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VOL. 123 | NO. 221 | Tuesday, November 11, 2008

FRS Powersports Building New Motorcycle/ATV Shop

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2175 Whitten Road
Memphis, TN 38133
Loan Amount: $2 Million

Loan Date: Oct. 31, 2008
Maturity Date: Nov. 1, 2009
Borrower: FRS Industries Inc.
Lender: BancorpSouth Bank

Details: FRS Industries Inc., the company that owns and operates FRS Powersports, has filed a $2 million construction loan to build an 18,000-square-foot motorcycle and ATV shop at 2175 Whitten Road, just north of the Interstate 40 and Whitten Road interchange.

The company broke ground last week, and construction is expected to take six to eight months, said store manager Brantley Gaither, son of FRS Industries owner Harold Gaither. The shop will replace the company’s existing location at 6695 Fletcher Creek Cove, which FRS Powersports has been leasing. Its existing shop is just 8,000 square feet, enabling the company to more than double in space with the move.

“We’ve increased in business and we wanted to have a new, state-of-the-art facility for our customers,” said Brantley Gaither.

FRS Powersports is an authorized dealer of Victory Motorcycles and Can-Am ATVs. Gaither said sales of motorcycles in particular have increased as fuel costs rose.

“Motorcycle business has stayed strong during the economy,” Gaither said. “Gas prices give people the excuse to have something fun.”

Renaissance Group is the architect of record and Chris Woods Construction Co. is the general contractor for the project. FRS Powersports earlier this year filed a permit application with the city-county Department of Construction Code Enforcement to build the store.

8069 Cog Hill Road
Memphis, TN 38125
Permit Amount: $501,000

Project Cost: TBA
Completion: End of 2009
Owner: Lindsey Management Co. Inc.
Tenant: Greens at Irene
Contractor: Lindsey Construction Co.

Details: Fayetteville, Ark.-based Lindsey Management Co. Inc. has filed 12 permit applications with the city-county Department of Construction Code Enforcement to build a third phase at the Greens at Irene apartment complex at the corner of East Shelby Drive and Hacks Cross Road in Southeast Shelby County. The company recently completed its 96-unit second phase at the development, which now includes roughly 600 apartments, an 18-hole golf course and clubhouse. This last phase will bring 192 units to the development, said Lindsey Management Chief Financial Officer Scott Rogerson. The company is using an in-house architect as project designer and its construction arm, Lindsey Construction Co., will serve as the general contractor for the third phase. Building is set to begin within the next couple of months and be completed by the end of 2009. Phase three will be built on the northwest corner of the parcel that Lindsey Management owns. The streets listed on the permits are Cog Hill Road and Merion Way.

201 Adams Ave.
Memphis, TN 38103
243 Exchange Ave.
Memphis, TN 38105
332 N. Main St.
Memphis, TN 38103
Sale Amount: $1.5 Million

Sale Date: Sept. 30, 2008
Buyer: TTOW Properties LLC
Seller: CPC Realty LLC
Loan Amount: $1.3 million
Loan Date: Oct. 10, 2008
Maturity Date: N/A
Lender: Compass Bank

Details: A Dallas-based company called TTOW Properties LLC has acquired a Memphis parking lot portfolio from CPC Realty LLC in special warranty deeds that also included quitclaim transfers. The transaction also included an assignment of leases. The 201 Adams Ave. location sold for $1.1 million. It includes three adjoining parcels at the southeast corner of North Third Street and Adams Avenue. The 243 Exchange Ave. location sold for $300,000. It includes two adjoining parcels at the southwest corner of North Fourth Street and Exchange Avenue. The 332 N. Main St. location sold for $110,000. It includes two adjoining parcels at the southeast corner of North Main Street and Jackson Avenue. TTOW Properties is affiliated with Dallas-based Belclaire Investment Corp. and Belclaire Realty Ltd., the investment arm of Belclaire Cos. The seller, CPC Realty, is a division of Nashville-based Central Parking Corp.

Lot in Forest Hill-Irene
Commercial Subdivision
Germantown, TN 38138
Loan Amount: $737,000

Loan Date: Oct. 24, 2008
Maturity Date: N/A
Borrower: Reed White Holdings LLC
Lender: Bank of Fayette County

Details: Reed White Holdings LLC has filed a construction loan to build a single-story, 3,800-square-foot office building in the Forest Hill-Irene Commercial Subdivision, on the west side of Forest Hill-Irene Road between Poplar Avenue and Poplar Pike. Reed White Holdings is a partnership between Bob Reed and Brian White. The duo has built a series of office buildings on various lots in the subdivision, including one at 9045 Forest Centre Drive, which is nearly complete. The company will move into that building in about two weeks, with half of that 5,500-square-foot building available for lease. As for the coming project, White said construction will start after the first of 2009 with a seven- to nine-month timeline, weather depending. The building will be constructed on half of the 1.2-acre lot that fronts Forest Centre Drive. Reed White Holdings will serve as general contractor on the office building and McGehee Nicholson Burke Architects will be architect.

PROPERTY SALES 61 61 6,453
MORTGAGES 46 46 4,081
BUILDING PERMITS 113 113 15,474
BANKRUPTCIES 19 19 3,289