VOL. 123 | NO. 147 | Tuesday, July 29, 2008
Real Estate Recap
Mercedes Benz of Memphis To Renovate Dealership
5389 Poplar Ave.
Memphis, TN 38119
Permit Cost: $2 million
Project Cost: $3 million
Permit Date: July 24, 2008
Completion: Spring 2009
Owner: Mercedes Benz of Memphis
Tenant: Mercedes Benz of Memphis
Architect: Fleming and Associates LLP
Contractor: Montgomery Martin Contractors LLC
Details: Mercedes Benz of Memphis will do a renovation of its location on Poplar Avenue just east of Estate Drive. Richard Meena, vice president of Montgomery Martin Contractors, said they will be adding a new showroom and a new car wash, as well as performing general site work improvements, including some additions to the parking lot.
The total project cost will be about $3 million, Meena said, “counting some owner improvements and furniture fixtures.”
A total of about 13,000 square feet will be added to the existing location, and most of that addition will be in the new showroom, Meena said.
“We built the original building, we’ve done several projects for them, and it’s going to give them a whole new look over there,” Meena said. “They’re going for a little update that’s something that’s a prototype for Mercedes Benz dealerships. It’s a pretty sharp look.”
Fleming and Associates LLP is the architect for the project.
Montgomery Martin is about to break ground on the project, Meena said. He estimated the project will be completed in spring of 2009.
Representatives at the Mercedes Benz dealership would not comment on the project.
211 Homes and Lots
Sale Amount: $12.6 million
Sale Date: June 30, 2008
Buyer: Douglas R. Beaty, trustee of the Forest Hill Land Trust, dated Feb. 12, 2007
Seller: Levitt and Sons of Shelby County LLC, and Bowden Building Corp.
Loan Amount: $14.5 million
Loan Date: June 27, 2008
Maturity Date: n/a
Lender: Regions Bank
Details: 211 homes and lots throughout Memphis for $12.6 million purchased by Douglas R. Beaty, a local attorney and the trustee of the Forest Hill Land trust, through a special sale deed. In conjunction with the sale, Beaty, as the trustee of the Forest Hill Land Trust, took out a loan of $14.5 million from Regions Bank on June 27. Ft. Lauderdale, Fla.-based Levitt and Sons of Shelby County LLC and Bowden Building Corp. were the sellers.
The sale includes 132 houses and 84 lots. Levitt and Sons LLC, along with 37 of its subsidiaries, filed Chapter 11 bankruptcy protection petitions in a Florida bankruptcy court in November. Chapter 11 is bankruptcy “reorganization” in which a company usually attempts to stay in business while a bankruptcy judge oversees reorganization of certain debts and obligations. Bowden Building Corp. was bought by Levitt and Sons in 2004, which marked the Levitt and Sons’ entry into the Memphis market. Calls to Beaty’s office were not returned by press time.
2114 Union Ave.
Memphis, TN 38104
and 2890 Bartlett Blvd.
Bartlett, TN 38134
Sale Amounts: $ 2.4 million and $1.8 million
Sale Date: July 18, 2008
Buyer: Dbapplef LLC
Seller: Applebees Restaurants West LLC
Loan Amounts: $1.7 million and $1.3 million
Loan Date: July 18, 2008
Maturity Date: July 1, 2010 (both loans)
Lender: Wells Fargo Bank N.A.
Details: Two locations currently occupied by Applebee’s Neighborhood Bar & Grills sold to DBAPPLEF LLC by Applebee’s Restaurants West LLC. The property at 2114 Union Ave. sold for $2.4 million, and the property at 2890 Bartlett Blvd. sold for $1.8 million. Both sale deeds were dated July 18. DBAPPLEF LLC took out two loans from Wells Fargo Bank N.A., one loan for $1.7 million for the Union Avenue property and another loan for $1.3 million for the Bartlett Boulevard property. Both loans have a maturity date of July 1, 2010. DBAPPLEF LLC is affiliated with Drawbridge Special Opportunities Fund LP, according to the sale deeds. Attempts to reach representatives at Drawbridge were unsuccessful by press time.
The Union Avenue property is a 1.03-acre site with a 4,834-square-foot, one-story building constructed in 1999. The restaurant sits on the north side of Union Avenue east of Florence Street. The Bartlett Boulevard property is listed as a 37,729-square-foot lot with a 4,363-square-foot, one-story building constructed in 1990. It sits on the southeast corner of Bartlett Boulevard and Stage Road.
6504 E. Raines Road
Memphis, TN 38115
Sale Amount: $1.4 million
Sale Date: July 15, 2008
Buyer: Kirby Raines Self Storage LLC
Seller: Kirby Raines Partners
Loan Amount: $1.2 million
Loan Date: July 15, 2008
Maturity Date: n/a
Lender: First Bank
Details: A 27,030-square-foot, one-story mini-warehouse built in 1995. It sits on 3.73 acres on the north side of East Raines Road east of Kirby Parkway. Shelby County Assessor’s 2008 appraisal is $1.4 million. The seller, Kirby Raines Partners, received the property via quitclaim deed in 2002.
The property is listed on the Web site of Absolute Storage Management Inc., and ASM management team member Michael Haugh signed the mortgage as manager of Kirby Raines Self Storage. Representatives could not be reached by press time.
ASM was founded in 2002 and owns more than 2.8 million square feet of storage in six states, according to its Web site.
584 N. Germantown Parkway
Memphis, TN 38018
Sale Amount: $2.4 million
Sale Date: July 10, 2008
Buyer: Egan Family Partnership (50 percent interest), Germantown Parkway Partners LLC (40 percent), Charles Jacob (7 percent) and Paula Jacob (3 percent)
Loan Amount: $1.2 million
Loan Date: June 25, 2008
Maturity Date: Aug. 10, 2009
Details: A 15,100-square-foot, one-story strip shopping center built in 1991. Tenants include Baptist Minor Medical Center and AutoZone. The property was renovated in 2006, according to the Web site of the seller, AmREIT. The 1.44-acre property is on the east side of North Germantown Parkway south of Trinity Road. Shelby County Assessor’s 2008 appraisal is $2.3 million.
AmREIT is a real estate investment company whose philosophy is to acquire “irreplaceable corner” commercial properties, according to the company’s Web site. The company defines such properties as being a corner parcel in a major metropolitan area with a high car count and a high average income within a three- to five-mile radius, among other things.