VOL. 129 | NO. 18 | Tuesday, January 28, 2014
Memphis Real Estate Recap
Former Motel 6 Sells for $1.4 Million
By Eric Smith
1321 Sycamore View Road, Memphis, TN 38134
1321 Sycamore View Road
Memphis, TN 38134
Sale Amount: $1.4 million
Sale Date: Jan. 13, 2014
Buyer: P & S Hospitality LLC
Seller: G6 Hospitality Property LLC
Loan Amount: $1.1 million
Loan Date: Jan. 14, 2014
Maturity Date: N/A
Lender: Argent Bank
Details: The former Motel 6 at 1321 Sycamore View Road in Northeast Memphis has traded hands for $1.4 million.
An entity called P & S Hospitality LLC bought the 27,232-square-foot motel in a Jan. 14 special warranty deed from G6 Hospitality Property LLC, which had bought the property in 2012 for $1.4 million from Motel 6 Operating LP.
Built in 1985, the hotel sits on 2.4 acres on the west side of Sycamore View Road south of its intersection with Macon Road. The Shelby County Assessor of Property’s 2013 appraisal was $1.2 million.
In conjunction with the purchase, P & S Hospitality LLC filed a $1.1 million deed of trust through Argent Bank. Jetal R. Shah signed the deed as managing member of the borrower.
3250 Kirby Parkway
Memphis, TN 38115
Loan Amount: $9.3 million
Loan Date: Jan. 15, 2014
Maturity Date: N/A
Borrower: Monticello Apartments LLC
Lender: American Equity Investment Life Insurance Co.
Details: The owner of the 202-unit Monticello apartments at 3250 Kirby Parkway in Hickory Hill has filed a $9.3 million loan on the property.
Monticello Apartments LLC – an affiliate of Memphis-based real estate company Makowsky Ringel Greenberg LLC – filed a deed of trust, security agreement, financing statement and assignment of rents Jan. 15 through American Equity Investment Life Insurance Co.
MRG principal Michael Greenberg signed the trust deed as president of Monticello Apartments LLC, which bought the property in 2003 for $1.5 million from G. Benjamin Clark and Nicholas G. Clark.
Built in 1985, the Class C multifamily complex contains numerous buildings on close to 20 acres along the east side of Kirby Parkway at its intersection with Knight Arnold Road Extended, south of Tenn. 385.
The Shelby County Assessor of Property’s 2013 appraisal was $9.7 million.
5339 Elvis Presley Blvd.
Memphis, TN 38116
Loan Amount: $2.2 million
Loan Date: Jan. 16, 2014
Maturity Date: N/A
Borrower: 5339 Elvis Presley Boulevard Memphis TN LLC
Lender: Rialto Mortgage Finance LLC
Details: The owner of the 19,844-square-foot retail center at 5339 Elvis Presley Blvd. in Whitehaven has filed a $2.2 million loan on the property.
The entity, 5339 Elvis Presley Boulevard Memphis TN LLC – an affiliate of Phoenix-based real estate company ArciTerra – filed the deed of trust Jan. 16 through Rialto Mortgage Finance LLC.
Jonathan M. Larmore signed the deed as president of ArciTerra REIT I Member LLC, manager of the borrower, which acquired the property in 2007 from Chamberlain, McCreery and Rice GP for $3.1 million.
Built in 2005, the Class A retail facility sits on close to 2 acres along the west side of Elvis Presley Boulevard south of East Holmes Road. The Shelby County Assessor of Property’s 2013 appraisal was $1.6 million.
Dollar General anchors the center.
3360 Frayser Blvd.
Memphis, TN 38127
Sale Amount: $2.2 million
Sale Date: Jan. 8, 2014
Buyer: Realty Income Properties 25 LLC
Seller: Rivermont Golf and Country Club
Details: The 17,062-square-foot Walgreens at 3360 Frayser Blvd. (alternatively 3360 N. Watkins St.) in Frayser has sold for $2.2 million.
Realty Income Properties 25 LLC – an affiliate of Escondido, Calif.-based Realty Income Corp. – bought the Class B retail store in a Jan. 8 special warranty deed from Rivermont Golf and Country Club. The Chattanooga seller bought the property in 1997 for $2.4 million.
Built in 1994, the Walgreens sits at the southeast corner of North Watkins Street and Frayser Boulevard. The Shelby County Assessor of Property’s 2013 appraisal was $1.4 million. No financing was associated with the transaction.
Realty Income Corp. is active in the Memphis market with a growing portfolio, and this sale marked the second purchase for affiliate Realty Income Properties 25 LLC. The limited liability company last June bought the Sam’s Club at 2150 Covington Pike in Raleigh for $11.4 million from Dune SC Sub II LLC.