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VOL. 125 | NO. 149 | Tuesday, August 3, 2010

Gill Enterprises Sells Land to CVS for Cordova Pharmacy

By Eric Smith

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786 N. Germantown Parkway
Cordova, TN 38018
Sale Amount: $2.2 Million

Sale Date: July 28, 2010
Buyer: CVS 6628 TN LLC
Seller: Gill Enterprises GP

Details: CVS has closed on the 1.8-acre parcel of land on Germantown Parkway in Cordova where it will build its next area pharmacy, paying $2.2 million for the property.

The Daily News first reported in June that Woonsocket, R.I.-based CVS, the retail division of CVS Caremark, would buy the land from Gill Enterprises GP and bring a retail store to the site of the former Memphis Area Home Builders Association headquarters at 776 N. Germantown Parkway.

The company planned to buy half of the 3.6-acre parcel at the southeast corner of Germantown and Walnut Run Road for its store, whose address will be 786 N. Germantown Parkway.

“This sale to the CVS agent represents the culmination of almost two years of negotiation with this national tenant,” said Gill Properties president Ray Gill, who will be responsible for razing the existing 17,000-square-foot structure and widening the right-turn lane on Germantown.

CVS’ regional developer, Redd Realty Services Inc., an affiliate of A.M. Redd Jr. Inc., earlier this year filed a $501,000 permit with the city-county Office of Construction Code Enforcement to build the store.

CVS plans to build a 13,225-square-foot, 24-hour, drive-through pharmacy, which is set to open in early 2011, according to a release Gill distributed last week.

85 Union Ave.
Memphis, TN 38103
Permit Amount: $1.2 Million

Project Cost: $1.2 million
Permit Date: Applied July 2010
Completion: Oct. 1
Owner: Union-Main Holdings LLC
Tenant: Thompson & Co.
Contractor: Montgomery Martin Contractors LLC

Details: Union-Main Holdings LLC has filed a $1.2 million permit with the city-county Office of Construction Code enforcement to renovate the 17,120-square-foot space at 77 S. Main St., where Thompson & Co. advertising agency will relocate.

An alternate address for the property – and the one listed on the permit – is 85 Union Ave. The space formerly housed Smooth Moves.

The Center City Development Corp. in April awarded the longtime ad agency a $15,000 grant for improvements at the new space.

CCDC officials also approved a $200,000 development loan for Union-Main Holdings.

The company’s chief manager, Tom Marsh, in May signed a $980,000 construction loan through Metropolitan Bank for the project.

Construction is slated to wrap in the fall with Thompson & Co. moving in Oct. 1.

The reuse is more good news for Downtown’s core, especially the Union-Main intersection, where an upscale grocery store called City Market will open on the ground floor of Radio Center Flats at 66 S. Main St.

For more on Thompson & Co.’s move and the redevelopment of its new space, see the April 28 issue of The Daily News, www.memphisdailynews.com.

3619 Kingsgate Drive
Memphis, TN 38116
Sale Amounts: $4.3 Million; $1.5 Million; $1.4 Million

Sale Date: July 14, 2010
Buyers: Verano Park LLC; Monterra Park LLC; Canterra Park LLC
Seller: North Star Apartment Communities LLC
Loan Amount: $2.1 million
Loan Date: July 19, 2010
Maturity Date: N/A
Lender: WCMF Inc.

Details: Two weeks after buying the 933-unit New Horizon Park apartments at 3619 Kingsgate Drive in Whitehaven for $2.7 million, North Star Apartment Communities LLC has sold the property for a combined $7.2 million in an internal transaction.

The limited liability company, which lists a Perry Hall, Md., address, sold the four parcels that comprise New Horizon Park to three related buyers: Verano Park LLC ($4.3 million); Monterra Park LLC ($1.5 million); and Canterra Park LLC ($1.4 million).

All three buyers list the same Fountain Green, Utah, address. The buyers together filed a $2.1 million loan through WCMF Inc. An alternate address for the complex, and the one used by the Shelby County Assessor of Property, is 3578 Millbranch Road.

The apartment complex, which sits on close to 60 acres, was built in 1970-71. It underwent extensive renovations a few years ago by then-owner Apollon Group LLC of New York.

But a previous owner, New Horizon Memphis One LLC, defaulted on its $30.5 million trust deed and security agreement through First Financial Equities Commercial LLC dated Nov. 30, 2006.

The property includes four parcels, three of which contain apartment buildings.

The first contains 196 units with an appraised value of $2.1 million. The second contains 312 units with an appraised value of $3.6 million. And the third contains 394 units with an appraised value of $2.8 million. A fourth parcel is a vacant lot with an appraised value of $100.

200 S. Parkway West
Memphis, TN 38106
Loan Amount: $6.9 Million

Loan Date: July 2010
Maturity Date: Aug. 1, 2045
Borrower: Tennessee Property Associates LP
Lender: Capital Funding LLC

Details: Tennessee Property Associates LP, the owner of the Parkway Health & Rehab Center at 200 S. Parkway West, has filed a $6.9 million loan on the property through Capital Funding LLC.

The company, which lists an Atlanta address, filed the trust deed earlier this month.

The L-shaped parcel houses a 40,884-square-foot nursing home that was built in 1995. It sits on 4.1 acres along the north side of South Parkway West at Louisiana Street, in the Kansas Street Urban Renewal Area.

The Shelby County Assessor’s 2010 appraisal is $2.9 million. Tennessee Property Associates bought the property in 2005 for $5.5 million.

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920