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VOL. 124 | NO. 141 | Tuesday, July 21, 2009

Barboro Flats Developer To Begin Second Phase

By Eric Smith

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100 S. Main St.
Memphis, TN 38103
Permit Amount: $8 Million
Project Cost: $18.2 million
Permit Date: Applied July 2009
Completion: Summer 2010
Owner: 100 South Main Partners
Tenant: TBA
Contractor: Montgomery Martin Contractors LLC
Architect: Looney Ricks Kiss Architects Inc.

Details: The development team of the Barboro Flats mixed-used building at 100 S. Main St. Downtown has filed an $8 million permit with the city-county Office of Construction Code Enforcement to begin the second phase of the project, which is the multifamily component.

The entity 100 South Main Partners, a partnership between Henry Turley and Greenhat Partners LLC, is poised to begin work on the 92 apartment units for the building. That follows the nearly completed 205-space garage.

“The bulk of the garage work is going to be finished by the end of August, and then we’re going to do the stick construction on the apartments starting the September thereafter,” said Jason Wexler of Greenhat Partners. “We’re rolling along.”

Originally called Barboro Alley Flats, the project’s developers dropped the word “Alley” from the title. 100 South Main Partners is still on target for May or June to complete the development, which also will include 7,000 square feet of commercial space.

“We’re right on schedule. We haven’t had any serious delays,” Wexler said. “Everybody has come together, doing their job and doing it on time and on budget, so it’s been great.”

Wexler said the company will begin formal leasing for Barboro Flats in the first quarter, but they currently are taking names of anyone interested. More information can be found at www.barboroflats.com.

717 Riverside Drive
Memphis, TN 38103
Sale Amount: $17.5 Million
Sale Date: July 7, 2009
Buyer: Place SC Properties LLC
Seller: James G. M. Lenschau, successor trustee

Details: The sale of the Horizon apartment building at 717 Riverside Drive Downtown has closed and was recorded July 7 in a successor trustee’s deed, according to the Shelby County Register of Deeds. The 16-story building was foreclosed by the lender, Capital One NA, which subsequently bid on the building during the trustee’s sale on the Shelby County Courthouse steps. Operating in the transaction as Place SC Properties LLC, Capital One paid $17.5 million to reclaim the building. The New Orleans-based bank foreclosed on the property last month after the building’s developer, The Bryan Co. of Ridgeland, Miss., defaulted on a $58.6 million loan dated Aug. 7, 2007. The Bryan Co. operated in that transaction as Riverside Bluffs LLC. The Horizon was originally slated for condominiums when the developer broke ground in 2007, but the developer shifted gears by converting the units to apartments in light of the economic climate. The building sits on about six acres on the west side of Riverside Drive, near Channel 3 Drive. The Horizon’s general contractor is Naylor Construction Services Group. For more about the Horizon, see the July 8 and June 16 editions of The Daily News at www.memphisdailynews.com.

6555 Quince Road
Memphis, TN 38119
Sale Amount: $5 Million
Sale Date: June 19, 2009
Buyer: BACM 2000-2 Quince Road LLC
Seller: Harris P. Quinn, substitute trustee

Details: The Class A office building at 6555 Quince Road in the Quince/Ridgeway area of East Memphis sold June 19 for $5 million on the steps of the Shelby County Courthouse in a substitute trustee’s deed. The property transferred back to the lender, a company related to Miami-based LNR Partners Inc. that operated in the transaction as BACM 2000-2 Quince Road LLC. The building’s owner, Germantown LP, defaulted on an Oct. 31, 1999, loan through HVB Realty Capital Inc. Germantown LP had assumed the original $6.5 million loan from the previous owner, Kirby Cremer LP. Completed in 1989, the 123,924-square-foot 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. The unnamed building has space available from 1,222 to 40,000 square feet, according to Investec Realty Services LLC. Harris P. Quinn of the law firm Williams & Prochaska PC acted as substitute trustee.

3728 Lamar Ave.
Memphis, TN 38118
Sale Amount: $467,500
Sale Date: July 6, 2009
Buyer: Teji Investments LLC
Seller: Catherine’s Inc.

Details: Bensalem, Pa.-based Charming Shoppes Inc., the parent company of Catherine’s Inc., a direct marketer of women’s apparel, earlier this month sold its last Memphis-area Catherine’s Inc. office building and distribution center to an entity called Teji Investments LLC. The facility at 3728 Lamar Ave. sold for $467,500. Jonathon Graub, the senior vice president of real estate for Charming Shoppes Inc., signed the warranty deed as the vice president of Catherine’s Inc. Gayle Coolick, Charming Shoppes Inc.’s director of investor relations, said the Lamar Avenue facility closed in March 2008, when Catherine’s moved its headquarters to Pennsylvania. The facility’s work force numbered nearly 100 employees. In a June 2008 article in The Daily News, available at www.memphisdailynews.com, Coolick said the company announced in November 2007 it was trying to sell its remaining Memphis property to consolidate the company’s headquarters in Bensalem. This meant relocating or laying off the last of Catherine’s Memphis work force. The property is a 5-acre lot on the north side of Lamar Avenue in an area zoned commercial. The Shelby County Assessor’s 2009 appraisal of the property is $1.3 million.

PROPERTY SALES 61 262 16,169
MORTGAGES 28 132 10,054
BUILDING PERMITS 88 424 38,360
BANKRUPTCIES 36 92 7,564