3. 20 acres in Collierville
Sale Amount: $1.8 Million
Sale Date: Dec. 11, 2008
Buyer: Central Church Inc.
Seller: Marion L. Waldrup Sr. Revocable Living Trust, Frederick T. Stukenborg, Trustee
Loan Amount: $1.5 million
Loan Date: Dec. 15, 2008
Maturity Date: March 5, 2010
Lender: SunTrust Bank
Details: Central Church Inc. has bought a 20.9-acre parcel of vacant land directly behind its 2005 Winchester Blvd. location in Collierville for $1.8 million from the Marion L. Waldrup Sr. Revocable Living Trust, Frederick T. Stukenborg, Trustee.
Zoned residential, the property fronts South Houston Levee Road on the eastern side of the road. Central Church administrator Jim Pritchard said the land acquisition was strategic for the church.
“It’s the last piece of property that’s between us and Houston Levee, and obviously they don’t make any more of that (land),” Pritchard said. “Over the last five years we’ve just been praying and searching the Lord and seeing what might work out, and He just orchestrated it in such a way that we were able to purchase that property, so we moved to that end.”
The Shelby County Assessor of Property’s 2008 appraisal is $682,900.
Pritchard said the church plans to build a road through the property, connecting the church with South Houston Levee Road, but nothing is imminent since the church would need approval from Collierville before moving forward.
“That’s a pretty important piece to be able to have access to Houston Levee at some point in the future,” Pritchard said, “so we thought that was something the Lord would have us go ahead and do.”
6267 Poplar Ave.
Memphis, TN 3819
Loan Amount: $785,000
Loan Date: Dec. 12, 2008
Maturity Date: N/A
Borrower: Poplar Station South GP
Lender: SunTrust Bank
Details: A development group called Poplar Station South GP has filed a construction loan for $785,000 for a vacant lot that sits on the south side of Poplar Avenue, east of Ridgeway Road and west of West Massey Road. The lender is SunTrust Bank. The loan document included an assignment of rents, security agreement and fixture filing, and a separate assignment of rents and leases was signed in conjunction with the sale. The 6,000-square-foot lot will house a 5,000-square-foot retail center, said John B. Walker, managing partner at Poplar Station South GP. The address of the center will be 6267 Poplar Ave. “It’s a retail building,” Walker said. “It is (100 percent) leased. We’re trying to get our plat recorded; if we get our plat recorded, we’re going to start construction this week.” Walker said the plan is to finish the retail center by April or May.
3141 Stage Post Drive
Memphis, TN 38133
Sale Amount: $1.1 Million
Sale Date: Dec. 15, 2008
Buyer: John T. Crunk, Trustee of the Anna Caroline Crunk Trust (50 percent), and John T. Crunk, Trustee of the John T. Crunk III Trust (50 percent)
Seller: Kenny W. King
Details: A 21,190-square-foot warehouse in Bartlett has sold for $1.1 million to John T. Crunk, serving as trustee of both the Anna Caroline Crunk Trust and the John T. Crunk III Trust. Both trusts bought 50 percent of the property. The trustee lists a Nashville address. The warehouse was built in 1993. It sits on 1.76 acres in the Bartlett Corporate Park-East Phase II, northwest of the Stage Road and North Germantown Parkway intersection. The Shelby County Assessor of Property’s 2008 appraisal is $1 million.
Vacant Land in Bartlett
Sale Amount: $5.9 Million
Sale Date: Dec. 17 (substitute trustee’s sale)
Buyer: Liberty Bank of Arkansas
Seller: D.B. Bridgforth, Substitute Trustee
Details: Liberty Bank of Arkansas reacquired four parcels of land in Bartlett. The bank bought the land in a Dec. 17 substitute trustee’s sale on the steps of the Shelby County Courthouse. The property had been foreclosed after the owner, First Capital Investments LLC, defaulted on its Dec. 23, 2004, construction loan for $5.8 million through Jonesboro, Ark.-based Liberty Bank of Arkansas. Kenneth Burden was listed as chief manager for First Capital Investments.