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VOL. 123 | NO. 24 | Tuesday, February 5, 2008

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60 S. Cooper St.
Memphis, TN 38104
Permit Cost: $7.5 million

     Project Cost:     $12 million (Phase 1)

     Permit Date:     Applied January 2008

     Owner:     Playhouse on the Square

     Architect:     John Morris of Morris Architects/Planners and Lee Askew III of Askew Nixon Ferguson Architects

     Details:     Building permit application for Playhouse on the Square's new theater, according to information from the Department of Construction Code Enforcement. The 350-seat theater is slated to be built at the northeast corner of South Cooper Street and Union Avenue. Playhouse representatives did not return calls for more information about the permit.
The new theater's stage amenities will include a "fly gallery" to quickly move sets on stage, a system for flying actors to the stage, and orchestra space, among other things, according to Playhouse's Web site. Other features include a café and rooftop garden. The theater building is going to be incorporated with an adjacent five-story office building that will house administrative offices, dressing rooms, rehearsal space and a costume shop, according to the site.

7750 Wolf Trail Cove
Germantown, TN 38138
Sale Amount: $4 million

     Sale Date:     Jan. 22, 2008

     Buyer:     P&P Real Estate LLC

     Seller:     Wolf Trail Cove GP

     Loan Amount:     $11.4 million

     Loan Date:     Jan. 22, 2008

     Maturity Date:     Feb. 1, 2009

     Lender:     Fifth Third Bank

     Details:     6.82 acres of vacant land in Nohopa Center, on the west side of Wolf Trail Cove north of Wolf River Boulevard in Germantown. Plans for the two-lot, 10.7-acre Nohopa Center were filed with the Shelby County Register of Deeds in May. Within days of the purchase, P&P filed a $501,000 building permit application with the city-county Department of Construction Code Enforcement for new construction on the site, listing the tenant as Urban Active Fitness. P&P Real Estate shares an address with Urban Active's parent company, Global Fitness Holdings LLC, a Gold's Gym franchisee until late 2007. Urban Active has four locations in Nashville but none yet in Memphis, according to the company's Web site.
A representative from P&P's communications firm was unable to provide more information by press time.

7490 Appling Center Drive
Bartlett, TN 38133
Sale Amount: $683,000

     Sale Date:     Jan. 7, 2008

     Buyer:     Shaw Material Real Estate Investment LLC

     Seller:     Whit R. Greenway, trustee of The Whit R. Greenway Revocable Trust

     Loan Amount:     $700,000

     Loan Date:     Jan. 8, 2008

     Maturity Date:     n/a

     Lender:     Merchants and Farmers Bank

     Details:     A 6,000-plus-square-foot office/warehouse built in 2005. It sits on .57 acres on the north side of Appling Center Drive east of Appling Road and behind Coletta's Restaurant. Shelby County Assessor's 2007 appraisal was $275,800. The seller, Whit Greenway, bought the property in April 2004 for $111,000 and quitclaimed it to the trust in September 2006.

          The buying entity is affiliated with Shaw Material Handling Systems Inc., a Bartlett-based materials handling company that has been in business since 1984 and mainly deals in battery-powered forklift trucks, said president Richard C. Shaw. The company has 140 employees in four locations, including the Bartlett headquarters at 3025 Kate Bond Road and offices in Little Rock and Lowell, Ark., and Jackson, Miss.

          Shaw Material will move its 18-person sales and marketing team to the Appling Center site from the company's headquarters less than a mile away at 3025 Kate Bond Road, Shaw said, adding parts, service and operations staff will remain at the Kate Bond location. Shaw said the new building will have a sales and demonstration area as well as offices. Employees are expected to move to the new site around March 1.


Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 32 176 2,507
MORTGAGES 26 101 1,687
FORECLOSURE NOTICES 10 37 259
BUILDING PERMITS 0 365 5,497
BANKRUPTCIES 16 57 963
BUSINESS LICENSES 0 107 488
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0