VOL. 124 | NO. 216 | Tuesday, November 3, 2009
Real Estate Recap
Building Permit Brings Wally Joe Restaurant Closer to Reality
690 S. Perkins Road
Memphis, TN 38117
Permit Amount: $800,000
Project Cost: $800,000
Permit Date: Applied October 2009
Completion: Summer 2010
Owner: Wally Joe Realty LLC
Contractor: Day Construction LLC
Architect: Doug Enoch
Details: The ownership group that plans to bring a restaurant to 690 S. Perkins Road in the East Central/Poplar-Perkins area of East Memphis has filed an $800,000 permit to expand and renovate the property’s 2,764-square-foot house.
Renowned chef Wally Joe – who formerly owned Wally Joe Restaurant and remains executive chef of The Brushmark at the Memphis Brooks Museum of Art – will serve as chef and general manager for the unnamed restaurant that will seat 70.
The building has been gutted, and the renovation process is expected to begin this month and should take eight to nine months, said general contractor Harry Day of Day Construction LLC.
The expanded and renovated building will have about 4,000 square feet once construction is complete; its second floor will be used for office space.
Despite a complete overhaul, Day said the goal is to keep the property in line with the look of its neighboring buildings.
“It has to maintain a residential feel,” Day said. “It’s going to have some outdoor patio seating and everything that’s done is going to be done very well.”
Built in 1941, the home sits on 0.88 acres on the east side of South Perkins Road, across the street from Theatre Memphis. The building is now owned by Wally Joe Realty LLC, whose principals are Joe and Frank Stanley.
127 Madison Ave.
Memphis, TN 38103
Sale Amount: $4.5 Million
Sale Date: Oct. 21, 2009
Buyer: First Tennessee Bank NA
Seller: R. Spencer Clift III, substitute trustee
Details: The Goodwyn Condominiums at 127 Madison Ave. Downtown sold back to the lender, First Tennessee Bank NA, following a foreclosure of 21 of the 18-story building’s 24 condo units. First Tennessee paid $4.5 million for the unsold units and neighboring commercial space during an Oct. 21 substitute trustee’s sale on the steps of the Shelby County Courthouse. The seller was R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC. Clift and Michael C. Patton of Baker Donelson in May were appointed substitute trustees when the building’s previous owners defaulted on their loan. One of those owners, an entity called 119 Madison Properties Tennessee LLC, defaulted on a $7.7 million construction loan through First Tennessee Bank dated Jan. 9, 2006. The other owner, Goodwyn Institute Properties LLC, also defaulted on the same $7.7 million loan. The loans were modified a few times since the initial deeds were filed. Only three of the building’s 24 condo units had been sold, and those units were exempt from the building’s foreclosure. Unit 802 sold for $345,000 in 2007; unit 1501 sold for $750,607 in 2008; and unit 1701 sold for $897,341 in 2008, according to the Shelby County Assessor of Property. Goodwyn Institute Properties owned the remaining units. Thirteen liens had been filed against the building’s developers during the past two years, evidence the developers got into deep trouble with the property as the condo bubble burst. Their plans for redevelopment of the Goodwyn called for floors two through 10 to have two condos each, one with 1,300 square feet and the other with 1,400, while floors 11 through 18 were to house single 3,100-square-foot condos. The developers, J. Gordon Hollingsworth and W. Henry Grosvenor, originally planned to convert the building into apartments but later changed their minds and went forward with the condominiums.
Memphis, TN 38125
Sale Amount: $5.1 Million
Sale Date: Oct. 15, 2009
Buyer: Mark H. George, as Trustee of the Mark H. George Revocable Trust, established under Trust Agreement Dated Sept. 20, 2007 (50 percent); and Melinda M. George, as Trustee of the Melinda M. George Revocable Trust established under Trust Agreement Dated Sept. 20, 2007 (50 percent)
Seller: Theodore J. Johnson Jr., as Personal Representative of the Estate of Nellie B. Hamilton, Deceased
Loan Amount: $3.5 million
Loan Date: Oct. 15, 2009
Maturity Date: N/A
Lender: Theodore J. Johnson Jr., as Personal Representative of the Estate of Nellie B. Hamilton, Deceased
Details: Mark and Melinda George, owners of Intermodal Cartage Co. Inc., have bought 609.33 acres of vacant land in Southeast Shelby County for $5.1 million. The land was acquired in three parcels of land that is zoned farm and residential. The largest parcel – of which just a portion was bought – is on the south side of East Holmes Road. The other two are on the west side of Forest Hill-Irene Road. Formally, the Georges bought the land in 50 percent tenant in common shares under the following entities: Mark H. George, as Trustee of the Mark H. George Revocable Trust, established under Trust Agreement Dated Sept. 20, 2007; and Melinda M. George, as Trustee of the Melinda M. George Revocable Trust, established under Trust Agreement Dated Sept. 20, 2007. The selling entity was Theodore J. Johnson Jr., as Personal Representative of the Estate of Nellie B. Hamilton, Deceased. The transaction also included quit claim deeds from Carolyn T. Patterson, Nikki R. Sanders and James T. Bevill. The largest parcel that traded hands was a 500.16-acre tract on the south side of East Holmes Road along the Tennessee-Mississippi border. The Georges bought 493.96 acres of that parcel, which has an appraised value of $2.5 million, according to the Shelby County Assessor of Property.
5475 Fox Plaza Drive
Memphis, TN 38115
Loan Amount: $2.3 Million
Loan Date: Oct. 8, 2009
Maturity Date: N/A
Borrower: J & J Venture Partners LLC
Lender: PNC Bank NA
Details: The new owner of the auto body shop at 5475 Fox Plaza Drive in Hickory Hill North has filed a $2.3 million loan on the property. J & J Venture Partners LLC, which bought the building in April, filed the loan Oct. 8 through PNC Bank NA. The locale is home to an AutoBody America, one of two shops in Memphis and one of six in the Mid-South. The other Memphis store is on Covington Pike; the other area stores are in Bartlett, Germantown, Southaven and Jackson, Tenn. Built in 1984, the 18,388-square-foot shop sits on 1.94 acres along the south side of Fox Plaza Drive, which runs between Mt. Moriah and South Mendenhall roads. The Shelby County Assessor of Property’s 2009 appraisal is $658,100. J & J Ventures bought the property April 10 for $262,500. The seller was Pelts Properties LLC; Robert D. Pelts signed the warranty deed as chief manager of Pelts Properties. Patrick James signed the trust deed as president of J & J Venture Partners. He is one of the “Js” in the company title; the other is Will Johnston, according to public records and the company’s Web site. The transaction also included an assignment of rents and leases to the lender, PNC Bank. In addition to its five Memphis-area locations, AutoBody America has four stores in Middle Tennessee and one in Jackson, Miss.