VOL. 124 | NO. 8 | Tuesday, January 13, 2009
Real Estate Recap
Aldi Inc. Buys Land For Collierville Store
523 W. Poplar Ave.
Collierville, TN 38017
Sale Amount: $1 Million
Sale Date: Nov. 25, 2008
Buyer: Aldi Collierville LLC
Seller: Martin and Mildred Tippit
Details: Aldi Inc. has paid $1 million for 2.6 acres of land along West Poplar Avenue in Collierville, where it will build a 17,000-square-foot grocery store this year. The Batavia, Ill.-based grocer, operating locally as Aldi Collierville LLC, bought the property in two parcels from Martin and Mildred Tippit.
The property is on the south side of West Poplar Avenue, just east of the U.S. 72-Tenn. 57 split. Aldi spokeswoman Martha Swaney said the property’s location – along the busy Poplar Avenue corridor in Collierville – was ideal.
“That was a major driver for us,” Swaney said. “Aldi is typically very successful in competitive areas. Certainly we consider the Collierville location to be a competitive location, but also we want to be in areas where we’re conveniently located near our customer base and where our shoppers are shopping and running other errands as well.”
Swaney said the company will invest $3 million on the project, including land purchase, site work and construction.
The Shelby County Assessor of Property’s combined value of the parcels is nearly $1.1 million.
There is no set timeline for construction, as Aldi is still working with town officials on its plans. Narramore Associates Inc. of Greenville, S.C., is architect; Aldi has not yet selected a contractor.
2775 Hickory Pointe Lane
Memphis, TN 38115
Sale Amount: $5.8 Million
Sale Date: Nov. 25, 2008
Buyer: Hickory Pointe Apartments Utah LLC
Seller: Carla Peacher-Ryan and Mary Aronov, substitute trustees
Loan Amount: $5.1 million
Loan Date: Jan. 6, 2009
Maturity Date: Feb. 1, 2019
Lender: Greystone Servicing Corp. Inc.
Details: The Hickory Pointe Apartments at 2775 Hickory Pointe Lane in Hickory Hill has sold for $5.8 million in a substitute trustee’s sale to Hickory Pointe Apartments Utah LLC, an affiliate of Salt Lake City-based Capital Growth Corp. The buyer submitted a bid Nov. 25 on the steps of the Shelby County Courthouse, and the sale closed Jan. 6 with Blake Pera and Tommy Bronson of CB Richard Ellis Memphis’ multifamily division representing the seller, MBIA Inc. Formally, the sellers were substitute trustees Carla Peacher-Ryan and Mary Aronov on behalf of MBIA. Also, the Health, Educational and Housing Facility Board of Memphis helped the previous owner with bond financing. Hickory Pointe Apartments financed the purchase with a $5.1 million loan through Greystone Servicing Corp. Inc. Hickory Pointe Apartments is a 240-unit multifamily complex built in 1984, along Mount Moriah Road near Ridgeway Road. Hickory Pointe has one- and two-bedroom units averaging 813 square feet and $591 in rent per unit. The property features a clubhouse, swimming pool, fitness center and tennis court. Fogelman Management Group was the former property manager for Hickory Pointe, but the company will not manage the apartments for the new owner, said Fogelman Management president Mark Fogelman.
996 N. Germantown Parkway
Memphis, TN 38018
7540 Winchester Road
Memphis, TN 38125
9106 U.S. 64
Lakeland, TN 38002
Sale Amounts: $3.2 Million (Combined)
Sale Dates: December 2008
Buyer: National Retail Properties LP
Seller: Robert S. Roche Jr. and Matt L. Roche
Details: National Retail Properties LP of Orlando, Fla., has bought a portfolio of three Memphis-area Express Oil Change & Service Centers for a combined $3.2 million. The locations are 996 N. Germantown Parkway in Cordova, which sold for $1.4 million; 7540 Winchester Road in Memphis, which sold for $1.1 million; and 9106 U.S. 64 in Lakeland, which sold for $668,397. The 996 N. Germantown Parkway shop is 5,888 square feet and sits on 0.51 acres. It was built in 2000, and the Shelby County Assessor of Property’s 2008 appraisal was $500,000. The 7540 Winchester Road shop is 5,888 square feet and sits on 0.57 acres. It was built in 2002, and the assessor’s 2008 appraisal was $800,000. The 9106 U.S. 64 shop is 4,740 square feet and sits on 0.53 acres. It was built in 2001, and the assessor’s 2008 appraisal was $570,000.
In conjunction with the sales, National Retail Properties executed memorandums of lease on all three properties with Express Oil Change & Service Center, which is based in Hoover, Ala. National Retail Properties owns six other Memphis-area properties.
1471 Brooks Road
Memphis, TN ZIP
Sale Amount: $2.5 Million
Sale Date: Dec. 9, 2008
Buyer: Hometown 2007-1 Real Estate LLC
Seller: Virginia B. Wilson, successor trustee
Details: The 249-room former Clarion Hotel at 1471 E. Brooks Road near Memphis International Airport sold for $2.5 million in a Dec. 9 successor’s trustee’s deed. The buyer was Hometown 2007-1 Real Estate LLC Overland Park, Kan., an entity related to the previous owner’s lender. The property is now called the Memphis Airport Hotel. The previous owner, M&E Brothers-Clarion LLC, had defaulted on a $3.5 million loan dated Nov. 29, 2006, through Hometown Commercial Capital LLC of Burlingame, Calif. The 75,681-square-foot hotel was built in 1974 and sits on 4.72 acres at the southeast corner of East Brooks Road and Interstate 55, across the street from Smith & Nephew Inc. The Shelby County Assessor of Property’s 2008 appraisal was $1 million. The hotel features a swimming pool, restaurant and bar.