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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.

 

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 97 282 19,395
MORTGAGES 113 315 22,365
FORECLOSURE NOTICES 24 86 2,922
BUILDING PERMITS 278 550 39,866
BANKRUPTCIES 55 204 12,452
BUSINESS LICENSES 24 73 6,339
UTILITY CONNECTIONS 31 102 7,374
MARRIAGE LICENSES 13 72 4,433