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VOL. 129 | NO. 4 | Tuesday, January 07, 2014




Oakhaven Warehouse Sells for $1.2 Million

By Eric Smith

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4300 Air Trans Road
Memphis, TN 38118
Sale Amount: $1.2 million

4300 Air Trans Road • Memphis, TN 38118

Sale Date: Dec. 17, 2013
Buyer: Chob Realty LLC
Seller: Tenn Trans LLC
Loan Amount: $950,000
Loan Date: Dec. 19, 2013
Maturity Date: N/A
Lender: BankPlus
Details: The 109,626-square-foot warehouse at 4300 Air Trans Road in Oakhaven has traded hands for $1.2 million.

Chob Realty LLC bought the Class B distribution facility in a Dec. 17 special warranty deed from Tenn Trans LLC, which had acquired the property in 2009 for $500,000 from Trans-R-Tenn LLC.

Built in 1980, the multi-tenant building sits on 14.8 acres at Air Trans Road and Pilot Drive south of the Lamar Avenue-East Raines Road intersection. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.

In conjunction with the purchase, Chob Realty filed a $950,000 deed of trust through BankPlus. Dwight Wilkins and Kevin D. Wilkins signed the deed as members of the borrower.

6371 Winchester Road
Memphis, TN 38115
Loan Amount: $4.6 million

Loan Date: Dec. 30, 2013
Maturity Date: N/A
Borrower: WRH Shelby Woods Ltd.
Lender: M&T Realty Capital Corp.
Details: The owner of the 244-unit Stonebrook Apartments at 6371 Winchester Road in Hickory Hill North has filed a $4.6 million loan on the property.

WRH Shelby Woods Ltd., an affiliate of St. Petersburg, Fla.-based WRH Realty Services Inc., filed the multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing Dec. 30 through M&T Realty Capital Corp.

WRH president and CEO J. Mark Rutledge signed the trust deed as president of the borrowing entity, which bought the complex – formerly the Shelby Woods Apartments – in 1996 for $2.5 million.

Built in 1976, the Class C multifamily property contains 257,160 square feet and sits on 13.8 acres along the south side of Winchester Road between Ridgeway Road and Kirby Parkway. The Shelby County Assessor of Property’s 2013 appraisal was $4.6 million.

3834 Knight Road
Memphis, TN 38118
Loan Amount: $1.6 million

Loan Date: Dec. 23, 2012
Maturity Date: N/A
Borrower: Mid South Food Bank
Lender: First Tennessee Bank NA
Details: Mid-South Food Bank has filed a $1.6 million on its newly acquired property at 3834 Knight Road in Oakhaven.

The nonprofit organization, which was founded in 1981 to fight hunger in the area, filed the loan Dec. 23 through First Tennessee Bank NA. It had paid $3.6 million for the 122,496-square-foot warehouse, whose address is listed by the Shelby County Assessor of Property as 3865 S. Perkins Road.

Mid-South Food Bank bought the Class A facility in a Nov. 18 special warranty deed from a Bethesda, Md.-based entity called 198-6 Memphis Industrial Portfolio Holdings LLC.

That company had acquired the property as part of a larger portfolio purchase in a 2006 substitute trustee’s deed.

Built in 1992, the warehouse sits on 5.5 acres along the east side of Knight Road north of its intersection with South Perkins Road. The special warranty deed lists an alternate address of 3865 S. Perkins Road.

The Shelby County Assessor of Property’s 2013 appraisal was $2.3 million.

5510-5540 E. Holmes Road
Memphis, TN 38118
Loan Amount: $28.9 million

Loan Date: Dec. 20, 2013
Maturity Date: N/A
Borrower: Midwest Memphis Industrial LLC
Lender: Wells Fargo Bank NA
Details: The new owner of the Memphis Logistics I and II buildings at 5510 E. Holmes Road and 5540 E. Holmes Road has filed a $28.9 million loan on the properties.

Midwest Memphis Industrial LLC, which bought the East Holmes Road properties for $23 million from Industrial Logistics Owner LLC, filed the loan Dec. 20 through Wells Fargo Bank NA.

The loan closed four days after the sale but wasn’t recorded by the Shelby County Register of Deeds until this week. Ron Ragsdale signed the loan as vice president of Midwest Memphis Industrial LLC, an affiliate of Midwest Industrial Investors LLC.

The adjacent properties, which are leased by Ozburn-Hessey Logistics LLC, sit at the northeast corner of Lamar Avenue and East Holmes Road, just north of the Tennessee-Mississippi state line.

Built in 1998, the 440,471-square-foot Memphis Logistics I warehouse at 5510 E. Holmes Road sits on 25.7 acres and has a 2013 appraised value of $11.5 million, according to the Shelby County Assessor of Property.

Built in 1999, the 283,080-square-foot Memphis Logistics II warehouse at 5540 E. Holmes Road sits on 17.7 acres and has a 2013 appraised value of $7.5 million, according to the assessor.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

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