VOL. 122 | NO. 94 | Tuesday, May 22, 2007
939 Ridge Lake Blvd.
Memphis, TN 38120
Sale Amount: $45 million
Sale Date: May 9, 2007
Buyer: RBD Memphis LLC
Seller: CHD Memphis I LLC
Loan Amount: $40 million
Loan Date: May 9, 2007
Maturity Date: June 6, 2012
Lender: NY Credit Funding I LLC
Details: The 315,000-square-foot Hilton Memphis hotel on 8.79 acres on the west side of Ridge Lake Boulevard south of Ridgeway Loop Road and east of Interstate 240. It was built in 1979 and has 405 rooms on 27 floors. Shelby County Assessor's 2006 appraisal was $17 million.
The buying limited liability company (LLC) is a partnership between Davidson Hotel Co., which has operated the property since 2003, and Columbus, Ohio-based RockBridge Capital Partners. It is the seventh joint venture between RockBridge and Davidson. The selling LLC, CHD Memphis I, is comprised of Chick Hill, former CEO of Davidson, and Dallas-based Crow Holdings. Crow Holdings is the group that owns and directs the investments of Trammell Crow and its investment partners.
CHD Memphis I bought the property in April 2003 for $16.2 million.
The property, formerly the Adams Mark Hotel, underwent a $12 million renovation in 2004, and is slated to undergo an $8 million upgrade over the next three years. Davidson spokesperson Cyndi Carl said that work, slated to begin in a few weeks, will include entrance upgrades, in-room coffee service, 32-inch flat-panel TVs in all rooms and some changes to the furniture in the meeting rooms. Work to upgrade the fitness room equipment is under way now.
The hotel was designed by Francis Mah, a Hawaiian-born architect well known for his sweeping, rounded lines. Before his death in 1998, Mah designed a number of Memphis buildings, according to the American Institute of Architects, Memphis chapter. Those buildings include Cybill Shepherd's former South Bluffs home and the Commercial Appeal building at 495 Union Ave.
Kimbrough Towers and
Sale Amount: $5.2 million
Sale Date: May 8, 2007
Buyer: Northland Kimbrough LLC
Seller: Sentinel Trust Co. as trustee of Sentinel Real Estate Fund
Details: Kimbrough Towers apartment building at 1491 Union Ave. and Kimbrough Center office/retail building at 1495 Union. The buyer is affiliated with Newton, Mass.-based Northland Investment Corp.
Kimbrough Towers is a nine-story building on 1.3 acres at the southeast corner of Union Avenue and Kimbrough Place. Built in 1938, it is 86,770 square feet with 96 units. Shelby County Assessor's 2006 appraisal was $1.6 million. Kimbrough Center is a two-story, 43,795-square-foot building on the east side of Kimbrough Towers. It was built in 1942, and the 2006 appraisal was $1.3 million. Major tenants - each between 1,414 and 3,272 square feet - include Deb n' Heir, Kimbrough Towers Fine Wine & Spirits, Less Graphics, L.R. Clothier, Little Italy and Madison Avenue News & Tobacco Co., said Northland marketing manager Sara Graham.
In related news, Northland recently bought Hickory Farm Apartments on Ridgeway Boulevard and Gleneagles Apartments on Hickory Hill Road from Mid-America Apartment Communities Inc. Those two sites sold for $12 million. For details on that transaction, see The Daily News' May 14 Daily Digest at www.memphisdailynews.com.
6186 Winchester Road and
4625 Germantown Road Ext.
Loan Amounts: $1 million; $471,161
Loan Date: May 10, 2007
Maturity Dates: May 10, 2012 ($1 million); May 10, 2010 ($471,161)
Borrower: Smart Services LLC
Lender: Merchants & Farmers Bank
Details: Two dry cleaner properties. 6186 Winchester is a 5,601-square-foot, one-story building built in 1991 that sits on .8 acres at the northeast corner of Winchester and Ridgeway roads. The Shelby County Assessor's 2006 appraisal was $689,500. The property at 4625 Germantown Road Ext. - which the assessor lists as 4625 Riverdale Road - is a 1,413-square-foot, one-story building built in 1998. It sits on 1.07 acres on the west side of Germantown Road Extended north of Shelby Drive. The 2006 appraisal was $295,200. Harry Dong Kim and Kyung Ae Kim transferred, or quitclaimed, the property to Smart Services May 10. The Kims bought the properties in 2004 from Dryve Inc. for $800,000. Smart Services did not return calls by press time.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).