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VOL. 123 | NO. 176 | Tuesday, September 9, 2008

Racquet Club’s New Owners To Make Improvements

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5111 Sanderlin Ave.
Memphis, TN 38117
Sale Amount: $4.4 Million

Sale Date: Aug. 29, 2008
Buyer: Tennis Club of Memphis LLC
Seller: Racquet Club Inc.
Loan Amount: $3 million
Loan Date: Aug. 29, 2008
Maturity Date: N/A
Lender: Regions Bank

Details: Tennis Club of Memphis LLC – a partnership led by Doug Carpenter and Brian Sullivan of the carpenter | sullivan | sossaman advertising firm plus San Jose, Calif.-based Silicon Valley Sports & Entertainment – has bought The Racquet Club of Memphis for $4.4 million.

The new owners plan to upgrade the longtime tennis facility.

“There are capital improvements planned for the club that will benefit club members as well as the players and fans at the tournaments,” Sullivan said. “These involve the high-impact areas like the food and beverage outlets and the locker rooms.”

The sale amount was almost a quarter less than the Shelby County Assessor of Property’s 2008 appraisal of $5.7 million. The seller was Racquet Club Inc., whose president, Mac Winkler, bought the club from Memphis cotton merchant William Dunavant Jr. in 1992. Winkler also ran the club’s two professional tennis tournaments, the men’s Regions Morgan Keegan Championships and the women’s Cellular South Cup.

In a separate deal announced at a press conference last week, Tennis Club of Memphis will take over ownership and management of those tournaments.

The Racquet Club sits on 11.94 acres at the southwest corner of Sanderlin Avenue and White Station Road. Its popular men’s tennis tournament, which annually draws some of the world’s best players, has been held here since 1976. The women’s tournament was moved from Oklahoma City in 2002.

2338 Appling Road
Memphis, TN 38133
Sale Amount: $1.6 Million

Sale Date: Aug. 27, 2008
Buyer: New Century Properties and Investment LLC
Seller: Ralph E. Watkins
Loan Amount: $1.4 million
Loan Date: Aug. 27, 2008
Maturity Date: N/A
Lender: BankTennessee

Details: The former Horizon Travel Plaza off Appling Road near Bartlett has sold for $1.6 million to New Century Properties and Investment LLC. The seller, Ralph E. Watkins, paid $1.9 million for the property in January 2005. The 4,268-square-foot gas station and convenience store, now called Star 24, was built in 2004 and sits on 1.16 acres off Appling Road just north of the Interstate 40 interchange. The Shelby County Assessor of Property’s 2008 appraisal is $1 million.

3012 Centre Oak Way
Germantown, TN 38138
Sale Amount: $942,500

Sale Date: Aug. 27, 2008
Buyer: HKC LLC
Seller: Reed White Holdings LLC
Loan Amount: $789,570
Loan Date: Aug. 27, 2008
Maturity Date: Sept. 1, 2013
Lender: Magna Bank

Details: Reed White Holdings LLC has sold the office building at 3012 Centre Oak Way in Germantown. The 3,848-square-foot building was completed in 2006. It’s part of the nine-lot, 7.42-acre 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. The 3012 Centre Oak Way office building sits on a half acre. The company still owns 3024 Centre Oak Way and has one building under construction, at 9045 Forest Centre Drive. It is scheduled for completion in November, said White. Alan Kraus signed the limited liability company articles of organization as HKC’s registered agent, and the company financed the purchase with a $789,570 loan from Magna Bank. White said HKC will occupy half the building.

5520 Shelby Oaks Drive
Memphis, TN 38134
Sale Amount: $960,000

Sale Date: Aug. 28, 2008
Buyer: West Cermak Realty LLC
Seller: Darren Metz
Loan Amount: $712,500
Loan Date: Aug. 28, 2008
Maturity Date: Aug. 28, 2011
Lender: Bank of Bartlett

Details: West Cermak Realty LLC of Maryland has bought the 15,000-square-foot office building at 5520 Shelby Oaks Drive in northeast Memphis for $960,000. The seller was Darren Metz, CEO of Nashville-based NovaCopy Inc., which operates one of its three locations in the building. Metz said this was a sale-leaseback deal, with NovaCopy continuing to occupy the entire space. Completed in 1989, the building sits on 1.37 acres near the intersection of Shelby Oaks Drive and Summer Avenue, just north of Interstate 40. The Shelby County Assessor of Property’s 2008 appraisal is $852,100. NovaCopy is a dealer of multifunction office copiers and business solutions. Two years ago the company moved its headquarters from Memphis to Nashville.

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367