VOL. 123 | NO. 113 | Tuesday, June 10, 2008
Real Estate Recap
New AT&T Retail Center Slated for Germantown Parkway
The Daily News
1730 N. Germantown Parkway
Cordova, TN 38016
Sale Amount: $1.3 Million
Sale Date: May 6, 2008
Buyer: Retail Realty Partners LLC
Seller: First Capital Bank
Loan Amount: $2 million
Loan Date: May 12, 2008
Maturity Date: May 12, 2015
Lender: Cadence Bank NA
Details: Retail Realty Partners LLC, whose partners include Timothy Vargo and George Stein, recently bought a former Krystal fast food restaurant on North Germantown Parkway in Cordova, tore it down and began construction of a new 4,000-square-foot AT&T Mobility retail center on the site.
The Krystal there was a 2,564-square-foot restaurant built in 1996. Stein said the restaurant closed several years ago and has been vacant ever since. The site is a 0.74-acre parcel across the street from Kroger at Germantown Parkway and Dexter Road. Other popular food and retail offerings along Germantown, such as a nearby Starbucks, should help draw traffic to the store.
“Location is the attraction,” Stein said. “Say no more there.”
The Shelby County Assessor of Property’s 2008 appraisal is $769,200. In conjunction with the plans, Retail Realty Partners also filed a $300,000 permit application with the city-county Department of Construction Code Enforcement to build the store. C & M Builders Inc. is the general contractor, and Stein is the architect.
Retail Realty Partners has not yet determined its targeted opening date, but the store will replace an existing AT&T Mobility center across the street at 1605 N. Germantown Parkway.
6070 Poplar Ave.
Memphis, TN 38119
Permit Amounts: $30.1 Million total (3 permits)
Project Cost: $29.2 million
Permit Date: Applied May 2008
Completion: Fall 2009
Owner: Highwoods Properties Inc.
Contractor: Montgomery Martin Contractors LLC
Architect: The Crump Firm Inc.
Details: After delays, Highwoods Properties Inc. is moving forward with plans to build a $29.2 million, 148,000-square-foot office building near Poplar Avenue and Shady Grove Road, the company announced recently. Dubbed Triad Centre III, the seven-story building joins two adjacent Class A office buildings in the Triad complex and is slated to be completed in fall 2009. The other Triad buildings comprise 243,000 square feet and are 93 percent occupied. Raleigh, N.C.-based Highwoods owns seven buildings totaling 705,000 square feet in the Poplar Avenue corridor; those properties are 96.8 percent occupied. The law firm of Apperson Crump & Maxwell PLC has contracted to lease 17 percent of the new space, Highwoods officials said. Early last month, the company filed three building permits totaling $30.1 million for an office building ($15.1 million) and two parking garages ($7.5 million each). But the project then was put on hold, said Steve Guinn, division vice president for the company. The permit applications, filed with the city-county Department of Construction Code Enforcement by contractor Montgomery Martin Contractors LLC, were formalities that paved the way for construction, which is now set to begin.
2881 Range Line Road
Memphis, TN 38127
Sale Amount: $5 Million
Sale Date: May 29, 2008
Buyer: Rynard Properties Ridgecrest LP
Seller: Ridgecrest Apartments of Memphis, Tennessee Inc.
Details: Indiana-based Rynard Properties Ridgecrest LP has bought the 256-unit Ridgecrest Apartments in Frayser. Built in 1973, Ridgecrest Apartments sits on 17.5 acres. The Shelby County Assessor of Property’s 2008 appraisal of the property is $3 million. The Health, Educational and Housing Facility Board of the City of Memphis issued $6.2 million in Multifamily Housing Revenue Bonds to Rynard Properties to renovate the complex. A spokesperson for the apartment complex confirmed the new owners are planning improvements to the property. In December, the same limited partnership acquired the Hilldale Apartments at 3491 Frayser-Raleigh Road for $3 million. Operating as Rynard Properties Hilldale LP, it bought the 148-unit multifamily complex from Hilldale Apartments of Memphis, Tennessee Inc.
59 Lots in Hacks Crossing
Sale Amount: $1.2 Million
Sale Date: May 28, 2008
Buyer: Crossroads Ventures LLC
Seller: Regions Bank
Details: Crossroads Ventures LLC has bought 59 lots in the Hacks Crossing Planned Development, part of a foreclosure sale on properties formerly owned by Mark Matthews Development LLC. The 25.3-acre Hacks Crossing development is at the southwest corner of Shelby Drive and Hacks Cross Road. Crossroads Ventures is affiliated with Loeb Properties Inc., which organized the entity in May.