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VOL. 125 | NO. 139 | Tuesday, July 20, 2010

After Trading Hands, Marina Cove Now Ready for Redevelopment

By Eric Smith

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Marina Cove

5505 Winchester Road
Memphis, TN 38115
Sale Amount: $1.6 Million

Sale Date:July 15, 2010
Buyer:The Power Center Community Development Corp.
Seller:Water Gardens LLC (in dissolution), and Optimal Partners LLC and National Community Development Association Inc. (which constitutes all members of Water Gardens LLC since its dissolution)

Details:Weeks after the city of Memphis came to an agreement with Water Gardens LLC to buy the blighted Marina Cove apartment complex at 5505 Winchester Road in Hickory Hill, the property has been bought for $1.6 million.

For years, the owners have defied city attempts to force a demolition or cleanup of the site. However, Memphis leaders last month came to an agreement with Marina Cove’s owners. For details on that deal, see the June 25 edition of The Daily News.

As planned, The Power Center Community Development Corp. bought the property from Water Gardens LLC, a limited liability company in dissolution, as well as Optimal Partners LLC and National Community Development Association Inc., which contain the members of the original Water Gardens LLC.

The sale was financed with a $668,216 loan through the city’s Division of Housing and Community Development.

The city’s settlement with Water Gardens’ members involved $700,000 in city funds. The remainder of the sale price – $900,000 – was a taxable donation from Water Gardens LLC, according to Laschandra Spraggins, public relations director for The Power Center CDC.

Power Center CDC is working with an unnamed “major developer” on commercial and retail uses in a master plan expected to be unveiled this fall. Spraggins said the name of the developer is still under wraps.

584 East Parkway S.
Memphis, TN 38104
Permit Amount: $6.4 Million

Project Cost:$6.4 million
Permit Date:Applied July 2010
Owner:Christian Brothers University
Tenant:Christian Brothers University
Contractor:Montgomery Martin Contractors LLC
Architect:Fleming/Associates/Architects PC

Details:Christian Brothers University has filed a $6.4 million permit with the city-county Office of Construction Code Enforcement to bring new university student housing to its East Parkway campus.

Montgomery Martin Contractors LLC is listed as general contractor and Fleming/Associates/Architects PC is listed as architect on the permit.

CBU spokesperson Elisa Marus said the university’s board of trustees approved a plan for the facility at its May meeting, but plans for the building are still preliminary.

“We’re just beginning,” Marus said. The board will meet with the Shelby County Health and Educational Facilities Board about bonds and making sure the project is filed under CBU’s nonprofit status.

Marus described the facility as a “living/learning community” that will be north of Canale Pool, between Lambert and Pender halls on the north side of campus. The building will house about 140 students.

7695 Poplar Pike
Germantown, TN 38138
Permit Amount: $639,400

Project Cost:$3-4 million
Permit Date:Applied July 2010
Owner:The Salvaggio Group LLC
Tenant:Memphis Radiological and Memphis Vascular; TBA
Contractor:The Salvaggio Group LLC
Architect:Looney Ricks Kiss Architects Inc.

Details:The Salvaggio Group LLC has filed a $639,400 permit with the city-county Office of Construction Code Enforcement to perform “shell and core” work on The Brownstone, a Class A office building at 7695 Poplar Pike in Old Germantown.

Salvaggio, the developer and contractor, sold the first floor of the building last month to Memphis Radiological and Memphis Vascular Center for $1.6 million.

With a price tag between $3 million and $4 million, The Brownstone will sit on a 1-acre parcel at the southeast corner of Poplar Pike and Moore Road, east of Germantown High School. Construction should take about nine months.

A Germantown-based development, construction and management firm, The Salvaggio Group’s principals are Tony Salvaggio, his father Charles and brother Jerome.

The Salvaggio Group announced plans for The Brownstone in 2008 but didn’t land its first buyer until Memphis Radiological announced that it would place its corporate headquarters and Memphis Vascular Center – the clinic it launched in 2001 – in the 12,000-square-foot building.

Memphis Radiological and Memphis Vascular will occupy the entire ground floor’s 5,900 square feet. Investec Realty Services is listing agent and broker for the property, whose second floor is still for sale.

4460 E. Holmes Road
Memphis, TN 38118
4995 Citation Drive

Memphis, TN 38118
Sale Amounts: $11.5 Million; $9.1 million

Sale Dates:July 9, 2010
Buyers:Exeter 4460 Holmes LLC; Exeter 4995 Citation LLC
Sellers:Principal Life Insurance Co.

Details:Two limited liability companies affiliated with Minnesota-based WelshInvest have bought property in Airport Industrial Park from Principal Life Insurance Co. for $20.6 million.

Exeter 4460 Holmes LLC bought property at 4460 E. Holmes Road for $11.5 million. That site includes a 449,600-square-foot warehouse built in 1998 on 21 acres on the north side of East Holmes east of Malone Road, according to the Shelby County Assessor of Property, whose 2010 appraisal is $14.6 million.

Exeter 4495 Citation LLC bought property at 4495 Citation Drive for $9.1 million. That property includes a 366,800-square-foot warehouse built in 1997 on 33.4 acres northeast of the 4460 E. Holmes site, according to the assessor. The 2010 appraisal is $11.9 million.

The city/county Industrial Development Board quitclaimed both sites to Principal Life Insurance Co. in 2006. WelshInvest is an affiliate of Welsh Cos. LLC.

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047