VOL. 123 | NO. 211 | Tuesday, October 28, 2008
Real Estate Recap
Aintree Farms to Build Replacement Clubhouse
By Eric Smith
3310 Winners Circle
Germantown, TN 38138
Permit Amount: $1.3 Million
Project Cost: $1.3 million
Permit Date: Applied October 2008
Completion: Spring 2009
Owner: Aintree Farms
Tenant: Aintree Farms
Contractor: Montgomery Martin Contractors LLC
Architect: Fleming/Associates/Architects PC
Details: The Aintree Farms subdivision in Germantown will rebuild its clubhouse, which burned down two years ago in an electrical fire. The neighborhood last week filed a $1.3 million permit application with the city-county Department of Construction Code Enforcement to build the 7,100-square-foot facility.
Construction will begin as soon as a few details are worked out, said Don Herring, vice president of the homeowners association for the roughly 20-year-old gated subdivision.
“We’re waiting on final cost estimates,” Herring said. “We hope to get the financials and make sure we’re in line with the money we got from our insurance people hopefully in the next week or so. We hope to break ground immediately after that.”
The new clubhouse will resemble the old one, with an English equestrian theme. It will include three rooms that can be separated or joined together for one large space, accommodating up to 300 people for events such as weddings. It also will have a sauna and steam room, a fully equipped weight and exercise room, and bathroom facilities for people using the pool.
Herring said construction is expected to last about six months, with opening set for April or May.
5389 Poplar Ave.
Memphis, TN 38119
Loan Amount: $3.2 Million
Loan Date: Sept. 30, 2008
Maturity Date: Aug. 1, 2014
Borrower: Autorama Inc. doing business as Mercedes Benz of Memphis
Lender: First Tennessee Bank NA
Details: Autorama Inc., doing business as Mercedes Benz of Memphis, has filed a $3.2 million construction loan to expand its Mercedes Benz dealership showroom at 5389 Poplar Ave., just east of Estate Drive in East Memphis. General sales manager Wayne Scroggins would only say that the company is expanding its showroom and was unavailable for further comment. “We’re doing some expansion to better take care of our customers,” Scroggins said. In July, the company filed a $2 million permit application with the city-county Department of Construction Code Enforcement, listing Montgomery Martin Contractors LLC as general contractor and Fleming and Associates LLP as architect. Richard Meena, vice president of Montgomery Martin Contractors, told The Daily News earlier this year that the Mercedes project will bring a new showroom and a new car wash to the dealership, and also will include general site work improvements, such as additions to the parking lot. A total of about 13,000 square feet will be added to the existing location, and most of that expansion 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.”
Montgomery Martin is about to break ground on the project, Meena said. He estimated the project will be completed in spring of 2009.
11450 Gulf Stream Drive
Arlington, TN 38002
Sale Amount: $1.1 Million
Sale Date: Oct. 10, 2008
Buyer: Wright Medical Technology Inc.
Seller: Machining Technology Group LLC
Details: Wright Medical Technology Inc. paid $1.1 million for a 29,000-square-foot, one-story concrete block warehouse in Arlington. The building sits on a 2-acre lot on the north side of Gulf Stream Drive west of Jetway Drive and was built in 1974.
Kyle Joines, Wright Medical’s vice president of manufacturing, said the building was bought for any future needs the company might have for it. “It was very convenient, so we chose to purchase it to offer us flexibility in the future,” Joines said. There are some outbuildings behind it as well, but he said the use of the buildings has “not yet (been) defined.”