VOL. 124 | NO. 92 | Tuesday, May 12, 2009
Real Estate Recap
Neuvo Salon Files Permit For New East Memphis Location
5158 Wheelis Drive
Memphis, TN 38117
Permit Amount: $712,367
Project Cost: $712,367
Permit Date: Applied May 2009
Completion: March 2010
Owner: Neuvo Salon
Tenant: Neuvo Salon
Contractor: Construction Solutions LLC
Architect: Thoda and Associates PLLC
Details: Neuvo Salon has filed a $712,367 permit application with the city-county Office of Construction Code Enforcement to build a two-story, 4,700-square-foot salon at 5158 Wheelis Drive in East Memphis. The building will sit on a half-acre lot on the north side of Wheelis off South White Station Road.
Neuvo is owned by the husband and wife duo of Perry and Janna Piacenti. Janna operates the salon and Perry manages the business aspect of the company. They have owned the salon for four years.
The salon had been operating on Erin Drive, but Perry Piacenti said they were “tired of paying rent” and looking forward to owning their own building. He also said the new facility will double the size of the current salon, giving Neuvo a chance to create salon space more suitable to their needs.
The Wheelis Drive lot recently had a small structure on it, but that building has been removed and the land is cleared for construction. The Piacentis bought the land for $390,000 in 2008.
Perry Piacenti said the decision to launch this project is a testament to Neuvo’s success in its first four years and a testament to the hair care and beauty industry.
“Even though the country’s in a recession, hair continues to grow,” Piacenti said. “Business is good.”
15 Humphreys Blvd.
Memphis, TN 38120
Sale Amount: $1.6 Million
Sale Date: May 5, 2009
Buyer: MAC-HTA Holdings LLC
Seller: Kelley-Rasch Enterprises LLC
Details: A BP gas station and convenience store at 15 Humphreys Blvd. in the River Oaks area of East Memphis has sold for $1.6 million to an entity called MAC-HTA Holdings LLC. The sale closed May 5 and the seller was Kelley-Rasch Enterprises LLC. The property houses a BP gas station, deli and convenience store. It was built in 1995 and sits on about one acre at the southwest corner of the intersection of Humphreys and Walnut Grove Road in the Humphreys Boulevard Planned Development. The Shelby County Assessor of Property’s 2009 appraisal is $1.3 million. Attempts to reach the buyer and seller were unsuccessful.
931 Frayser Blvd. and 3081 St. Charles Drive
Memphis, TN 38127
Sale Amount: $1.2 Million
Sale Date: April 6, 2009
Buyer: Whitney Frayser Manor Memphis LLC
Seller: Charles S. Sanger, successor trustee
Details: The Whitney Manor and Frayser Manor apartment complexes in Frayser have been sold back to the bank that owned the note on them, Madison Realty Capital LP, for a combined $1.2 million following a foreclosure. Whitney Frayser Manor Memphis LLC, a local entity related to the lender, bought the properties April 6 from successor trustee Charles S. Sanger on the Shelby County Courthouse steps. The previous owners of the apartment complexes are Whitney Manor Real Property Holdings LLC and Frayser Manor Real Property Holdings LLC, both of which list a Southington, Conn., address and both of which are managed by the same person, Daniel Ross. Ross defaulted on a $2.4 million loan issued by New York-based Madison Realty Capital and dated March 14, 2007. Whitney Manor is a 96-unit apartment complex at 3081 St. Charles Drive. Built in 1968, the complex sits on 6.83 acres at the northeast corner of Steele Street and Whitney Avenue. The Shelby County Assessor of Property’s 2009 appraisal is $1.4 million. Frayser Manor is a 106-unit apartment complex at 931 Frayser Blvd. Built in 1974, the complex sits on six acres near the intersection of Frayser Boulevard and Thomas Street. The assessor’s 2009 appraisal also is $1.4 million.
3539 Cazassa Road
Memphis, TN 38116
Sale Amount: $1.4 Million
Sale Date: April 30, 2009
Buyer: MFC Funding LLC
Seller: Mark E. Beutelschies and J. Clay Cole, substitute trustees
Details: The Cazassa Crossing apartment complex at 3539 Cazassa Road in Whitehaven has been sold back to the lender, New Jersey-based MFC Funding LLC, following a foreclosure. The bank on April 30 bought the 248-unit complex for $1.4 million on the courthouse steps in a substitute trustee’s deed. The property was foreclosed earlier this year after Linda Louis Gober-Harris, CEO of Logic Suites LLC, defaulted on a $1.6 million loan dated July 26, 2007, through Metro Funding Corp. Built in 1974, the 200,000-square-foot complex sits on 9.88 acres at the southwest corner of Winchester and Cazassa roads. The Shelby County Assessor of Property’s 2009 appraisal of the apartment complex is $1.5 million. The property formerly was sold by substitute trustees Mark E. Beutelschies and J. Clay Cole of the Memphis law firm Farris Bobango PLC.
Logic Suites bought the apartment complex in 2007 for $2 million.