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VOL. 125 | NO. 36 | Tuesday, February 23, 2010

Memphis College of Art Buys South Main Building

By Eric Smith

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477 S. Main St.
Memphis, TN 38103
Sale Amount: $400,000

Sale Date: Feb. 12, 2010
Buyer: Memphis College of Art
Seller: Southeastern LSC Holding Corp., formally known as Lewis Supply Co. Inc.
Loan Amount: $1.5 million
Loan Date: Feb. 15, 2010
Maturity Date: March 1, 2013
Lender: J.R. Hyde III Family Foundation

Details: The Memphis College of Art has bought the 49,025-square-foot warehouse at 477 S. Main St. in the South Main Historic Arts District, where it will house its graduate school.

MCA paid $400,000 for the 97-year-old building in a special warranty deed from Southeastern LSC Holding Corp., formally known as Lewis Supply Co. Inc. of Murfreesboro.

MCA will spend about $3 million on the purchase and renovation of the building, slated to house everything from classrooms to studios to galleries for faculty and students.

The school last month received $450,000 in public incentives for the project from the Center City Development Corp.

Founded in 1936, MCA’s main campus is at 1930 Poplar Ave. in Overton Park. The move Downtown should bring about 100 students to the new building, freeing up space on the school’s main campus for its undergraduate programs.

30 Avon Road
Memphis, TN 38117
Permit Amount: $480,000

Project Cost: $10 million
Permit Date: Applied February 2010
Completion: Fall 2010
Owner: St. Agnes Academy-St. Dominic School
Tenant: St. Dominic School
Contractor: Grace Construction Co. Inc.
Architect: Fleming/Associates/Architects PC

Details: St. Agnes Academy-St. Dominic School has filed another building permit in conjunction with its master plan that has given the 20-acre East Memphis campus a major facelift. SAA-SDS last week filed a $480,000 permit with the city-county Office of Construction Code Enforcement to renovate the St. Dominic School building at 30 Avon Road.

This is the final phase of about $10 million in capital improvements that began with the schools’ centerpiece building, the 27,000-square-foot Veritas Research Center. Next was a $2.2 million, 12,000-square-foot early childhood center on the northwest corner of campus, which sits on the north side of Walnut Grove Road between Avon and Mendenhall roads.

Danny Valle, a trustee at St. Agnes who serves on the schools’ oversight committee, said in this latest phase, St. Dominic would receive an interior renovation that calls for upgrading all the classrooms, bathrooms and the dean’s office suite.

“We are basically giving an old building an overhaul,” Valle said. “Just cosmetic interior renovations. The classrooms will be made a little bigger because we’re getting rid of some closets and things like that to maximize space.”

437 and 449 Monroe Ave.
Memphis, TN 38103
Sale Amount: $1.5 Million

Sale Date: Feb. 3, 2010
Buyer: John and Nancy Waddell
Seller: Monroe Properties LLC
Loan Amount: $1.5 million
Loan Date: Feb. 3, 2010
Maturity Date: Feb. 1, 2015
Lender: Financial Federal Savings Bank

Details: John and Nancy Waddell have paid $1.5 million for 14 units in Downtown’s The Edge at Monroe Condominiums at 437 and 449 Monroe Ave. The Waddells bought the units Feb. 3 from Monroe Properties LLC, financing the transaction with a $1.5 million loan through Financial Federal Savings Bank.

The condos are units 101 to 114. The Edge at Monroe sits at the southeast corner of Monroe Avenue and South Lauderdale Street.

Monroe Properties built the development and is retaining ownership of eight units.

The condos that were sold to the Waddells are one-bedroom units averaging 846 square feet. They are housed in a separate building from the development’s two-bedroom townhomes.

The Edge has gated access, covered carports and storage units, and its interiors include hardwood floors, granite countertops and stainless steel appliances.

Tommy Bronson III and Blake Pera of CB Richard Ellis Memphis’ multifamily division represented Monroe Properties in the sale.

“Monroe Properties really built a quality product when they built The Edge,” Bronson, CBRE vice president, said in a statement. “Because the new owners were able to assume some favorable financing, they have positioned themselves to be very successful in the coming years when the housing market rebuilds.”

6102 Macon Road
Memphis, TN 38134
Sale Amount: $600,000

Sale Date: Jan. 15, 2010
Buyer: EOJ LLC
Seller: Shelby Crossing Shopping Center, formerly known as Memphis Outlet Mall
Loan Amount: $500,000
Loan Date: Jan. 25, 2010
Maturity Date: N/A
Lender: Shelby Crossing Shopping Center, a joint venture of Five G LLC and T. David Goodwin Sr.

Details: The former Comedy Tennessee club at 6102 Macon Road near Interstate 40 and Sycamore View Road has sold for $600,000 to an entity called EOJ LLC. The seller was Shelby Crossing Shopping Center, formerly known as Memphis Outlet Mall. The sale closed in January, but wasn’t recorded with the Shelby County Register of Deeds until last week.

Built in 1991, the 6,908-square-foot nightclub sits on a 1.12-acre outparcel of the Memphis Outlet Mall. The Shelby County Assessor of Property’s 2009 appraisal was $576,500.

Comedy Tennessee has closed, according to its Web site. But starting in June, Big Funny Productions, the company that ran Comedy Tennessee, will be booking comedy shows at Minglewood Hall and Neil’s in Midtown.

The buyer financed the purchase with a loan through the seller, which is a joint venture between Five G LLC and T. David Goodwin Sr.

Goodwin and Elizabeth G. McDonald as chief manager signed the warranty deed on behalf of the seller.

Joe Louis Davidson and Rhonda C. Davidson signed the trust deed as president/chief manager and secretary, respectively.

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108