VOL. 124 | NO. 111 | Tuesday, June 9, 2009
Real Estate Recap
New Building Slated for Hickory Hill Dialysis and Vascular Surgery Center
6490 Mount Moriah Road Ext.
Memphis, TN 38115
Permit Amount: $1.1 Million
Project Cost: $1.1 million
Permit Date: Applied June 2009
Completion: Autumn 2009
Owner: DH MR Partners
Tenant: Mid-South Nephrology Consultants
Contractor: S. Webster Haining & Co.
Architect: Christopher Kidd & Associates LLC
Details: DH MR Partners, the owners of a building at 6490 Mount Moriah Road Ext. that houses Mid-South Nephrology Consultants, has filed a $1.1 million permit with the city-county Office of Construction Code Enforcement to build the shell for a new 20,000-square-foot dialysis center and vascular surgery center.
The expansion will be behind the medical center’s existing building, which sits on a 1.7-acre lot on the north side of Mt. Moriah Road Extended. The Shelby County Assessor’s 2009 appraisal of the building and property is just more than $2 million.
S. Webster Haining & Co. is the contractor and Menomonee Falls, Wis.-based Christopher Kidd & Associates LLC is the architect for the project, scheduled for completion in the fall.
The new building will double the size of Mid-South Nephrology’s offices.
“We’re adding to the existing 20,000-square-foot dialysis facility and offices for Mid-South Nephrology,” said Pete Shoptaw of S. Webster Haining & Co.
He said plans call for a 20,000-square-foot, two-story addition to that building to house dialysis operations on the ground floor and a vascular surgery center on the second floor.
The nephrology center’s parent company, DH MR Partners, took out a $3 million construction loan in March through Commercial Bank & Trust Co. for the project. Dominga Hernandez and Maria Ruiz signed the trust deed for the company.
4587 Damascus Road
Memphis, TN 38118
Sale Amount: $720,000
Sale Date: May 22, 2009
Buyer: East Lake LLC
Seller: 309 Monroe LLC
Loan Amount: $612,000
Loan Date: May 22, 2009
Maturity Date: N/A
Lender: First Capital Bank
Details: An entity called East Lake LLC has paid $720,000 for the 9,600-square-foot warehouse at 4587 Damascus Road in Oakhaven/Parkway Village in a special warranty deed. The seller was 309 Monroe LLC and the sale date was May 22. Built in 1992, the Class B warehouse sits on 0.78 acres on the west side of Damascus Road, north of East Shelby Drive. The Shelby County Assessor of Property’s 2009 appraisal is $324,600. Records show that Atlanta-based SJ Pharmaceuticals – also known as Stewart-Jackson Pharmacal – operates in the facility. Calls to the company were not returned by press time. East Lake LLC financed the purchase with a $612,000 loan through First Capital Bank. Eileen Liu and Feiyu Chen signed the trust deed as managing members of East Lake. Michael Mullis signed the warranty deed as manager of 309 Monroe LLC. The transaction also included an assignment of rents and leases to First Capital.
4000 Air Park Cove
Memphis, TN 38118
Sale Amount: $2.6 Million
Sale Date: June 1, 2009
Buyer: Hubcap LP
Seller: ProLogis-North Carolina Limited Partnership
Details: The 120,560-square-foot warehouse at 4000 Air Park Cove in Oakhaven/Parkway Village has sold for $2.6 million in a special warranty deed to an entity called Hubcap LP. The seller was ProLogis-North Carolina Limited Partnership, a division of Denver-based distribution leasing giant ProLogis. Built in 1987, the warehouse sits on 5.91 acres on the east side of Air Park Cove, which is northeast of the intersection of Getwell and East Raines roads. The Shelby County Assessor of Property’s 2009 appraisal is $2.3 million. The buyer, Hubcap LP, is affiliated with San Jose, Calif.-based Quality Real Estate Management LLC, according to the warranty deed. Prior to the sale, the property was quitclaimed to the seller from ProLogis. The former owner was DFW Nine.
9.84 Acres in Germantown
Sale Amount: $680,000 (combined)
Sale Date: May 13, 2009
Buyer: Germantown Storage LLC
Seller: Grace Evelyn Griffin, trustee of the Grace N. Gower Marital Trust
Loan Amount: $1.1 million
Loan Date: May 12, 2009
Maturity Date: May 20, 2029
Lender: Renasant Bank
Details: An Eads-based company called Germantown Storage LLC has bought three parcels totaling 9.84 acres in Germantown for a combined $688,000 and subsequently filed a $1.1 million construction loan through Renasant Bank for the property. The seller was Grace Evelyn Griffin, trustee of the Grace N. Gower Marital Trust, and the trio of sales closed in mid-May. Although approval was granted by the city-county Land Use Control Board in February for a storage facility on the site, a restrictive covenant also was signed stating that the 9.8 acres sold to Germantown Storage LLC could not be used for a self-storage property. Jack Johnson signed the trust deed as managing member of Germantown Storage LLC, whose address is 380 Falling Creek Lane in Eads. Johnson also is affiliated with Germantown Home Builders. Germantown Storage filed its limited liability company documents in March. More recently, documents for the Germantown Storage Planned Development were filed, although they weren’t viewable at the Shelby County Register of Deeds Web site. The property is part of the Germantown/Wolf River CP General Plan, an 18.71-acre parcel east of South Germantown Parkway, between Walnut Grove Road and Wolf River Boulevard. The Shelby County Assessor of Property’s 2009 appraisal of the entire 18.71-acre tract is $2 million.