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VOL. 123 | NO. 152 | Tuesday, August 5, 2008

Chick-fil-A Closes Purchase Of Midtown Church

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1978 Union Ave.
Memphis, TN 38104
Sale Amount: $1.3 Million

Sale Date: July 24, 2008
Buyer: Chick-fil-A Inc.
Seller: Board of Stewardship, Foundation and Benefits of the Cumberland Presbyterian Church, formerly known as Board of Finance of the Cumberland Presbyterian Church

Details: The long-anticipated sale of a Cumberland Presbyterian Church building on Union Avenue in Midtown to Chick-fil-A Inc. has closed, with the Atlanta-based restaurant chain buying the historic property July 24. The sale was recorded July 31 in the Shelby County Register of Deeds, clearing the way for the fast-food chicken chain to raze the church building and begin construction of a restaurant, its first in Midtown.

The property’s address is 1978 Union Ave., but legal documents list it as 1996 Union Ave., 1992 Union Ave. and 58 S. Rembert St. The church, built in 1951, sits on a 1.6-acre campus.

Historic preservationists, led by Memphis Heritage Inc., opposed the restaurant’s plans for the property, which included tearing down the Gothic-style, nearly 60-year-old archives and administration building. In its place would be a restaurant flanked by two parking lots. The Memphis Heritage Web site states “a plan has been suggested to save the tower and the façade along Union Ave. with the restaurant behind this area.”

Chick-fil-A operates 11 restaurants in Memphis and 1,340 nationwide. Cumberland Presbyterian Church moved its headquarters and archives to a pair of 8,500-square-foot buildings on Varnavas Drive in Cordova in the spring.


1725 S. Third St.
Memphis, TN 38109
Sale Amount: $2.3 Million

Sale Date: July 16, 2008
Buyer: AGNL KIK LLC
Seller: KIK Custom Products Inc.

Details: KIK Custom Products Inc. – formerly known as CCL Custom Manufacturing Inc. – has sold its Memphis manufacturing plant to the local operating entity of a New York-based company. KIK Custom Products sold its 23.61-acre property and 316,830-square-foot facility as part of a company-wide plan to raise capital. KIK, based in Concord, Ontario, outside Toronto, now will lease the property from AGNL, something the company has been doing throughout its North America footprint. “Some plants we own outright – the building, the grounds and everything else – and some plants we basically lease,” said Sam Hamrick, general manager for the Memphis plant. “We made a decision in order to raise some funds that we would sell some plants and lease them back at low interest rates and long-term leases. We sold this plant and leased it back for 20 years. We’ll take that money and plow it right back into improving the operations within the plant.” The Memphis plant manufactures liquids – such as body washes, shampoos, lotions and sun care products – and fills bottles with those products for companies such as Proctor & Gamble Co., Johnson & Johnson and L’Oreal. The Memphis facility employs 350 people, Hamrick said, and that number is expected to remain steady in the coming months and years. The Shelby County Assessor of Property’s 2008 appraisal of the South Third facility is $2.6 million.


3108 New Allen Road
Memphis, TN 38128
Sale Amount: $1.6 Million

Sale Date: June 30, 2008
Buyer: Phineas Group LLC
Seller: U.S. Bank NA
Loan Amount: $1.7 million
Loan Date: July 1, 2008
Maturity Date: July 1, 2009
Lender: USA Mortgage Funding LLC

Details: The Hunter’s Ridge Apartments have sold to Decatur, Ga.-based Phineas Group LLC. The seller, U.S. Bank NA, had acquired the 142-unit complex in 2005 in a substitute trustee’s deed after foreclosing on the property’s previous owner, Divinity Properties LLC. That company had defaulted on a $2.3 million trust deed dated December 2000. Hunter’s Ridge sits on 6.35 acres on the east side of New Allen Road, about a mile north of Interstate 40. The complex is 117,498 square feet, includes one- and two-bedroom apartments and was built in 1972. Amenities include a swimming pool and laundry facility. The Shelby County Assessor of Property’s 2008 appraisal is $1.7 million.


7980 Patriot Drive
Memphis, TN 38018
Sale Amount: $1.2 Million

Sale Date: July 21, 2008
Buyer: Optoprecision Profit Sharing Trust
Seller: Richard L. Lynch Jr.
Loan Amount: $920,000
Loan Date: July 18, 2008
Maturity Date: July 20, 2013
Lender: Renasant Bank

Details: Bonsall, Calif.-based Optoprecision Profit Sharing Trust has bought an ABRA Auto Body and Glass store in Cordova. The 5,645-square-foot shop sits on 0.47 acres on the west side of Germantown Parkway between Trinity and Macon roads. The Shelby County Assessor of Property’s 2008 assessment of the shop and adjoining parking lot is $356,700. Rex Wamble of Wamble & Co., which represented the buyer, said Optoprecision was attracted to the property “strictly as an investment.” “A good, solid company like this with a triple-net lease is what we call in the business ‘clipping coupons’ – ABRA makes an automatic bank deposit of their rent check the first day of every month,” Wamble said. “Basically that’s it. It’s a guaranteed percentage return plus the depreciation factor.” Optoprecision owns another ABRA shop on Covington Pike, as well as office buildings at 2552 and 2600 Poplar Ave.


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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 82 82 19,655
MORTGAGES 75 75 22,989
FORECLOSURE NOTICES 7 7 8,311
BUILDING PERMITS 138 138 40,167
BANKRUPTCIES 72 72 13,176
BUSINESS LICENSES 9 9 6,146
UTILITY CONNECTIONS 52 52 13,048
MARRIAGE LICENSES 30 30 4,872

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