VOL. 124 | NO. 101 | Tuesday, May 26, 2009
Real Estate Recap
Georgia Co. Buys U of M-Area Senior Nursing Facility
By Eric Smith
3549 Norriswood Ave.
Memphis, TN 38111
Sale Amount: $7.3 Million
Sale Date: May 11, 2009
Buyer: FC Highlands LLC
Seller: Wesley Highland Nursing Homes Inc.
Loan Amount: $9.4 million
Loan Date: May 11, 2009
Maturity Date: N/A
Lender: First Bank
Details:The Wesley Highland Manor senior nursing facility at 3549 Norriswood Ave. near the University of Memphis has sold for $7.3 million to FC Highlands LLC, a single-purpose entity related to Alpharetta, Ga.-based Formation Capital.
The 56,913-square-foot facility sits on 1.37 acres at the southeast corner of South Highland Street and Norriswood Avenue, just west of the U of M campus. The Shelby County Assessor of Property’s 2009 appraisal is $3.6 million.
The transaction also included a pair of vacant lots on nearby Watauga Avenue. The properties back up to Wesley Highland Manor.
Michael Jones signed the trust deed as manager of FC Highlands. Jones, chief operating officer for Formation Capital, said the facility provided a “very nice physical plant, a very nice location and a good opportunity for us to serve the community.”
Jones said the 30-year-old building, which underwent some renovations in 2005, is in good shape, although some improvements are planned.
Health Services Management Group LLC, based in Cleveland, Tenn., will operate the facility. The company also operates Ashton Place Health & Rehab Center and Mid-South Health and Rehabilitation Center in town.
6201 Poplar Ave.
Memphis, TN 38119
Permit Amount: $350,000
Project Cost: $350,000
Permit Date: Applied May 2009
Owner: RABF Holdings LLC
Tenant: Sharky’s Gulf Grill
Contractor: Gilluly and Associates LLC
Details: RABF Holdings LLC, an investment group headed by Bernard Farber, has applied for a $350,000 permit with the city-county Office of Construction Code Enforcement for renovations at 6201 Poplar Ave., the site of a former Steak & Ale restaurant. The permit is for renovations on a restaurant called Sharky’s Gulf Grill. Gilluly & Associates LLC is the contractor for the project. RABF bought the property last year for $1.9 million from CNL Net Lease Funding 2001 LP after S&A Restaurant Corp., the parent company of Steak & Ale, filed for bankruptcy. RABF financed the purchase with a $1.6 million loan through First Capital Bank. The building is a 6,291-square-foot, one-story brick veneer restaurant built in 1980. It sits on a 1.33-acre lot on the south side of Poplar Avenue east of Ridgeway Road. The “developer’s plan (is) for another restaurant or single tenant.” John Golon, a representative of Sharky’s Gulf Grill, said the concept will be a new one for the Memphis market. “It is going to be a seafood restaurant unlike anything that exists in Memphis now. And we think it’s a great location,” he said. “We don’t have a firm opening or completion date at this time; a lot of it’s just going to depend on how quickly things get done. We’re probably looking for an opening date in early fall.”
1814 E. Brooks Road
Memphis, TN 38116
Permit Amount: $325,000
Project Cost: $500,000
Permit Date: Applied May 2009
Completion: September 2009
Owner: UPS Employees Credit Union
Tenant: UPS Employees Credit Union
Details: UPS Employees Credit Union has applied for a $325,000 building permit through the city-county Office of Construction Code Enforcement for an interior revamping of a new credit union location at 1814 E. Brooks Road. Sarah Langston, the branch manager at the UPS Employees Credit Union location at 3385 Airways Blvd., said now that UPS owns the building, “We’re just having to revamp the inside of it.” Langston said a contractor for the project might not be necessary. “We don’t actually have a general contractor at this time, and we may not get one. We may end up just hiring our own people to do what we need to do,” she said. “We’ve just got a few minor things to get the building ready to go again.” Langston said the project should be completed around September. UPS bought the property Jan. 13 from Suburban Propane LP for $167,640. No mortgage was associated with the sale. The approximately 5,000-square-foot, one-story metal office building sits on a 30,000-square-foot lot at the northeast corner of East Brooks Road and Carrier Street near Winchester Road. The structure was built in 1970. The Shelby County Assessor of Property’s 2008 appraisal was $182,400 for the land and the building.
63 Lots in the Vinings at Germantown
Germantown, TN 38139
Sale Amount: $5.1 Million
Sale Date: May 13, 2009
Buyer: Merchants & Farmers Bank
Seller: RAM Holdings LLC
Details: The 63 lots of the Vinings of Germantown Subdivision have yet another owner, following the sale of the property back to the lender, Merchants & Farmers Bank. The bank on May 13 paid $5.1 million for the 63 lots from RAM Holdings Inc., which had bought the lots last year for just less than $6 million from St. James Place LLC. RAM Holdings is managed by Michael Bourne. St. James Place, whose chief manager is listed as local developer William “Rusty” Hyneman of The Hyneman Cos. LLC, had acquired the property from Levitt and Sons of Shelby County LLC in a $9.6 million transaction that included other properties. The Vinings at Germantown is on the north side of Winchester Road between Forest Hill-Irene and Crestwyn roads. A site plat filed in March 2007 with the Shelby County Register of Deeds shows the 63 lots on 31.02 acres. RAM Holdings financed the January 2008 purchase of the lots with a $6 million loan through Merchants & Farmers Bank. The company also had a $6,325 lien filed against it by Al Cooper, doing business as Star Paving Co., for paving work done in the subdivision.