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Editorial Results (free)

1. New & Improved -

Just more than two years after being ravaged by a tornado, Hickory Ridge Mall will reopen this weekend under new ownership and having undergone millions in renovations.

The mall now will be a community center featuring retail components and eventually will include a medical center.

2. World Overcomers Buys Hickory Ridge Mall Macy’s -

6001 Winchester Road
Memphis, TN 38115
Sale Amount: $1 Million

Sale Date: Feb. 26, 2009
Buyer: World Overcomers Outreach Ministries Inc.
Seller: Macy’s Retail Holdings Inc.

3. World Overcomers Buys Hickory Ridge Macy’s -

The World Overcomers Ministries Church Inc. has bought the former Macy’s department store at the Hickory Ridge Mall. The church, which already owned the main mall building, paid $1 million for the 212,282-square-foot store. Macy’s anchored the mall’s west side before a tornado damaged the property last year.

4. Commercial Real Estate Sales Bleak in October -

Commercial real estate’s downward spiral continued in October, with sales falling by a third compared to the same month a year ago.

Just 64 commercial deals occurred in Shelby County last month, a 33.3 percent decline from 96 in October 2007, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

5. 62-Bed Alzheimer’s Facility Coming to Germantown - 3179 Professional Plaza
Germantown, TN 38138
Permit Amount: $5.6 Million

Project Cost: $5.6 million
Permit Date: Applied October 2008
Completion: October or November of 2009
Owner: Alexander Enterprises
Tenant: Alexander Enterprises
Contractor: Patton and Taylor Enterprises
Architect: O.T. Marshall Architects

Details: An Alzheimer’s facility called the Gardens of Germantown soon will rise at 3179 Professional Plaza, which runs between Poplar Avenue and Poplar Pike near the Germantown/Collierville border.

Developer Alexander Enterprises has filed a permit application with the city-county Department of Construction Code Enforcement to build the 30,500-square-foot, single-story facility. The Gardens of Germantown will be a 48-unit, 62-bed facility that sits on roughly half of a 4.36 acre-parcel backing up to the Village Shops of Forest Hill retail center. Beacon Communities Inc. of Cumming, Ga., will manage the facility.

Construction on the building, set to begin in December, should take 10 months, said Michael Alexander of Alexander Enterprises, with an opening projected for October or November 2009. The property has been divided into two lots, with the Gardens of Germantown slated for the northwest corner of the property.


1.46 Acres in Commons at Dexter Lake
Cordova, TN 38018
Loan Amount: $1.2 Million

Loan Date: Oct. 2, 2008
Maturity Date: April 22, 2009
Borrower: Commons at Dexter Lake LLC
Lender: First Citizens National Bank

Details: A $1.6 million retail center with a French Quarter motif is being built in Cordova. The Commons at Dexter Lake LLC has filed a $1.2 million construction loan to build a 10,400-square-foot retail center, dubbed Vieux Carré, south of Dexter Road and west of Chickering Lane. Construction started last week. The development team bought the land from John B. Maxwell Jr., trustee for the sellers, for $334,541 and filed the construction loan through First Citizens National Bank. Commons at Dexter Lake LLC principal Nancy Waddell signed the trust deed. The center will sit on a 1.46-acre parcel near the Commons at Dexter Lake retail center and the Reserve at Dexter Lake apartments. A spokesman for the developer said the seven-bay center already has five leases signed. Tenants include a Belle Meade salon, financial planner Martin Hearn, a Crown Trophy store and a florist/gift shop. Jeff Blackledge is architect for Vieux Carré. KT Construction LLC, whose partners are Scott Turnage and Riley Kail, will be the general contractor. Turnage said the company is “stripping the lot off right now and pushing hard for the first of the year” to complete the center. “We’re going to go for kind of a hybrid French Quarter style – we’re going to be doing more of a Bourbon Street look,” Turnage said. “It’s going to be a strip center, but we’re going to try to give each space individuality, using depth and height offsets to try to give each space somewhat of a unique appearance.” More retail space will be coming to the site soon.


6075 Winchester Road
Memphis, TN 38115
Sale Amount: $1.4 Million

Sale Date: Oct. 23, 2008
Buyer: World Overcomers Outreach Ministries Church Inc.
Seller: Carlyle Rock Ridge LLC
Loan Amount: $1.2 million
Loan Date: Oct. 24, 2008
Maturity Date: N/A
Lender: Tri-State Bank of Memphis

Details: World Overcomers Outreach Ministries Church Inc. has bought the Hickory Ridge Mall for $1.4 million from Carlyle Rock Ridge LLC. The roughly 500,000-square-foot Hickory Ridge Mall sits on 44 acres at 6075 Winchester Road in Hickory Hill. It was damaged by a tornado during the Feb. 5 storms that ripped through the southern and southeastern areas of town. World Overcomers will retain its congregational home at the former Central Church at 6655 Winchester Road, down the road from the mall. The church bought that property in 2001 for $10 million. Church pastor Alton Williams has announced plans to turn the mall into a Christian community center, replete with a restaurant, banquet hall, theater and other services for the neighborhood. The Hickory Ridge Mall opened in 1981 to much fanfare, but it steadily declined over the years as newer malls opened in other parts of town and tenants departed. The February storm proved to be a death knell for the mall. Although the city of Memphis considered buying it and turning it into a satellite office for city services, the renovation proved too costly.


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6. Church Closes On Hickory Ridge Mall -

World Overcomers Outreach Ministries Church Inc. has bought the Hickory Ridge Mall for $1.4 million from Carlyle Rock Ridge LLC. The sale closed Oct. 23, with the church filing a $1.2 million loan from Tri-State Bank of Memphis.

7. City to Proceed With Mall Purchase -

The city of Memphis is poised to spend $8.7 million to buy and rehabilitate Hickory Ridge Mall, the struggling retail center that for years was among the most visible pieces of commercial real estate in Hickory Hill.

8. Loan Increased onHickory Ridge Mall - Carlyle Rock Ridge LLC has taken out a $4.8 million additional mortgage on Hickory Ridge Mall through CSE Mortgage LLC. Carlyle secured two loans totaling $9.9 million in March 2003; this loan was granted after the borrower requested the total amount