VOL. 119 | NO. 108 | Tuesday, June 21, 2005
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Turley Begins Shrine Building Conversion
66 Monroe Ave.
Memphis, TN 38103
Cost: $9.5 million
Borrower: Shrine Investment Co.
Lender: First Tennessee Bank NA
Trustee: Thomas F. Baker IV
Property: 0.17 acres at 66 Monroe Ave. The 14-story
building is owned by Henry Turley Realtors.
According to Elizabeth Cagle, sales and marketing manager
for the Shrine Building project, the structure was built in 1923 as the Al Chymia Shrine headquarters. Turley bought the building in
the late 1970s and opened it as apartments in 1981.
The apartments now are being renovated and converted into 74
condominiums.
Square footages range from 451 for studios to 2,500 for a
two-bedroom, two-bath, Cagle said. Prices range from about $70,000 to I think
its going to be a quarter of a million, a half a million.
Turley Realtors gave first right of refusal to the
apartments current residents, with 29 of the 50 renters choosing to purchase
units.
We already have 70 percent of them reserved or under tenant
... Were honoring all the existing leases, and were selling them before the
leases are even expired, Cagle said. People are buying them without even
seeing the units, just having seen a floor plan on another floor.
6277 Lake Arbor Drive
Memphis, TN 38115
Cost: $12.1 million
Buyer: FSP-Wyndridge II LLC
Seller: EQR-Wyndridge II
LLC
Property: Wyndridge II
Apartments at 6277 Lake Arbor Drive in the Arbors of Hickory Ridge.
6277 Lake Arbor Drive
Memphis, TN 38115
Cost: $12.1 million
Buyer: FSP-Wyndridge III
LLC
Seller: EQR-Wyndridge III
LLC
Property: Wyndridge III
Apartments at 6277 Lake Arbor Drive in the Arbors of Hickory Ridge.
62.48 acres to become
Windsor Park phase 1
Cost: $6.1 million
Borrower: Windsor Park Partners
Lender: BancorpSouth Bank
Trustee: Larry A. Butler
Property: 62.48 acres near Ellis Road and New
Brunswick Road, slated to become phase 1 of Windsor Park Subdivision.
3885-3895 S. Perkins Road
Memphis, TN 38118
Cost: $3.4 million
Buyer: AW I LP
Seller: Memphis Investments LLC
Property: Buildings Q and Q-1 at 3885-3895 S. Perkins
Road in Corporate Park.
3885-3895 S. Perkins Road
Memphis, TN 38118
Cost: $2.5 million
Borrower: AW I LP
Lender: Memphis Investments LLC
Trustee: Mid-South Title Corp.
Property: Buildings Q and Q-1 at 3885-3895 S. Perkins
Road in Corporate Park.
3540 Beretta Road
Bartlett, TN 38133
Cost: $2.5 million
Borrower: Amelia River Partners LLC
Lender: Regions Bank
Trustee: David Ives
Property: Property at 3540 Beretta Road in Bartlett
Creek Subdivision.
564.55 acres near
Galloway Levee Road
Cost: $2.5 million
Borrower: John W. Hyneman
Lender: Renasant Bank
Trustee: Donald E. Russell
Property: 564.55 acres near Galloway Levee Road
(formerly Old Brownsville Road).
4919 Miller Road
Memphis, TN 38118
Cost: $2.4 million
Buyer: BNSF Railway Co.
Seller: James W. Brimhall
Sr. or Mary J. Brimhall, trustees
Property: 10.18 acres at 4919 Miller Road.
473.83 acres near
Galloway Levee Road
Cost: $1.1 million
Buyer: John W. Hyneman
Seller: Alaco-Malkin LP
Property: 473.83 acres near Galloway Levee Road.