VOL. 125 | NO. 169 | Tuesday, August 31, 2010
Memphis Real Estate Recap
Real Estate Recap
MedVet Memphis Builds New Cordova Facility
By Kate Simone
555 Trinity Creek Cove
Cordova, TN 38018
Permit Amount: $3 million
Permit Date: Applied August 2010
Completion: May 2011 (open Summer 2011)
Owner: MedVet Memphis LLC
Tenant: MedVet Memphis LLC
Contractor: Grinder, Taber & Grinder Inc.
Details: MedVet Memphis LLC has applied for a $3 million permit to build a 17,700-square-foot, two-story facility at 555 Trinity Creek Cove. The office will replace MedVet’s current facility at 850 N. Germantown Parkway, suite 105.
Land is currently being cleared to prepare for building the facility, said Katie Wassmer of Thompson & Berry PR, which represents MedVet.
MedVet is the only veterinary hospital within 200 miles with full-time board-certified veterinary specialists, a designation given to vets who have undergone several additional years of training to specialize in fields such as oncology or dermatology.
The new facility will house eight exam rooms and a double surgery suite, as well as equipment for CT scans, ultrasounds and endoscopy procedures; a Wi-Fi-equipped waiting room; a boardroom; and meeting space for more than 70 people.
Memphis-based archimania designed the facility to be calming to pets and owners. Features include larger exam rooms and natural light.
The facility is within walking distance of the Shelby Farms off-leash dog park, and MedVet plans to partner with the park throughout the year for events and special offers, Wassmer said. Though specific plans haven’t been made yet, Wassmer said Shelby Farms and MedVet share the goal of helping animals.
2362 & 2382 N. Germantown Parkway
Cordova, TN 38016
Sale Amount: $4.4 million
Sale Date: Aug. 23, 2010
Buyer: Southstar Holdings UNCC LLC (65%); RC Memphis LLC (35%)
Seller: Wells Fargo Bank NA, as trustee for Morgan Stanley Capital I Inc., commercial mortgage pass-through certificates series 2006-IQ12
Loan Amount: $3.4 million
Loan Date: Aug. 23, 2010
Maturity Date: n/a
Lender: First Tennessee Bank NA
Details: The Shops at Rock Creek, a two-building, 61,000-square-foot strip shopping center built on two parcels in 2006, has sold for $4.4 million. The buyers are Southstar Holdings UNCC LLC, with a 65 percent interest, and RC Memphis LLC, with a 35 percent interest. The buyers financed the purchase with a $3.4 million loan through First Tennessee Bank NA.
The center sits on 5.5 acres at the southwest corner of North Germantown Parkway and Rockcreek Parkway. The Shelby County Assessor’s combined 2010 appraisal of the two parcels is $6.8 million.
The center was one of several retail sites sold at a foreclosure sale in October. That sale was because the owners of The Shops at Rock Creek, Kapree Rock Creek LLC and Memphis Rock Creek LLC, defaulted on an $11.7 million loan dated November 2006.
Following that sale, Centerline Servicing Inc., the properties’ receiver, contracted the Memphis office of Colliers International to lease, manage and sell the properties. For details, see the Oct. 15 issue of The Daily News at www.memphisdailynews.com.
A call to a representative of Southstar Holdings was not returned by press time.
30 acres in
Houston Levee Trails
Sale Amount: $1.7 million
Sale Date: Aug. 18, 2010
Buyer: First Alliance Bank
Seller: First Alliance Bank
Original Borrower: South 64 Joint Venture
Details: First Alliance Bank has bought back about 30 acres in Houston Levee Trails Planned Development at a foreclosure sale on the Shelby County Courthouse steps. The Houston Levee Trails development is south of Highway 64, on both sides of Houston Levee Road.
The property was foreclosed because South 64 Joint Venture defaulted on a $1.8 million loan taken out in August 2001. The original lender was FirstBank, according to loan documents.
South 64 Joint Venture was composed of William T. Edwards and Clair D. Vanderschaaf Jr., according to foreclosure sale documents.
6705 E. Shelby Drive
Memphis, TN 38141
Sale Amount: $700,000
Sale Date: Aug. 12, 2010
Buyer: Roopani Properties LLC
Seller: Mapco Express Inc.
Loan Amount: $600,000
Loan Date: Aug. 12, 2010
Maturity Date: n/a
Lender: Brighton Bank
Details: Roopani Properties LLC has bought a Mapco service station in The Village at Hedgerow Commercial Subdivision. The station includes a 2,368-square-foot convenience store built in 1988. It sits on a roughly 1-acre parcel on the east side of Ross Road just south of East Shelby Drive.
Mapco Petroleum bought the property in 1988 for about $326,000. The Shelby County Assessor’s 2010 appraisal is $644,100.
Three addresses on
Sale Amounts: $640,000; $40,000
Sale Date: Aug. 19, 2010
Buyer: University Highlands
Seller: InSouth Bank; Sycamore Bank
Loan Amount: $928,000
Loan Date: Aug. 19, 2010
Maturity Date: Sept. 15, 2015
Lender: Financial Federal Savings Bank
Details: University Highlands has bought properties at 3417, 3435 and 3443 Spottswood Ave. in Highland Avenue Subdivision.
The 3417 Spottswood property, which was sold by InSouth Bank, is a 40-unit, two-story brick apartment building built in 1985, according to real estate information company Chandler Reports. It sits on 1.3 acres on the south side of Spottswood east of Prescott Street. InSouth Bank bought the property at a foreclosure sale in 2009 for $475,000. The Shelby County Assessor’s 2010 appraisal is $623,200.
The 3435 Spottswood parcel is a single-family, 1,423-square-foot house built in 1935. Sycamore Bank bought it at a foreclosure sale in February for $43,000. The 2010 appraisal is $53,700.
The 3443 Spottswood site, sold by InSouth Bank, is a 29-unit, two-story brick apartment building built in 1984. It sits on about an acre on the south side of Spottswood. InSouth bought it at a 2009 foreclosure sale for $325,000. Its 2010 appraisal is $485,300.
The buying entity lists the same address as Makowsky Ringel Greenberg LLC, a real estate development, management, construction and brokerage firm. Jerome Makowsky signed a loan document as managing partner of University Highlands. A call to MRG was not returned by press time.