VOL. 124 | NO. 211 | Tuesday, October 27, 2009
Real Estate Recap
Holrob Sells Last Piece Of Collierville Crossing Retail Center
Collierville, TN 38017
Sale Amount: $1.5 Million
Sale Date: Oct. 15, 2009
Buyer: Murray-Collierville LLC
Seller: Holrob-Collierville LLC
Loan Amounts: $1.2 million; $200,000
Loan Dates: Oct. 15, 2009
Maturity Dates: Nov. 2, 2034; Oct. 15, 2014
Lenders: Community Financial Services Bank; Holrob-Collierville GP
Details: Holrob-Collierville GP, an affiliate of Knoxville-based Holrob Investments LLC, has sold a seven-bay, 8,820-square-foot retail center that sits on 1.1 acres in Collierville Crossing for $1.5 million to an entity called Murray-Collierville LLC. The sale closed Oct. 15.
The center is adjacent to a Target that sits on 14 acres at 325 New Byhalia Road and a 1.2-acre outparcel at 375 New Byhalia Road. Holrob in 2004 sold the outparcel to Landmark Corp. of Florida; the property now houses a Zaxby’s restaurant. Holrob developed all three parcels.
The center that sold to Murray-Collierville is 100 percent leased, said Kim Kimmons, vice president for Holrob Investments. Despite the full occupancy, Kimmons said the center – Holrob’s only Memphis-area asset – didn’t make sense for the company’s 8.8 million-square-foot portfolio, which is strongest in East Tennessee.
“A development company holds different properties, sells different properties,” Kimmons said. “We just felt like that one, because we have no other properties in the Memphis area at this time, was a little bit of a struggle for us to manage effectively.”
The center is formally part of the Byhalia Retail Center Phase 2. The Shelby County Assessor of Property doesn’t yet have a building appraisal for the center; its land is appraised at $370,300.
Cordova, TN 38016
Sale Amount: $2 Million
Sale Date: Oct. 16, 2009
Buyer: The Grove at Red Oak Lake Inc.
Seller: John Allen, B.J. Clements, D.C. Cobb and Garry Burkacki as trustees and Michael Day as executive director of Mid-South Baptist Association
Loan Amount: $1.5 million
Loan Date: Oct. 16, 2009
Maturity Date: Feb. 1, 2019
Lender: Mid-South Baptist Association
Details: The 74.53-acre property known as Camp Cordova has sold for $2 million to The Grove at Red Oak Lake Inc., an affiliate of Faith Baptist Church-Bartlett. The sale closed Oct. 16 and was announced earlier this month, but it wasn’t recorded by the Shelby County Register of Deeds until Thursday. The sprawling property, which contains a five-acre lake and is dotted with 59 buildings, is used for church camps and retreats. The owner was Mid-South Baptist Association, although it was listed by the Shelby County Assessor of Property as the Shelby County Baptist Association. Camp Cordova, also called the Cordova Retreat and Conference Center, is at 849 Rocky Point Road, but it doesn’t have an official property address, according to the assessor’s office. It sits on the west side of Rocky Point Road north of Walnut Grove Road and south of Macon Road. The property’s buildings comprise 19,268 square feet, and its appraised value of those buildings is $629,300, although it is exempt from property taxes and has a total assessed value of zero. The warranty deed was signed by John Allen, B.J. Clements, D.C. Cobb and Garry Burkacki as trustees and Michael Day as executive director of Mid-South Baptist Association. The Grove at Red Oak Lake filed a $1.5 million trust deed through the seller, Mid-South Baptist Association, dated Oct. 16. Neal Pflibsen and Kevin Womack signed the trust deed as president and treasurer, respectively, of The Grove at Red Oak Lake. The camp will now be called The Grove at Red Oak Lake – A Ministry of Faith Baptist Church.
1760, 1775 and 1780 Moriah Woods Blvd.
Memphis, TN 38117
Loan Amount: $5 Million
Loan Date: Oct. 15, 2009
Maturity Date: N/A
Borrower: Boyle Moriah Woods LLC
Lender: Triumph Bank
Details: Boyle Investment Co. has filed a $5 million deed of trust, assignment of rents and security agreement for the 15-acre Moriah Woods office park it developed during the late 1980s at Mt. Moriah Road and Interstate 240 in East Memphis. Carey Whitehead, senior vice president for Boyle, said the company had never filed a deed on the property and it made good financial sense to do so now. “We had been toying with it for a couple of years anyway,” he said. “We just never had a loan on it and decided to put a low-leverage loan on the property.” Whitehead said the company had spent “considerable dollars” – more than $1 million – on overhauling Moriah Woods during the past few years. Upgrades include replaced roofs and mechanical systems, painting, landscaping and various tenant improvements. The center is 80 percent occupied. Completed in phases between 1988 and 1989, the 156,435-square-foot Moriah Woods comprises a collection of one-story office buildings on three parcels, according to the Shelby County Assessor of Property. The largest parcel, at 1780 Moriah Woods Blvd., contains 80,904 square feet of office space in four buildings. It sits on 7.88 acres and has an appraised value of $3.3 million. The second-largest parcel, at 1760 Moriah Woods Blvd., contains 48,231 square feet of office space in two buildings. It sits on 4.62 acres and has an appraised value of $2.2 million. And the third-largest parcel, at 1775 Moriah Woods Blvd., contains 27,300 square feet of office space in one building. It sits on 2.27 acres and has an appraised value of $720,600.
1453 E. Raines Road
Memphis, TN 38116
Permit Amount: $790,000
Project Cost: N/A
Permit Date: Applied October 2009
Owner: Harry Smith
Tenant: Kids First Enrichment Center
Contractor: Universal Maintenance & Construction LLC
Details: The owner of a 1.66-acre parcel on the southwest corner of East Raines Road and Graceland Drive in Whitehaven has filed a $790,000 permit application with the city-county Office of Construction Code Enforcement to build a Kids First Enrichment Center. Harry Smith of Germantown, who bought the land Feb. 17 for $200,000 from T. David Goodwin Sr., filed the permit last week. A message left at the city’s other Kids First Enrichment Center, 3525 Hickory Hill Road, was not returned. Universal Maintenance & Construction LLC is the general contractor listed on the building permit. No architect is listed. The land is in the Raines-Graceland Planned Development. Its appraised value is $36,800, according to the Shelby County Assessor of Property. While the assessor lists the address as being 0 Graceland Drive, the permit shows an address of 1453 E. Raines Road. The property abuts residential development and is across Graceland Drive from Hillcrest High School. The other Kids First Enrichment Center is on land owned by Smith in Hickory Hill North. The 9,000-square-foot center was built in 2003 and sits on 2.25 acres along the east side of Hickory Hill Road north of its intersection with Winchester Road. The appraised value of that property is $850,600.