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VOL. 124 | NO. 250 | Tuesday, December 22, 2009

In-Rel Buys Former Comcast Building, Renames it “Quince Centre”

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6555 Quince Road
Memphis, TN 38119
Sale Amount: $5 million
Sale Date: Dec. 7, 2009

Buyer: 6555 Quince Building Owner LLC
Seller: BACM 2000-2 Quince Road LLC
Loan Amount: $3.1 million
Loan Date: Dec 7, 2009
Maturity Date: N/A
Lender: Insbank

Details: In-Rel Management Inc. has bought the 123,924-square-foot office building at 6555 Quince Road in the Quince/Ridgeway area of Southeast Memphis for $5 million in a special warranty deed.
The company, operating in the transaction as 6555 Quince Building Owner LLC, bought the property Dec. 7 from BACM 2000-2 Quince Road LLC, an entity related to Miami-based LNR Partners Inc.
Completed in 1989, the building sits on 5.94 acres at the southwest corner of Quince Road and Kirby Parkway near Tenn. 385. The Shelby County Assessor of Property’s 2009 appraisal is $8.5 million.
Formerly known as the “Comcast Building,” the property was hit hard when Comcast moved. It now will be called Quince Centre, according to a release from Lake Worth, Fla.-based In-Rel, which has an office in Memphis. The company’s local portfolio includes about 1.4 million square feet of office space, including the Clark Tower and Lynnfield Office Park.
Ron Riley, executive vice president for In-Rel’s local office, said this acquisition “fits in very nicely with our existing portfolio and gives us the opportunity to tap into the 385 corridor and its current tenant base.”
Quince Centre has 15 tenants and is 45 percent leased. The company is looking to rebrand the building and take advantage of being close to Tenn. 385.

1633 Pennsylvania St.
Memphis, TN 38109
Permit Amounts: $ 6.5 million
Project Cost: $6.5 million
Permit Date: Applied December 2009
Completion: December 2010
Owner: Lyons Ridge Apartments
Tenant: Lyons Ridge Apartments
Contractor: Patton & Taylor Enterprises LLC
Architect: Lawrence Abell & Associates Ltd.
Details: See below.

4495 Horn Lake Road
Memphis, TN 38109
Permit Amount: $ 9.4 Million
Project Cost: $9.4 million
Permit Date: Applied December 2009
Completion: December 2010
Owner: Village Parkway LP
Tenant: TBA
Contractor: Patton & Taylor Enterprises LLC
Architect: Lawrence Abell & Associates Ltd.

Details: Memphis-based general contractor Patton & Taylor Enterprises LLC has filed a pair of building permits – totaling close to $16 million – with the city-county Office of Construction Code Enforcement to begin construction on two projects in Westwood.
The company filed a $9.4 million permit to build a 116-unit, 29-building apartment community at 4495 Horn Lake Road. The property is owned by Village Parkway LP and will be an affordable-housing multifamily complex.
The company also filed a $6.5 million permit to build a 100-unit senior living facility called Lyons Ridge at 1633 Pennsylvania St.
Cameron Taylor of Patton & Taylor said more details on both projects would be coming, although he did say construction is slated to begin at the first part of the year, with completion by Dec. 31, 2010. He said the projects would be similar in scope to other buildings the company has constructed in the past.
The architect for both projects is Lawrence Abell & Associates Ltd., which has worked with Patton & Taylor on other Memphis properties, including the Lamar Crossing apartments.

1692 Cordova Road
Germantown, TN 38138
Loan Amount: $600,000
Loan Date: Dec. 14, 2009
Maturity Date: Dec. 14, 2010
Lender: Magna Bank

Details: Y5 LLC has filed a $600,000 construction loan and a $500,000 permit to build a home in Neshoba Grove, the site of the Memphis Area Home Builders Association’s spring home show. The company, whose principal is Tommy Young, this week filed the loan through Magna Bank and its permit with the city-county Office of Construction Code Enforcement.
Young said he is building a roughly 4,000-square-foot house at 1692 Cordova Road. The home, designed by Lavelle Walker, will be listed for approximately $725,000. It will be filled with unique features such as a wine cellar, safe room and sleeping porch. “It’s got lots of Lavelle’s little tricks and designs in it,” Young said. “It’s a really cool house.”
The home show, set for May 29 through June 20, is called “The Vesta Designer Showcase of Homes.” It will showcase five custom-built homes in Neshoba Grove, a new infill development at the northeast corner of Cordova and Neshoba roads just west of Germantown Road.
Y5 bought the Neshoba Grove lot for $175,000 from Kircher-Belz Builders LLC, the company that developed the subdivision and also will build one home for the spring show.

185 E. Butler Ave., 509 S. Third St. and 190 E. G.E. Patterson Ave.
Memphis, TN 38103
Sale Amount: $1.6 Million
Sale Date: Dec. 10
Buyer: First Citizens National Bank
Seller: Ralph Henson, trustee

Details: The property slated to house the Butler Rows condominiums in the South Forum District was sold back to the lender Dec. 10 following a foreclosure. Dyersburg, Tenn.-based First Citizens National Bank formally reclaimed the land where a 35-unit, brownstone building was to be built for $1.6 million from bank trustee Ralph Henson. The 2.08-acre property includes three parcels – 185 E. Butler Ave., 509 S. Third St. and 190 E. G.E. Patterson Ave. – and is east of Navy Park in the “SoFo” area, whose name is derived from its location south of FedExForum.
The owner, Butler Rows LLC, defaulted on a $2.7 million loan through First Citizens dated Sept. 21, 2007. The plan for Butler Rows was a five-story building with 35 townhome-style units, each with a private elevator and two-car garage, according to the developer’s Web site, www.butlerrows.com.
The Shelby County Assessor of Property shows the parcels in the same condition as when Butler Rows LLC bought them.
The 185 E. Butler Ave. parcel contains 1.19 acres of vacant land with an appraised value of $145,900; the 509 S. Third St. parcel contains an 84-year-old warehouse on 0.6 acres with an appraised value of $215,300; and the 190 E. G.E. Patterson Ave. parcel contains 0.29 acres of vacant land with an appraised value of $37,800.

PROPERTY SALES 66 66 6,612
MORTGAGES 78 78 4,207
BUILDING PERMITS 158 158 16,073
BANKRUPTCIES 45 45 3,441