VOL. 123 | NO. 181 | Tuesday, September 16, 2008
Real Estate Recap
THM to Build Nursing Facility Near Downtown
1513 N. Second St.
Memphis, TN 38107
Permit Amount: $12.5 Million
Project Cost: $12.5 million
Permit Date: Applied September 2008
Completion: Winter 2009
Owner: Harbor View Properties Inc.
Tenant: Harbor View Properties Inc.
Contractor: Inman Construction Co.
Architect: Askew Nixon Ferguson Architects Inc.
Details: Harbor View Properties Inc., a division of Parsons, Tenn.-based Tennessee Health Management Inc., has filed a building permit with the city-county Department of Construction Code Enforcement to build a 120-bed, 82,000-square-foot nursing and assisted-living facility on North Second Street, near Pear Avenue and just south of North Mud Island Road.
Construction will take about a year, with completion slated for winter of 2009, said Roger Sigler, director of business development for the project’s general contractor, Inman Construction Co. The company started clearing the site last week, a process that will take awhile, Sigler added.
“There’s going to be a lot of site work that takes place because of the current conditions out there,” he said. “We are still working through some final issues before we are actually able to begin the footings foundation.”
There were “a lot of materials that were dumped there through the years, so we’re going to have to get rid of that and bring in some suitable soil to build on,” he said.
Harbor View Properties bought the roughly 10-acre site in March for $755,820 from Ford Farms. Felicia Nicks, administrator with Court Manor in Midtown, another THM facility, said the Downtown location will have 120 beds – most of them in private rooms – plus a therapy department and outpatient therapy.
5321 Shelby Drive
Memphis, TN 38118
Sale Amount: $9.1 Million
Sale Date: Aug. 27, 2008
Buyer: Shelby Road Memphis LP (60.4 percent); JES Shelby Road Memphis LLC (39.6 percent)
Seller: Harriett Crews Partnership
Loan Amount: $7.4 million
Loan Date: Aug. 27, 2008
Maturity Date: Aug. 1, 2011
Lender: First Midwest Bank
Details: The Harriett Crews Partnership has sold the warehouse at 5321 Shelby Drive in Parkway Village for $9.1 million to a pair of Illinois-based tenants in common (TICs), Shelby Road Memphis LP (60.4 percent) and JES Shelby Road Memphis LLC (39.6 percent). The entities are related to Chicago-based HSA Commercial Real Estate, which has an extensive portfolio in Memphis, including properties in Willow Lake Business Park and Corporate Park. The 361,398-square-foot warehouse, built in 1986, sits on 16.53 acres on the south side of Shelby Drive, east of Lamar Avenue. The Shelby County Assessor of Property’s 2008 appraisal is $6.3 million. The buyers financed the purchase with a $7.4 million loan from First Midwest Bank. John E. Shaffer signed the deed of trust as managing member of both TICs.
4114 Delp St.
Memphis, TN 38118
Sale Amount: $635,000
Sale Date: Aug. 20, 2008
Buyer: Gregory Realty LLC
Seller: Eastgroup Properties LP
Loan Amount: $1.3 million
Loan Date: Aug. 20, 2008
Maturity Date: N/A
Lender: Trust One Bank
Details: Gregory Realty LLC has bought a Parkway Village warehouse from Jackson, Miss.-based Eastgroup Properties LP. The 19,575-square-foot warehouse was built in 1975 and sits on one acre on the east side of Delp Street, where East Raines Road meets South Perkins Road. Company principal Hulet Gregory said Eastgroup was exiting the Memphis market, and this warehouse was part of its portfolio. The building’s two tenants, St. Joseph Casket Co. and Crossroads Wireless, recently signed five-year leases, so Gregory saw the warehouse as a solid investment. “It was just a really nice, cash-flow producing property and we got it at a good deal,” said Gregory, who also touted the property’s “great condition” and its proximity to U.S. 78 (Lamar Avenue) as reasons for the acquisition. The transaction included an assignment of rents and leases for the property. The $1.3 million trust deed from Trust One Bank also included refinancing for one of Gregory Realty’s Downtown office properties. The Shelby County Assessor of Property’s 2008 appraisal of the Delp Street warehouse is $500,000.
3971 Knight Arnold Road
Memphis, TN 38118
Sale Amount: $850,000
Sale Date: Aug. 28, 2008
Buyer: Shelby Residential and Vocational Services Inc.
Seller: Ajsy Family Living Trust, Anthony Joseph Campos Sy, trustee
Loan Amount: $722,500
Loan Date: Aug. 29, 2008
Maturity Date: Sept. 10, 2013
Lender: Trustmark National Bank
Details: The Shelby Residential and Vocational Services Inc. (SRVS) has bought an office building in Parkway Village. The 82,166-square-foot building was built in 1992 and sits on 3.3 acres near the intersection of Knight Arnold and Getwell roads. The Shelby County Assessor of Property’s 2008 appraisal is $422,500. SRVS was formed in 1962 to help Shelby County residents with development disabilities. Diana Fedinec, public relations manager for SRVS, called it a fantastic opportunity because it’s near SRVS’s current headquarters and is a larger space, which will accommodate the organization’s growth. “The bottom line is we need to expand our programs and services to impact the community,” Fedinec said. Details about the move to the new headquarters will come later, she added.