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VOL. 129 | NO. 112 | Tuesday, June 10, 2014




Shops of Wolflake Sells for $3.8 Million

By Eric Smith

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2965 N. Germantown Road, Bartlett, TN 38133

2965 N. Germantown Road
Bartlett, TN 38133

Sale Amount: $3.8 million

Sale Date: May 20, 2014
Buyer: Bartlett Interests LLC
Seller: Pref Wolflake Partners GP
Details: The Shops of Wolflake retail strip center at 2965 N. Germantown Road in Bartlett has sold for $3.8 million.

Bartlett Interests LLC, which lists an address in Conifer, Colo., bought the 57,165-square-foot, Class A retail strip center in a May 20 warranty deed from PREF Wolflake Partners GP of Cordova.

The seller had acquired the shopping center – whose tenants include Gus’s World Famous Fried Chicken and Eat Well Sushi & Grill – from 64 Investments Partnerships in 2005 for $5.7 million.

Stanley H. Sonenshine signed the warranty deed as president of PREF Wolflake I and PREF Wolflake II, the managing entities of the seller.

Built in 2001, the Class A retail property sits on 4.6 acres along the west side of North Germantown Road between U.S. 64 and Stage Hills Boulevard. The Shelby County Assessor of Property’s 2013 appraisal was $3.8 million.

141 Eastley St.
Collierville, TN 38017
Sale Amount: $1.3 million

Sale Date: May 20, 2014
Buyer: Foundation Properties LLC
Seller: First Citizens National Bank
Loan Amount: $1.2 million
Loan Date: May 20, 2014
Maturity Date: May 20, 2034
Lender: First Citizens National Bank
Details: Foundation Properties LLC has paid $1.3 million for the 124,940-square-foot industrial property at 141 Eastley St. in Collierville.

The company bought the warehouse in a May 20 special warranty deed from First Citizens National Bank of Dyersburg, which had foreclosed on the property’s previous owner earlier this year.

Built in 1967, the Class C warehouse sits on 7 acres at the northwest corner of Eastley and Washington streets. The Shelby County Assessor of Property, which lists the street name as Eastly, shows a 2013 appraised value of $1.4 million.

Foundation Properties filed a $1.2 million loan through the seller. Russell R. Robinson signed the trust deed as managing member of the buyer.

In April, after filing the foreclosure notice, First Citizens National Bank paid $1.3 million in a substitute trustee’s deed from Mitch Higdon, who the bank appointed to that position March 5.

The previous owner, Hart Family Limited Partnership, had defaulted on a $1.8 million loan through First Citizens National Bank dated Nov. 22, 2006, which prompted the foreclosure proceedings.

3137 Poplar Avenue
3163 Poplar Avenue
3181 Poplar Avenue
Memphis, TN 38111

Sale Amount: $3.8 million

Sale Date: May 30, 2014
Buyer: 3181 Poplar Avenue Holdings LLC (c/o CWCapital Asset Management)
Seller: Robert F. Tom, substitute trustee
Details: The three commercial real estate parcels that compose the Shops of Chickasaw Gardens along Poplar Avenue have sold for a combined $3.8 million following a foreclosure.

The mixed-use portfolio sold in a May 30 substitute trustee’s deed with 3181 Poplar Avenue Holdings LLC – an affiliate of special servicer CWCapital Asset Management – buying the properties from substitute trustee Robert F. Tom of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

The properties’ owners – Castle Chickasaw LLC (62.5 percent) and 129 Chickasaw LLC (37.5 percent) – entered into foreclosure after defaulting on a $25.6 million loan through Lehman Bros. Bank FSB dated Oct. 31, 2007. The loan secured other properties as well as these three.

Built in 1966, the 16,206-square-foot, Class C retail property at 3137 Poplar Ave. contains three buildings and had a 2013 appraised value of $1.3 million, according to the Shelby County Assessor of Property.

Built in 1946, the 16,660-square-foot, Class C retail property at 3163 Poplar Ave. contains one building and had a 2013 appraised value of $1.1 million, according to the assessor.

And built in 1960, the 25,340-square-foot, Class C office building at 3181 Poplar Ave. had a 2013 appraised value of $986,100, according to the assessor.

270 W. U.S. 72
Collierville, TN 38017
Sale Amount: $1.1 million

Sale Date: May 28, 2014
Buyer: Robert F. Fogelman II, as trustee of the Robert F. Fogelman Revocable Trust dated Sept. 14, 1989
Seller: GP Collierville TN Landlord LLC
Details: A Fogelman Investment Co. executive has paid $1.1 million for the 7,750-square-foot Napa Auto Parts store at 270 W. U.S. 72 in Collierville.

Robert F. Fogelman II, as trustee of the Robert F. Fogelman Revocable Trust dated Sept. 14, 1989, bought the property in a May 28 warranty deed from GP Collierville TN Landlord LLC, an affiliate of Napa parent company, Atlanta-based Genuine Parts Co.

Built in 1994, the Class B retail store sits on 1.1 acres along the north side of U.S. 72 between Tenn. 57 and Tenn. 385. The Shelby County Assessor of Property’s 2013 appraisal was $610,100.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 218 10,440
MORTGAGES 91 293 13,620
FORECLOSURE NOTICES 25 68 2,712
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 184 10,076
BUSINESS LICENSES 25 62 3,798
UTILITY CONNECTIONS 90 338 14,895
MARRIAGE LICENSES 10 68 3,235

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