VOL. 124 | NO. 156 | Tuesday, August 11, 2009
Real Estate Recap
Kohl’s Repairs Storm Damage At Cordova Department Store
2335 N. Germantown Parkway
Cordova, TN 38016
Permit Amount: $550,000
Project Cost: $550,000
Permit Date: Applied August 2009
Completion: August 2009
Contractor: InStar Services Group LP
Details: Kohl’s has begun work to repair the structural damage at its store at 2335 N. Germantown Parkway in Cordova sustained during the recent storm.
The big-box department store, which lost part of its roof and wall when a tornado ripped through the Wolfchase area July 30, filed a $550,000 permit application with the city-county Office of Construction Code Enforcement for the repairs.
Chuck Woodcock of Fort Worth, Texas-based InStar Services Group LP, the general contractor for the project, said the store wanted to fast-track the construction to be open in time for last weekend’s sales tax holiday.
“We’re on the accelerated schedule,” said Woodcock, who runs the InStar Services territory that’s based in Nashville. “That’s subject to a lot of different factors, so that’s not set in stone, but that’s the intent at this point.”
Kohl’s opened Saturday morning at 7 a.m. after being closed for about eight days. Crews were still working Sunday.
Woodcock said more than 120 workers affiliated with the contractor and a host of subcontractors are contributing to the repair efforts. He said this permit was related to the structural damage only and that other permits would reflect different components of the project.
The extensive storm damage occurred about a week after a cat burglar robbed the department store by sawing through its roof.
Four Homes in Germantown;
Three Lots in Lakeland
Sale Amount: $2 Million
Sale Date: July 27, 2009
Buyer: Trust One Bank
Seller: Jordan E. Reifler, successor trustee
Details: Trust One Bank has bought back four homes and three lots formerly owned by Skip Hobbs Construction LLC following foreclosures of the properties. In successor trustee’s deeds, the bank paid slightly less than $2 million for the homes, all of which are in Germantown, and $93,000 for the three lots, all of which are in Lakeland. Skip Hobbs Construction LLC had defaulted on a $2.7 million loan through Trust One Bank dated Sept. 18, 2007. The trust deed was for the homes at 2214, 2223, 2235 and 2236 Beau Ridge Cove in Germantown. The homes have a combined appraised value of $1.7 million. The company also defaulted on a $716,800 construction loan through Trust One Bank dated May 31, 2007. The trust deed was for lots 64, 65 and 83 of phases two and three of the Evergreen Hills Planned Development in Lakeland. Jordan E. Reifler of Wyatt, Tarrant & Combs LLP was appointed June 19 as successor trustee in both transactions.
1.34 acres in Collierville
Sale Amount: $554,648
Sale Date:July 31, 2009
Buyer: Abner Building Co. LLC
Seller: Douglas R. Beaty, Trustee of the Forest Hill Land Trust, dated Feb. 12, 2007
Loan Amount: $500,000
Loan Date: July 28, 2009
Maturity Date: N/A
Lender: Independent Bank
Details: A company called Abner Building Co. LLC on July 31 paid $554,648 for 1.34 acres in Collierville. The land is an outparcel of the 55-acre Ballard Property Planned Development at the northeast corner of Houston Levee Road and Crooked Creek Drive, near Poplar Avenue. Abner Building Co. filed a $500,000 loan through Independent Bank in conjunction with the purchase. Laura Lendermon Rangi signed the trust deed as a member of Abner Building Co. A call to Lendermon Rangi for comment was not immediately returned. Prior to the sale, on May 2, the land was quitclaimed, or transferred, from HBO Holdings LLC to Douglas R. Beaty, trustee of the Forest Hill Land Trust, dated Feb. 12, 2007. Beaty then acted as seller to Abner Building Co. The Ballard Property PD is home to a senior facility being built by Memphis-based Retirement Cos. of America and a health club owned by Life Time Fitness Inc.
4000 Air Park Cove
Memphis, TN 38118
Loan Amount: $2 Million
Loan Date: July 29, 2009
Maturity Date: N/A
Borrower: Hubcap LP
Lender: Lafayette Life Insurance Co.
Details: The new owner of the 120,560-square-foot warehouse at 4000 Air Park Cove in Oakhaven/Parkway Village on July 29 filed a $2 million loan through Lafayette Life Insurance Co. for the property. Hubcap LP in early June bought the building for $2.6 million in a special warranty deed from ProLogis-North Carolina Limited Partnership, a division of Denver-based distribution leasing company ProLogis. Built in 1987, the warehouse sits on 5.91 acres on the east side of Air Park Cove, which is northeast of the intersection of Getwell and East Raines roads. The Shelby County Assessor of Property’s 2009 appraisal is $2.3 million. ProLogis’ Web site says the building has 99,840 square feet available. The buyer, Hubcap LP, is affiliated with San Jose, Calif.-based Quality Real Estate Management LLC, according to the warranty deed. Prior to the sale, the property was quitclaimed to the seller from ProLogis. The former owner was DFW Nine.