VOL. 124 | NO. 221 | Tuesday, November 10, 2009
Real Estate Recap
Wright Medical Buys Arlington Bldg. For Distribution Needs
11481 Gulf Stream Ave.
Arlington, TN 38002
Sale Amount: $1.6 Million
Sale Date: Oct. 29, 2009
Buyer: Wright Medical Technology Inc.
Seller: Covington Furniture Manufacturing Co.
Details: Wright Medical Group Inc. has bought a 56,340-square-foot building at 11481 Gulf Stream Ave. near its Arlington campus to increase distribution capacity. Operating in the transaction as Wright Medical Technology Inc., the company paid $1.6 million for the building, which was completed in 1973 and sits on 4.29 acres near the intersection of Tenn. 385 and U.S. 70.
Covington Furniture Manufacturing Co. was the seller. The Shelby County Assessor of Property’s 2009 appraisal is $1.3 million. The facility, at 11481 Gulf Stream Ave., is about a mile from Wright’s headquarters at 5677 Airline Road.
John Bakewell, Wright’s executive vice president and chief financial officer, said the purchase wasn’t a “significant development for us.” He therefore couldn’t offer too many details about the acquisition, except to say that its size and location were attractive for the company.
“The building has been purchased to expand our distribution capability,” he wrote in an e-mail to The Daily News. “It’s adjacent to our existing campus, which is what made this particular building appealing to us. That’s about all we have to share on this one.”
Wright Medical Group employs more than 1,000 people in the Mid-South. The company’s products include devices for injured or arthritic hips, wrists, shoulders, knees, feet and ankles. It also makes biologic devices to promote bone and tissue healing.
509 E. Winchester Road
Collierville, TN 38017
Sale Amount: $1.7 Million
Sale Date: Oct. 30, 2009
Buyer: Love for Learning LLC
Seller: R.S. Harris LLC
Loan Amount: $2.2 million
Loan Date: Oct. 30, 2009
Maturity Date: N/A
Lender: Conestoga Bank
Details: After developing the land and building a day care center, R.S. Harris has sold The Goddard School franchise he brought to 509 E. Winchester Road in Collierville for $1.7 million. Harris’ limited liability company, R.S. Harris LLC, sold the recently completed 8,170-square-foot day care center to the school’s franchisee, Love for Learning LLC. The school is part of Goddard Systems Inc., a Pennsylvania-based franchisor of child care facilities across the nation. This is the first Goddard franchise in the Memphis area and the fifth in Tennessee, according to Goddard’s Web site. Harris told The Daily News in February, when he filed a construction loan for the property, that he would develop and build the single-story school and then sell it to the franchisee. The 1.58-acre parcel is part of the Harley Plaza Subdivision and is southwest of the intersection of Winchester and South Byhalia roads. Harris had targeted another site on Houston Levee Road but couldn’t obtain the conditional-use permit from the town of Collierville. The total project cost was expected to run about $2 million, including land, development, building, furniture, fixtures and equipment, and franchise fees, Harris said. The building footprint and parking lot occupy one acre of the property. Harris also owns 0.78 acres of land that backs up to the school property. “It’s going to complement that part of town well,” Harris said earlier this year. “There’s a big need for day care out there.”
7110-7136 Winchester Road
Memphis, TN 38125
Sale Amount: $4.8 Million
Sale Date: Oct. 28, 2009
Buyer: Market at Riverdale Bend HH LLC
Seller: R. Spencer Clift III, successor trustee
Details: The Market of Riverdale Bend, a three-parcel retail portfolio off Winchester Road in Southeast Shelby County, has sold for $4.8 million to an entity called Market at Riverdale Bend HH LLC following a foreclosure. The buyer is related to the original lender of the properties. The parcels’ addresses are listed as 7110-7136 Winchester Road and are on the north side of Winchester between Riverdale and Riverdale Bend roads. The largest parcel contains a 152,735-square-foot shopping center built in 1998 that sits on 15.33 acres. The Shelby County Assessor of Property’s 2009 appraisal of the property, whose address is listed as 7114 Winchester Road, is $8.9 million. The center suffered when anchor store Best Buy moved to another retail center farther east on Winchester. Previously, it lost Kmart and other users. The center’s current tenant roll was not available by press time. Next is an outparcel that contains a 6,720-square-foot restaurant built in 2003 that sits on 1.49 acres. The assessor’s 2009 appraisal of the property, whose address is listed as 7114 Winchester Road, is $636,600. The building houses a Baskin-Robbins store. Last is a 1.33-acre parcel of vacant land that runs through the largest parcel. R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC was successor trustee in the matter. He sold the property Oct. 28 on the steps of the Shelby County Courthouse during a successor trustee’s sale. The previous owners – RB Java Co., MZ Riverbend LLC and RF Riverbend LLC – defaulted on a $13.8 million loan through Capmark Finance Inc. dated Dec. 15, 2006.
4831 Poplar Ave.
Memphis, TN 38117
Sale Amount: $500,000
Sale Date: Oct. 30, 2009
Buyer: SunShine Carwash Partners LLC
Seller: BCH Investments LLC
Loan Amount: $1 million
Loan Date: Oct. 30, 2009
Maturity Date: April 30, 2013
Lender: Landmark Community Bank
Details: SunShine Carwash Partners LLC has bought the parcel at 4831 Poplar Ave. in East Memphis with plans to build a tunnel wash facility there. The company on Oct. 30 paid $500,000 for the property from BCH Investments LLC and on the same day filed a $1 million loan through Landmark Community Bank. The 4831 Poplar property is at the southeast corner of Poplar and Colonial Road. It includes a 1,530-square-foot building constructed in 1996 that sits on 0.1 acre. It is now empty after once housing an Avis car rental facility. The Shelby County Assessor of Property’s 2009 appraisal is $171,400. Michael B. Baird signed the warranty deed as chief manager of BCH Investments LLC. Baird and Tim Michelotti signed the trust deed as president and secretary, respectively, of SunShine Carwash Partners. SunShine Car Wash’s Web site says the company operates nine car wash facilities in the area with four more coming soon. BCH just months earlier bought three parcels at that intersection – 4811, 4825 and 4831 Poplar – for a combined $1.4 million. The seller was Clifton and Whitney Co., which had owned the parcels, known as Lots 1, 2 and 3 of the Colonial-Poplar Commercial Subdivision, since 1978. The new owner has additional plans for the corner besides the car wash. For more on the redevelopment of the southeast corner of Poplar and Colonial, see the Aug. 25 edition of The Daily News, www.memphisdailynews.com.