Northeast Memphis has filed a $4.7 million loan on the property.

ARC WGMEMTN001 LLC filed the Tennessee deed of trust, security agreement and fixture filing Dec. 31 through BOKF, doing business as Bank of Texas. O. Akomea Poku-Kankam signed the deed on behalf of the borrower, whose contact information is the real estate department of Deerfield, Ill.-based Walgreen Co.

Built in 2002, the Class A, 14,092-square-foot Walgreens store sits on 1.7 acres at the southwest corner of Summer Avenue and Sycamore View Road. The Shelby County Assessor of Property’s 2013 appraisal was $2.6 million.

ARC WGMEMTN001 bought the property a 2012 special warranty deed from First Memphis WAG Investments LLC, which had paid $3.8 million for the property in 2005 from Webten Partners LP.

First Memphis WAG Investments also listed the same address as Walgreen Co.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 242 14,959
MORTGAGES 111 255 19,585
FORECLOSURE NOTICES 8 30 3,825
BUILDING PERMITS 0 359 35,689
BANKRUPTCIES 61 182 14,216
BUSINESS LICENSES 18 104 5,095
UTILITY CONNECTIONS 76 246 21,679
MARRIAGE LICENSES 16 75 4,632

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