VOL. 124 | NO. 245 | Tuesday, December 15, 2009
Real Estate Recap
Migliara Buys Summer Avenue Retail Center from Las Vegas Owner
By Eric Smith
6343 U.S. 70 (Summer Ave.)
Memphis, TN 38134
Sale Amount: $1.2 Million
Sale Date: Nov. 25, 2009
Buyer: Lawrence Migliara
Seller: Biz Point Property Group LLC
Loan Amount: $1.2 million
Loan Date: Nov. 25, 2009
Maturity Date: Dec. 5, 2014
Lender: Trustmark National Bank
Details: Local real estate investor and retail owner Lawrence Migliara has bought the 14,700-square-foot strip center at 6343 U.S. 70 (Summer Ave.) near Bartlett for $1.2 million from Biz Point Property Group LLC of Las Vegas.
The retail building, part of the Bartlett Commercial Center Planned Development, sits on the east side of Summer Avenue near its intersection with Elmore Road and across the street from the Summer Avenue driver testing station.
The Class A facility was completed in 2004 and has an appraised value of $1.7 million, according to the Shelby County Assessor of Property.
Migliara financed the purchase through Trustmark National Bank, which had worked with the seller to find a buyer for the center before foreclosing.
Migliara is a cofounder of the Outdoors Inc. stores and also has invested in a number of real estate deals around town. He said this property was attractive because it is a well-performing asset with solid tenants, including a motorcycle shop and an insurance agency. He added that the “price was right” and it “was a good deal all around.”
Just five years old, the center is in “excellent shape,” Migliara said, adding that its location has been beneficial despite some nearby retail properties that haven’t performed as well.
5883 U.S. 72 (Poplar Ave.)
Memphis, TN 38119
Permit Amount: $ 1.2 million
Project Cost: $1.2 million
Permit Date: Applied December 2009
Owner: WRI Ridgeway LLC
Tenant: PetSmart Inc.
Details: Houston-based Weingarten Realty Investors has filed a $1.2 million permit application with the city-county Office of Construction Code Enforcement to build a PetSmart at the Ridgeway Trace shopping center in East Memphis. The 18,325-square-foot building’s formal address will be 5883 U.S. 72 (Poplar Ave.), according to the permit. This will be the third Memphis store for the Phoenix-based company that specializes in pet supplies, accessories and products. PetSmart’s other stores are on Winchester Road and on Wolfcreek Parkway near Wolfchase Galleria. PetSmart Inc. will join Target Corp., Best Buy Co. Inc. and Sports Authority as the four anchors in Ridgeway Trace, which sits on 30 acres at Poplar Avenue near Interstate 240 on the site of the former Ridgeway Trace apartment complex. The 312,000-square-foot retail center debuted in the spring with the opening of the Target store. Best Buy and Sports Authority are under construction. Weingarten, which operates locally as WRI Ridgeway LLC, filed a $1.7 million building permit for the Best Buy store in January and a $3.3 million building permit for the Sports Authority store in December 2008.
1808, 1818 and 1820 N. Parkway
Memphis, TN 38112
Sale Amounts: $1.2 million; $182,500; and $179,500
Sale Dates: Nov. 30, 2009
Buyer: Pecan Park Holdings
Sellers: Pecan Park Condominiums LLC, Timothy E. Young and Martin P. Boscaccy
Loan Amount: $1.5 million
Loan Date: Nov. 30, 2009
Maturity Date: June 1, 2010
Lender: Anthony Sanfilippo and Angie Sanfilippo
Details: A limited liability company called Pecan Park Holdings LLC has bought all 12 condominium units in a trio of four-plexes at 1808, 1818 and 1820 North Parkway near Rhodes College for a combined $1.6 million. Pecan Park Holdings, represented in trust deeds by David Schay of Germantown, bought the condo units from three sellers. Pecan Park paid $1.2 million for 10 of the units (in all three buildings) from Pecan Park Condominiums LLC, $182,500 for one unit in the 1808 North Parkway building from Timothy E. Young and $179,500 for one unit in the 1818 North Parkway building from Martin P. Boscaccy. The 10 units – four of which are in the 1820 North Parkway building, three of which are in the 1808 North Parkway building and three of which are in the 1818 North Parkway building – were all built in 1921. Each of those units is appraised at $198,800 for a combined appraised value of slightly less than $2 million, according to the Shelby County Assessor of Property. As for the other two units that Pecan Park bought from Young and Boscaccy, those also are appraised at $198,800. All 12 of the units are 1,150 square feet with two bedrooms and two bathrooms.
9844 Legends Drive
Germantown, TN 38139
Sale Amount: $950,000
Sale Date: Nov. 30, 2009
Buyer: Scott and Niloofar Baymiller
Seller: Selene RMOF REO Acquisition LLC
Loan Amount: $881,020
Loan Date: Dec. 3, 2009
Maturity Date: N/A
Lender: Landmark Community Bank
Details: Professional golfer John Daly’s former home on Legends Drive in Germantown has a new owner. Scott and Niloofar Baymiller bought the two-story, 7,671-square-foot home Nov. 30 for $950,000 from an entity called Selene RMOF REO Acquisition LLC. A few months prior to the sale, on Sept. 15, Selene RMOF REO Acquisition had bought the same home for $691,891 from Regions Bank in a special warranty deed. Regions had foreclosed on the property in January and reclaimed it Feb. 5 on the courthouse steps for $1.2 million in a substitute trustee’s deed with J. Phillip Jones serving as substitute trustee. Daly owned the home with his wife, Sherrie Daly. The couple defaulted on a $1.5 million loan through Regions Bank, doing business as Regions Mortgage, dated Sept. 28, 2007. John and Sherrie Daly bought the home in September 2007 for $1.6 million from George and Amy Corchis. The home has 11 rooms, including four bedrooms and five bathrooms, plus a garage. Built in 2005, the home sits on 2.11 acres on Legends Drive, just west of Houston Levee Road. Its appraised value is $1.5 million, according to 2009 data from the Shelby County Assessor of Property.