VOL. 124 | NO. 136 | Tuesday, July 14, 2009
Real Estate Recap
Mixed-Use Development Slated For Southeast Shelby County
50 acres at Forest Hill-Irene Road and Tenn. 385
Memphis, TN 38125
Sale Amount: $4 Million
Sale Date: June 26, 2009
Buyer: Edward Rose Development Co. LLC
Seller: Turley LP
Details: Edward Rose Development Co. LLC has bought 50 acres at the southeast corner of Forest Hill-Irene Road and Tenn. 385.
The company, part of Farmington Hills, Mich.-based Edward Rose & Sons, plans to bring a $36 million mixed-used development called Irene Woods to the land, said Paul Mott, director of site acquisitions.
Irene Woods will have an independent senior housing facility containing 140 units and a market-rate apartment complex containing 175 one-bedroom units, 237 two-bedroom units and 20 three-bedroom units. The multifamily component also will have a community center, including a swimming pool and exercise facility.
Mott said the company is finalizing the architectural and engineering drawings for the project and hopes to break ground in late fall or early spring. This will be Edward Rose & Sons’ first development in Memphis, a market that was attractive to the company for a variety of reasons.
Mott touted the city’s demographics, and he also said while the struggling economy could play a role in how and when things are completed, the climate here bodes well for getting the project done.
“The economy in Tennessee is much stronger than it is in Michigan,” Mott said.
The land is part of the 97.7-acre PT Forest Creek Outline Plan, across the street from the Mike Rose Soccer Complex.
2653 Frayser Blvd.
Memphis, TN 38127
3470 Range Line Road
Memphis, TN 38127
Sale Amounts: $1.6 Million, $130,000
Sale Date: July 8, 2009
Buyer: NTP Frayser-Range Line
Sellers: Michael F. and Kathleen K. Sweeney; Dae S. and Sung O. Moon
Loan Amount: $4.4 million
Loan Date: July 8, 2009
Maturity Date: July 10, 2014
Lender: First Tennessee Bank NA
Details: Newman-Tillman Properties LLC has bought a pair of lots at the southeast corner of Frayser Boulevard and North Hollywood Street (alternately known as Range Line Road) in Frayser to build a Walgreens drug store. Operating as NTP Frayser-Range Line in the transaction, the company paid $1.6 million for a 1-acre parcel at 2653 Frayser Blvd. and $130,000 for a 0.59-acre parcel at 3470 Range Line Road. It subsequently filed a $4.4 million construction loan through First Tennessee Bank NA to build the drug store on the adjoining parcels. The Shelby County Register of Deeds and the Shelby County Assessor of Property lists the address as 2653 Frayser Blvd., although the building permit filed in May through the city-county Office of Construction Code Enforcement lists it as 2655 Frayser Blvd. The seller of the Frayser Boulevard lot was Michael F. and Kathleen K. Sweeney, who bought the property in 2004. The seller of the Range Line Road lot was Dae S. and Sung O. Moon, who bought the property in 1988. Both lots have small structures on them. The Frayser Boulevard property is appraised at $277,000; the Range Line Road property is appraised at $60,400. Priester & Associates Inc. is the general contractor for the project, according to public records.
5050 Poplar Ave.
Memphis, TN 38117
Loan Amount: $14.2 Million
Loan Date: June 29, 2009
Maturity Date: N/A
Borrower: Tomorrow 34 White Station Tower LP
Lender: American National Insurance Co.
Details: The owner of the White Station Tower at 5050 Poplar Ave. has filed a $14.2 million deed of trust, security agreement, financing statement and fixture filing on the property through American National Insurance Co. The building’s owner is Tomorrow 34 White Station Tower LP of Santa Fe, N.M. The company, affiliated with BGK Group, bought the building for $20.1 million in 2003 from Atlanta-based Kaufman Realty Group, marking just the second sale of the tower in its history. The 22-story tower sits on 9.39 acres on the north side of Poplar Avenue, near the intersection of Poplar and Mendenhall Road in East Memphis and adjacent to the Clark Tower. William Clark developed both buildings. Built in 1967, White Station Tower contains 360,496 square feet, including a parking garage, with 276,229 square feet of rentable space. The Shelby County Assessor of Property’s 2009 appraisal is $17.3 million. Colliers Management Services LLC handles leasing for the tower, which has 98,641 square feet available, according to the company’s Web site.
4356 Forest Hill-Irene Road
Memphis, TN 38125
Loan Amount: $1.7 Million
Loan Date: July 6, 2009
Maturity Date: July 6, 2010
Borrower: BAR LLC
Lender: First State Bank
Details: BAR LLC has filed a $1.7 million construction loan through First State Bank to build a 4,500-square-foot retail center at 4356 Forest Hill-Irene Road in Southeast Memphis. The center will be co-anchored by a gas station/convenience store and a Subway restaurant with a detached automated car wash. BAR, a limited liability company whose name comes from its three principals – Bernard Farber, Anwar Aman and Robert Allen – will operate the gas station/convenience store as a BP-branded shop. The company in March filed a $1 million permit with the city-county Office of Construction Code Enforcement to begin construction on the center, which will sit at the northeast corner of Forest Hill-Irene and Tenn. 385. The center will include an island of gas pumps and a drive-through window for the Subway restaurant. The 800-square-foot car wash will be operated as a joint venture between the developer and Byhalia-based Car Wash USA. BAR in December bought the land for $500,000 from Turley LP, whose president is Dan Turley, and financed the purchase with a $378,000 loan through First Capital Bank. The parcel is a subdivision of Turley’s 5.31-acre property in the Forest Creek Planned Development.