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VOL. 124 | NO. 191 | Tuesday, September 29, 2009

Dollar General Coming To James Road in Raleigh

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3609 James Road
Memphis, TN 38128
Permit Amount: $497,000

Project Cost: $497,000
Permit Date: Applied September 2009
Completion: TBA
Owner: SW Properties LLC
Tenant: Dollar General Corp.
Contractor: SW Properties LLC
Architect: N/A

Details: SW Properties LLC of Coldwater, Miss., has filed a $497,000 permit application with the city-county Office of Construction Code Enforcement to build a Dollar General store at 3609 James Road in Raleigh. The store will be built on 1.43 acres on the south side of James Road, east of the intersection with North Highland Road.

SW Properties on Aug. 4 bought the acreage for $60,000 from Greater Imani Baptist Church Inc., which owns a 17.69-acre tract of land. SW Properties on the same day filed a $690,000 construction loan through Southern Bancorp Bank NA to build the store there. The transaction also included an assignment of rents between the borrower and the lender.

SW Properties is related to Ware Properties LLC, which is the exclusive developer of Dollar General stores in West Tennessee and North Mississippi. Typically, Dollar General builds 9,000-square-foot stores that sit on slightly more than an acre of land.

Goodlettsville, Tenn.-based Dollar General Corp. has 15 stores in Memphis, including a handful of new stores that have opened within the past year, and 425 in Tennessee. Dollar General is looking to add stores in markets that make sense for the company, said spokeswoman Emily Weiss, who confirmed that the company had signed a lease for the property but wasn’t ready to provide additional details.

4052 Central Ave.
Memphis, TN 38111
Permit Amount: $4.6 Million

Project Cost: $20 million
Permit Date: Applied September 2009
Completion: Fall 2010
Owner: Second Presbyterian Church
Tenant: Second Presbyterian Church and Presbyterian Day School
Contractor: Grinder, Taber & Grinder Inc.
Architect: The Crump Firm

Details: Second Presbyterian Church has filed a $4.6 million permit application with the city-county Department of Construction Code Enforcement to renovate one building for the church and multiple buildings for Presbyterian Day School, which operates from the church’s campus at 4052 Central Ave. in East Memphis. The renovation comes on the heels of a $20 million expansion to Second Pres and PDS, most of which concluded before the start of the school year, said Harold Ware, executive administrator for the church. “We’re through building buildings, but we are going to do a pretty major renovation of one of our older (church) buildings,” Ware said. “The majority will be the renovation of Presbyterian Day School, some of their existing facilities.” Ware said the permit was filed well in advance of the work, which is expected to begin next year. “We’re pricing it out right now,” Ware said. “More than likely it would be something we start after school ends in May. It would be spring and next summer.” The expansion brought a new early childhood center, gymnasium, “lifestyles” room, music room and dining hall for the school. The project wasn’t designed to accommodate more students, but instead to update the school’s aging infrastructure. PDS hadn’t undergone a major renovation since the school opened in the 1950s. “That was really a good project,” Ware said. “We finished on time and within budget, so we’re very, very happy.”

129 and 137 N. Belvedere St.
Memphis, TN 38104
Sale Amount: $1.6 Million

Sale Date: Sept. 4, 2009
Buyer: John P. Waddell and Nancy S. Waddell
Seller: Chamberlain, McCreery and Rice GP
Loan Amount: $1.6 million
Loan Date: Sept. 4, 2009
Maturity Date: Sept. 4, 2014
Lender: Trustmark National Bank

Details: John and Nancy Waddell have bought the two-building, 16-unit Ashley Manor condominiums at 129 and 137 N. Belvedere St. in Midtown for $1.6 million from Chamberlain, McCreery and Rice GP. The sale closed Sept. 4. Chamberlain, McCreery and Rice had converted the property from apartments to condos in 2007 with rehab work including the installation of new kitchens and baths, central heating and air-conditioning, new windows and more. Built in 1920, Ashley Manor sits on .82 acres on the west side of North Belvedere Street south of Poplar Avenue. Each of the 1,000-square-foot, one-bedroom units has an appraised value of $111,500 for a combined value of $1.8 million, according to the Shelby County Assessor of Property. Steve Woodyard of Woodyard Realty Corp. represented the seller in the transaction. A press release from Woodyard Realty said the buyers “plan to continue to improve the property and hold (it) until the condo market returns.” The Waddells also assumed the original notes on the property from Chamberlain, McCreery and Rice – a $1.3 million loan through Trustmark National Bank dated May 31, 2007, and a $276,000 loan through Trustmark National Bank dated Oct. 19, 2007. The new principal amount is $1.6 million.

3686 S. Germantown Road
Memphis, TN 38125
3040 Austin Peay Highway

Memphis, TN 38128
Loan Amount: $4 Million
Loan Date: Sept. 16, 2009
Maturity Date: Sept. 16, 2014
Lender: Metropolitan Bank

Details: U Store It, a national owner and operator of self-storage facilities, on Sept. 16 quitclaimed – or transferred – its properties at 3686 S. Germantown Road in Southeast Shelby County and 3040 Austin Peay Highway in Raleigh to its trust division, which operated in the transaction as YSI XXXXI LLC. That entity, which lists a Wayne, Pa., address, then filed a $4 million loan on the facilities through Metropolitan Bank. The Class B, 96,248-square-foot South Germantown Road storage facility was built in 1986. It sits on 5.57 acres on the east side of South Germantown Road just south of its intersection with Winchester Road. The Shelby County Assessor of Property’s 2009 appraisal is $3.5 million. The Class B, 105,391-square-foot Austin Peay Highway storage facility – with an alternate address of 3038 Austin Peay Highway – was built in 1973. It sits on 4.81 acres on the east side of Austin Peay Highway near the intersection of Jackson Avenue and Raleigh Millington Road. Its 2009 appraisal is $2.5 million. In addition to the quitclaim and trust deed transactions, an assignment of leases, rents and income also was included. Alexandria, Va.-based U Store It bought the South Germantown Road property for $4.3 million in 2006 from G and T Development Partnership. U Store It has filed a host of trust deeds on its Memphis-area properties in the past few months. Though the company is based in Virginia, its chief executive is Memphian Dean Jernigan, former head of Storage USA.

PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115