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VOL. 125 | NO. 164 | Tuesday, August 24, 2010




DriveTime Car Sales Buys Former Bud Davis Dealership

By Kate Simone

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DriveTime Car Sales

2177 Covington Pike
Memphis, TN 38128
Sale Amount: $1.3 million

Sale Date: Aug. 13, 2010
Buyer: DriveTime Car Sales Co. LLC
Seller: First Tennessee Bank NA

Details: DriveTime Car Sales Co. LLC has bought a 32,700-square-foot auto dealership and service center from First Tennessee Bank NA for $1.3 million. The dealership sits on 6.5 acres at the southwest corner of Covington Pike and Elmore Road.

The property was formerly Bud Davis Lincoln Mercury but changed its name to Collier Lincoln Mercury when Collier Investments LLC bought the property in 2006, according to Chandler Reports.

That purchase was financed with a $3 million loan through First Tennessee Bank. The property went into foreclosure in 2009, and First Tennessee bought it back at a foreclosure sale for $2.5 million.

The Shelby County Assessor’s 2010 appraisal is $2 million.

Calls to DriveTime were not returned by press time.

1837 Harbor Ave.
Memphis, TN 38109
Loan Amount: $2.5 million

Loan Date: July 30, 2010
Maturity Date: n/a
Borrower: Empire Packing Co. LP
Lender: First Tennessee Bank NA

Details: Empire Packing Co. LP has taken out a second loan for an 8.3-acre property on the south side of Harbor Avenue west of Dock Street. The lender is First Tennessee Bank NA. The parcel includes industrial buildings and a two-story precast concrete office, according to Chandler Reports.

Empire Packing LP transferred the property to the city-county Industrial Development Board in December 2000; the IDB transferred the property back to Empire in December 2003.

The company financed the 2003 transaction with a $1.5 million loan through First Tennessee Bank.

6504 Raines Road
Memphis, TN 38115
Sale Amount: $1.9 million

Sale Date: July 29, 2010
Buyer: TSRE III Kirby Raines LLC
Seller: Kirby Raines Self Storage LLC
Loan Amount: $1.4 million
Loan Date: July 30, 2010
Maturity Date: n/a
Lender: Virtus Storage Investment III LP

Details: TSRE III Kirby Raines LLC has bought a mini-storage warehouse facility from Kirby Raines Self Storage LLC for $1.9 million, financing the purchase with a $1.4 million loan through Virtus Storage Investment III LP. The property was built in 1995 on 3.73 acres near the northwest corner of Kirby Parkway and Raines Road. The Shelby County Assessor’s 2010 appraisal is $1.4 million. The seller, Kirby Raines Self Storage LLC, bought the property in 2008 for $1.4 million.

The buying entity is based in Gulfport, Miss., and shares an address with Tellus Development Ltd. A call to a Tellus representative was not returned by press time.

Two related entities bought self-storage facilities the same day. TSRE III Northwest LLC bought a facility at 3891 Thomas St. between North Watkins Street and Creston Avenue for $1.5 million TSRE III Southern LLC bought a facility at 4740 Getwell Ave. on the east side of Getwell south of East Shelby Drive for $1.4 million. For details on those transactions, see the Aug. 5 edition of The Daily News.

1471 E. Brooks Road
Memphis, TN 38116
Sale Amount: $1.3 million

Sale Date: Aug. 16, 2010
Buyer: MP Memphis Airport Hotel LLC
Seller: Hometown 2007-1 Real Estate LLC
Loan Amount: $775,000
Loan Date: Aug. 12, 2010
Maturity Date: Aug. 12, 2011
Lender: Memphis Hotel Associates

Details: MP Memphis Airport Hotel LLC has bought the Memphis Airport Plaza hotel, a 75,700-square-foot, 249-unit, one-story hotel built in 1974, from Hometown 2007-1 Real Estate LLC for $1.3 million.

The hotel sits on 4.7 acres on the south side of East Brooks Road east of Interstate 55. Shelby County Assessor’s 2010 appraisal is $2.1 million.

The seller, Hometown 2007-1 Real Estate LLC, bought the property at a foreclosure sale in December 2008 for $2.5 million.

The property previously was branded as a Clarion Hotel.

5.66 acres on
Johnson Road
Sale Amount: $1.1 million

Sale Date: Aug. 12, 2010
Buyer: Bank of Bartlett
Seller: Bank of Bartlett
Original Debtor: Ken Sledd Co. Inc.

Details: Bank of Bartlett has bought back through a foreclosure sale 5.66 acres of vacant land on the west side of Johnson Road between Dogwood Road to the north and Gwynnbrook and Gwynn Hollow coves to the south in Germantown. Bank of Bartlett foreclosed on the property because of an unpaid $1.4 million loan Ken Sledd Co. Inc. took out in 2005. The Shelby County Assessor’s 2010 appraisal was $383,300.

Vacant Land in
Hayes Crossing
Sale Amount: $851,010

Sale Date: July 23, 2010
Buyer: First State Properties Inc.
Seller: Hayes Road Office Park Partnership

Details: First State Properties Inc. has bought a 1.3-acre vacant lot from Hayes Road Office Park Partnership for $851,010. The parcel is in phase one, area B, of the Center at Hayes Crossing office park in Arlington, on the northwest corner of Airline and Hayes roads. The Shelby County Assessor’s 2010 appraisal was $141,800. Hayes Road Office Park Partnership is composed of three partners who quitclaimed the property from themselves as individuals to the partnership.

No loan documents were filed with the Shelby County Register at the time of the sale.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 312 16,192
MORTGAGES 0 293 18,685
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 655 33,126
BANKRUPTCIES 0 237 10,737
BUSINESS LICENSES 0 112 5,198
UTILITY CONNECTIONS 0 127 11,344
MARRIAGE LICENSES 0 94 3,867

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