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VOL. 124 | NO. 146 | Tuesday, July 28, 2009

U of M to Build Weight Room At Park Avenue Campus

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1115 E. Getwell Loop
Memphis, TN 38111
Permit Amount: $2.1 Million

Project Cost: $2.1 million
Permit Date: Applied July 2009
Completion: Late summer or early fall 2010
Owner: University of Memphis
Tenant: University of Memphis
Contractor: TBA
Architect: Evans Taylor Foster Childress Architects

Details: The University of Memphis has filed a $2.1 million permit application with the city-county Office of Construction Code Enforcement to build a 12,000-square-foot weight room at the university’s Park Avenue Campus.

The U of M’s athletic department recently completed its fundraising goal for the weight room, which is being built for the Tigers football team.

U of M associate athletic director for development Bill Lansden said the university has submitted paperwork with the state fire marshal and is awaiting approval. Once that is cleared, construction will begin – sometime in the fall – and should last nine to 11 months.

“The money’s there, the plans have been sent to the state for their approval, but sometimes that takes longer and that’s really out of our control,” Lansden said.

The weight room will be connected to the existing Billy J. Murphy Athletic Complex on the school’s Park Avenue Campus, at the southeast corner of Getwell Road and Park Avenue. The facility will include free and machine weights, plus a three-lane, 50-yard warm-up track inside.

The weight room is part of a $10 million capital campaign for the athletic complex. In addition to the weight room, the athletic department plans to re-turf one of the practice fields, then begin fundraising to construct an indoor practice field.

7415 Stage Road
Memphis, TN 38133
Sale Amount: $10.2 Million

Sale Date: July 10, 2009
Buyer: Genuine Parts Co.
Seller: SunTrust Equity Funding LLC

Details: Atlanta-based Genuine Parts Co. has paid $10.2 million for the 128,481-square-foot warehouse at 7415 Stage Road near Bartlett. The seller was SunTrust Equity Funding LLC (following a merger with Atlantic Equity Partners Ltd.) and the sale closed July 10. Genuine Parts is the operator of NAPA Auto Parts, which already occupied the building. Genuine Parts/NAPA had been leasing the property for a distribution center and store, with the most recent lease agreement dated July 27, 2003. The transaction also included a full termination and release of lease supplement and memorandum of lease. Built in 2001, the Class A warehouse facility sits on 15.06 acres at the southwest corner of Stage Road (U.S. 64) and Appling Road. The Shelby County Assessor of Property’s 2009 appraisal is $6.5 million. A call to NAPA’s marketing services department was not immediately returned.

3595 Forest Hill-Irene Road
Germantown, TN 38138
Sale Amount: $2.6 Million

Sale Date: July 6, 2009
Buyer: Community Bank NA
Seller: Mark Beutelschies and Seth McNamee, substitute trustees

Details: A 15-acre parcel along Forest Hill-Irene Road in Germantown has been sold back to the bank in a substitute trustees’ sale following a foreclosure of the land. The formal address is listed as 3595 Forest Hill-Irene Road, which is northwest of the intersection of Forest Hill-Irene and Winchester roads. Community Bank NA of North Mississippi reacquired the land July 6 for $2.6 million on the steps of the Shelby County Courthouse after foreclosing on the prior owner, Douglas R. Beaty, trustee of the Forest Hill Land Trust Dated Sept. 30, 2005. The land trust defaulted on a $1.7 million loan through Community Bank dated Nov. 17, 2006. The vacant land, zoned “farm,” was appraised this year at $735,300, according to the Shelby County Assessor of Property. The land trust acquired the property in 2005 for $1 million. Mark Beutelschies and Seth McNamee of the law firm Farris Bobango PLC acted as substitute trustees. They were appointed by the bank in May.

14.97 acres of land on
Stateline Road
Sale Amount: $1.6 Million

Sale Date: July 6, 2009
Buyer: Community Bank NA
Seller: Mark Beutelschies and Seth McNamee, substitute trustees

Details: About 15 acres along Stateline Road were sold back to Community Bank NA for $1.6 million in a July 6 substitute trustees’ deed. The sale followed a foreclosure on the land after the prior owner, Rusco Co., defaulted on a $2.4 million loan dated Nov. 30, 2007, through Community Bank. William R. Hyneman signed the original trust deed as managing partner of Rusco. The vacant land had been quitclaimed Nov. 3, 2007, to Rusco from the John Hyneman Development Co. Inc. The property is part of Parcel A of the Kings Pointe Planned Development, Amended. Straddling the Tennessee-Mississippi state line, it sits at the northeast corner of Stateline and Riverdale roads. The Shelby County Assessor of Property’s 2009 appraisal is $330,700. Mark Beutelschies and Seth McNamee of the law firm Farris Bobango PLC acted as substitute trustees. The bank appointed them in May.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 334 9,936
MORTGAGES 41 330 10,946
FORECLOSURE NOTICES 0 12 1,301
BUILDING PERMITS 348 1,216 22,173
BANKRUPTCIES 43 348 6,311
BUSINESS LICENSES 30 142 4,081
UTILITY CONNECTIONS 19 127 3,019
MARRIAGE LICENSES 20 105 2,126