VOL. 124 | NO. 126 | Tuesday, June 30, 2009
Real Estate Recap
Hyneman Sells Lakeland Outparcel To California Investors
2957 Canada Road
Lakeland, TN 38002
Sale Amount: $2 Million
Sale Date: June 19, 2009
Buyer: Debbie Ann Martinez and Michael Amerio, as trustees of the Debbie Ann Martinez 2003 Trust (50 percent); and Dawn Lizabeth Bubion and Michael Amerio, as trustees of the Dawn Lizabeth Bubion 2003 Trust (50 percent)
Seller: Corner Shops LLC
Details: A one-acre outparcel of the Corner Shops retail center at 2957 Canada Road in Lakeland has been sold for $2 million to a pair of California-based trusts. Corner Shops LLC, whose principal is developer Kevin Hyneman, sold the parcel June 19. The one-acre property has a land lease with Regions Bank to build a branch there. Each of the buyers took 50 percent ownership of the parcel.
“I carved that out and went ahead and sold it,” Hyneman said. “It was good timing. Just trying to reduce debt.”
The Corner Shops is a 32,000-square-foot retail development, originally slated for 9.1 acres at the northwest corner of Canada Road/North Houston Levee Road and U.S. 64, just south of the Canada Road interchange at Interstate 40.
Hyneman said the existing three buildings of the retail center occupy about five acres on the southern end of the property, with the remaining acreage slated for up to three more buildings at a later date.
Regions Bank plans to build a branch there. The company in October filed a building permit for the site but hadn’t yet begun construction.
Hyneman said the leasing for the center is approaching 40 percent for the Corner Shops. He said two leases – a hair salon and an eye doctor – have been inked and tenant finish will soon begin on those.
607 Monroe Ave.
Memphis, TN 38103
Permit Amount: $3.5 Million
Project Cost: TBA
Permit Date: Applied June 2009
Owner: Memphis Housing LLC
Tenant: Cotton Mills Apartments
Details: Madison, Miss.-based Memphis Housing LLC, the developer of the Cotton Mills Apartments at 607 Monroe Ave., has filed a $3.5 million permit application with the city-county Office of Construction Code Enforcement to begin work on the complex. The company filed the permit last week, about three months after receiving a tax break from the Center City Revenue Finance Corp. The CCRFC granted a nine-year payment-in-lieu-of-taxes (PILOT) request for the multifamily property, which is expected to consist of one four-story building with 50 apartment units. The Cotton Mills Apartments will be built in the Medical District neighborhood known as The Edge. It will sit on the south side of Monroe Avenue, near its intersection with Marshall Avenue. Originally, construction was proposed to begin in April and wrap up by January. A call to the developer for an update on the timeline and project cost was not immediately returned. The project has been in the news even before ground has broken. The Memphis & Shelby Board of Adjustments unanimously approved in December a 60-foot height variance for the proposed structure, where the overlay district sets a 35-foot restriction. At four stories, it will be built where neighboring buildings are only two stories high.
Memphis, TN 38125
Sale Amount: $775,000
Sale Date: June 23, 2009
Buyer: Joshua P. and Kerri D. Pastner
Seller: David M. and Mary-Suzanne Powell
Loan Amounts: $417,000 and $279,725
Loan Dates: June 23, 2009
Maturity Date: June 23, 2019
Lender: Magna Bank
Details: Recently hired University of Memphis men’s basketball coach Josh Pastner and his wife, Kerri, have bought a Southwind home for $775,000. The sale closed June 23. The 6,031-square-foot, two-story home on Windgarden Cove was built in 1997. It sits on 0.35 acres and backs up to the TPC Southwind golf course.
With five bedrooms, four full bathrooms, two half bathrooms and a swimming pool, the home’s most recent appraisal was $947,000, according to the Shelby County Assessor of Property. The Pastners, who were married in May, bought the home from David and Mary-Suzanne Powell. The Pastners took out two loans from Magna Bank – one for $417,000 and one for $279,725. Pastner was hired as the Memphis men’s basketball coach in early April following the departure of John Calipari to the University of Kentucky. Pastner had spent the previous year as an assistant under Calipari, whose East Memphis home is still for sale. That house, at 220 E. Galloway Drive, is listed at $1.7 million with Hobson Realtors. The five-bedroom, 5.5-bathroom home sits on 1.26 acres on the east side of East Galloway Drive across from Galloway Golf Course.
2176 West St.
Germantown, TN 38138
Loan Amount: $800,000
Loan Date: June 12, 2009
Maturity Date: June 12, 2024
Borrower: Shoemaker Enterprises LLC
Lender: Merchants and Farmers Bank
Details: Shoemaker Financial, a locally owned financial services firm, has filed an $800,000 loan through Merchants and Farms Bank. Jeremy Jones, an associate at Shoemaker Financial, said the loan stemmed from some upgrades the company had already performed on its property, and that it was a refinancing to a better rate. Operating in the transaction as Shoemaker Enterprises LLC, the company filed the loan on its 24,204-square-foot headquarters at 2176 West St. in Germantown. Built in 1975, the building sits on 2.23 acres in the Germantown Commons subdivision, on the east side of West Street. The Shelby County Assessor of Property’s 2009 appraisal of the property is just shy of $2 million. Prior to the loan, company president James Shoemaker quitclaimed the property to the company. The original loan, in 2007, covered a host of interior and exterior upgrades at the property, including new paint, flooring, carpet and wood replacement. Shoemaker employs 35 people in its Germantown office and 65 companywide, which includes offices in Tennessee, Mississippi and Indiana.