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VOL. 118 | NO. 139 | Tuesday, August 3, 2004

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8635 Highway 64

Holiday Inn Express Sells for $2.2 Million

8635 U.S. Highway 64

Memphis, TN 38133

Cost: $2.2 million

Buyer: First Lotus LLC

Seller: Wilson Inn-4064 Inc.

Property: Holiday Inn Express at 8635 U.S. Highway 64 near Interstate 40.

According to James M. OBrien, executive vice president of Wilson Hotel Management Co., the property had been owned and operated by WHM since around 1989.

Mr. Wilson built it as a Wilson Inn, then we converted it into a Holiday Inn Express, OBrien said. It will remain as a (Holiday Inn) Express, and I dont think theres going to be any major change in service.

OBrien said the property was sold to First Lotus, owners of Days Inn at 6055 Macon Cove.

We felt that the normal course of our business is to build and sell hotels, and we liked the area but felt it appropriate at the time to sell the hotel, he said. The hotel was on the market, and we were also offered what we felt was the right price.

According to OBrien, this was the first transaction between Wilson Hotel Management and First Lotus.

 

8635 U.S. Highway 64

Memphis, TN 38133

Cost: $1.7 million

Borrower: First Lotus LLC

Lender: First Security State Bank of Southeast Missouri

Trustee: William Clayton Vandivort

Property: Wilson Inn at 8635 U.S. Highway 64 near Interstate 40.

 

88 lots in

Island Point

Cost: $11 million

Borrower: Island Point LLC

Lender: First Tennessee Bank NA

Trustee: Thomas F. Baker IV

Property: 88 lots in phase one of Island Point Planned Development.

 

13 lots in

Estanaula Trails

Cost: $5 million

Borrower: Unique Properties Inc.

Lender: BankTennessee

Trustee: William Grady McDonald

Property: 13 lots in phase six of Estanaula Trails, Hearthstone Section A.

 

1201 Getwell Road

Memphis, TN 38111

Cost: $4.9 million

Buyer: Muriel Real Estate LLC

Seller: Cross Rhodes I Partnership

Property: 1201 Getwell Road in the Polo Heights Subdivision.

 

191.89 acres

in Millington

Cost: $4.8 million

Borrower: Pats Mill LLC

Lender: Enterprise National Bank

Trustee: Lancelot L. Minor III

Property: 191.89 acres near Kerrville-Rosemark and Bethuel roads.

 

Four lots near

Millbranch Road

Cost: $4.8 million

Borrower: Miracle Temple Ministries Inc.

Lender: Marshall Investments Corp.

Trustee: Robert C. Liddon and Mary Aronov

Property: Three lots in the H.P. Colby Subdivision and one lot in Graceland View, all near Millbranch Road.

 

9.06 acres near

Walnut Grove

Cost: $4.3 million

Borrower: Grays Creek Development Co. LP

Lender: Community Bank, DeSoto County

Trustee: Lancelot L. Minor III

Property: 9.06 acres of unimproved land near Walnut Grove and Houston Levee roads.

 

32 lots in

Gailyn Manor

Cost: $1.8 million

Buyer: Reid Homes Inc.

Seller: Gailyn Manor Inc.

Property: 32 lots in phase one of Gailyn Manor.

 

193 acres

in Millington

Cost: $1.6 million

Buyer: Copper Hill Partners LLC

Seller: General Investments LLC, which holds two-thirds interest, and Joseph F. Canepari Jr., who holds one-third interest

Property: 193 acres on the west side of Bethuel Road near Kerrville-Rosemark Road in Millington.

 

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0