VOL. 124 | NO. 254 | Tuesday, December 29, 2009
Real Estate Recap
Renal Company Sells Clinic, Leases It Back From New Owner
By Eric Smith
4185 Pace Road
Memphis, TN 38116
Sale Amount: $2 Million
Sale Date: Dec. 17, 2009
Buyer: BanBan South Memphis LLC
Seller: RAI II LLC
Loan Amount: $1.5 million
Loan Date: Dec. 15, 2009
Maturity Date: March 7, 2011
Lender: First Security Bank
Details: RAI II LLC, a local affiliate of Nashville-based Renal Advantage Inc., has sold its recently completed renal clinic at 4185 Pace Road in Whitehaven for $1.5 million to a St. Louis company called BanBan South Memphis LLC.
Renal Advantage’s predecessor, National Renal Alliance LLC, developed and built the 8,449-square-foot office medical clinic. Renal Advantage acquired National Renal Alliance in January.
After completing the building, Renal Advantage sold the building to BanBan and will lease the property back for one of its two Memphis-area clinics, both of which soon will be opening.
The company also will open a clinic at the corner of Poplar Avenue and Cleveland Street, said Eric Enderle, Renal Advantage’s vice president of development. That property has a coming sale-leaseback transaction, Enderle added.
Construction is completed on both clinics, but Renal Advantage is waiting for approvals from the state Department of Health before opening, Enderle said.
In November 2008, before the two renal companies became one, Franklin, Tenn.-based National Renal Alliance bought the Whitehaven lot.
The 1.39-acre parcel of land is on the northwest corner of Marlin and Pace roads, near the intersection of East Raines Road and Elvis Presley Boulevard.
It was the second purchase National Renal Alliance made in Memphis this year.
Eads, TN 38028
Sale Amount: $1.6 Million
Sale Date: Nov. 20, 2009
Buyer: Renasant Bank
Seller: Paul N. Royal, substitute trustee
Details: Renasant Bank has reclaimed 16 parcels – 13 of which are residential lots and three of which are common areas – in the Curtman Glenn Planned Development in unincorporated Shelby County near Eads following a foreclosure of the properties. The Tupelo, Miss.-based bank paid $1.6 million for the land from substitute trustee Paul N. Royal of the law firm Crislip, Philip and Associates.
The sale occurred Nov. 20, but the deed wasn’t recorded with the Shelby County Register of Deeds until this week.
The previous owner of the properties, Grace Land Co. LLC, defaulted on a $2.2 million construction deed of trust, assignment of rents and security agreement through Renasant dated Aug. 1, 2005. Curtis Wegner signed the trust deed as manager of Grace Land.
Most of the 13 lots were appraised at about $200,000, according to the Shelby County Assessor of Property, and they range in size from two to four acres. The three common areas total close to 20 acres.
The plat for Curtman Glenn was approved for 20 lots on 53 acres and was recorded in August 2006. The development sits along Wiseman Road south of Raleigh-LaGrange Road just north of the Wolf River and Collierville.
11695 U.S. 70
Arlington, TN 38002
Loan Amount: $2.4 Million
Loan Date: Dec. 8, 2009
Maturity Date: Dec. 8, 2011
Borrower: Arlington Development General Partnership
Lender: David Toms
Details: Arlington Development General Partnership on Dec. 8 filed a $2.4 million deed of trust through David Toms for Lot 3 of the Arlington Collection/Kroger V-463 Subdivision. The formal address is 11695 U.S. 70.
The land is near the intersection of U.S. 70 and Airline Road, not far from Tenn. 385.
Arlington Development GP developed the retail center at 11635 U.S. 70, which is anchored by a Kroger store. Operating as Kroger Limited Partnership I, that company in September 2008 acquired part of three lots next to its store for $900,000 from the Arlington Development partnership.
2891 Kirby Parkway
Memphis, TN 38119
Loan Amount: $2.3 Million
Loan Date: Dec. 16, 2009
Maturity Date: Dec. 16, 2014
Borrower: Kirby Gate Partners
Lender: Trustmark National Bank
Details: The owner of the Kirby Gate shopping center in the Quince/Ridgeway area on Dec. 16 filed a $2.3 million loan through Trustmark National Bank against a portion of the property.
Kirby Gate Partners – which developed the center under the name of Gill, Martin & Herring – took out the loan against the parcel at 2891 Kirby Parkway, home to a Walgreens drug store as well as another retail storefront.
Kirby Gate contains a second parcel at 6548 Kirby Quince Road to the west of the standalone Walgreens store. The centers are in the Kirby Crossing Planned Development Outline Plan.
Gill, Martin & Herring principal Ray Gill signed the trust deed as general partner of Kirby Gate Partners.
The Kirby Gate Walgreens is a 13,936-square-foot Class A retail building completed in 2000 and sits on 1.7 acres on the west side of Kirby Parkway. Its 2009 appraised value is $2.3 million, according to the assessor’s office.
The building next door is a 60,918-square-foot, Class B retail center completed in 1985 and sits on 6.5 acres. Its appraised value is $3 million.