VOL. 125 | NO. 129 | Tuesday, July 6, 2010
Memphis Real Estate Recap
Real Estate Recap
Carlisle Corp. Continues Work on New Headquarters
263 Wagner Place
Memphis, TN 38103
Loan Amount: $2.1 million
Loan Date: June 15, 2010
Maturity Date: June 15, 2014
Borrower: Carlisle Landing LLC
Lender: Regions Bank
Details: Construction loan to renovate the 16,700-square-foot building at 263 Wagner into Carlisle Corp.’s new headquarters.
Don Nichols, Carlisle Corp.’s vice president for real estate development, said the company has completed demolition work and fast-tracked construction, hoping to move from its leased space in 100 Peabody Place to its new headquarters by the end of August.
The company applied in April for a $1.5 million building permit toward the $2.7 million project. (For details, see the April 27 edition of The Daily News at memphisdailynews.com.)
The site formerly housed Captain Bilbo’s and, later, Joe’s Crab Shack. After Joe’s closed, Carlisle Corp. used part of the building as a sales center for its now-shelved One Beale mixed-use development.
Carlisle Corp., whose founder and chairman is Gene Carlisle, operates 96 Wendy’s fast-food restaurants in Mississippi, North Carolina, Louisiana and Arkansas. In addition to space for its nearly 40 office personnel, the new headquarters will include a training center for Wendy’s managers.
The company was headquartered at 245 Wagner until straight-line winds in 2003 – colloquially known as “Hurricane Elvis” – damaged that building, ultimately resulting in its demolition, which also opened the door for the One Beale project.
The renovated 263 Wagner will be near the company’s former headquarters.
“We’re looking forward to getting back home,” Nichols said.
5680 Winchester Road
Memphis, TN 38115
Sale Amount: $700,000
Sale Date: June 8, 2010
Buyer: New Life Holiness Church of the Nazarene
Seller: Crestview Baptist Church of Memphis
Loan Amount: $512,525
Loan Date: June 8, 2010
Maturity Date: June 8, 2015
Lender: Regions Bank
Details: Church buildings on 3.9 acres at the northeast corner of Winchester and Clarke roads. New Life Holiness Church moved to the location last August from its former site on Vera Cruz Street, said pastor Frederick Smith. Smith said the sale transaction was on hold because New Life still owned the Vera Cruz property. Another church, Pursuit of God, has now taken over the Vera Cruz site, Smith said.
“We have had probably a 30 percent increase (in membership) since we’ve been there,” Smith said of the Winchester property’s increased visibility. The church operates a food pantry at its new location and has partnered with Wooddale schools to offer after-school programs four days a week, he said.
3275 Ridgeway Road
Memphis, TN 38115
Loan Amount: $4.5 million
Loan Date: May 27, 2010
Maturity Date: n/a
Borrower: Ridgewyck Ventures LLC
Lender: CWCapital LLC
Details: A 120-townhouse apartment complex built in 1984 on 13.4 acres at the southwest corner of Knight Arnold and Ridgeway roads. The Shelby County Assessor’s 2010 appraisal is $5.3 million. Ridgewyck Ventures LLC bought the property in March 2006 for $6.8 million. The transaction was a refinance and no changes are planned for the property, said Gary Gee of Utah-based Capital Growth Corp. and key principal for Ridgewyck Ventures LLC.
170 Mid South Cove
Collierville, TN 38017
Sale Amount: $660,000
Sale Date: June 24, 2010
Buyer: Erickson Investment Co. LLC
Seller: Davis Painting and Drywall Inc.
Loan Amount: $826,000
Loan Date: June 24, 2010
Maturity Date: Dec. 25, 2013
Lender: First State Bank
Details: Two parcels totaling 2.5 acres on the east side of Mid South Cove in Collierville Industrial Park, phase seven. A 1.5-acre parcel contains a warehouse built in 1988, according to the Shelby County Assessor of Property. A 1-acre adjacent parcel is vacant. The assessor’s 2010 combined appraisal for the sites is $451,200. Davis Painting and Drywall bought the property in December 2003 for $535,000. Mortgage is a construction loan. Representatives from Erickson Investment could not be reached by press time.
7470 Bartlett Corporate Cove
Bartlett, TN 38133
Sale Amount: $1.2 million
Sale Date: June 28, 2010
Buyer: Brother Properties LLC
Seller: JBKB LLC
Loan Amount: $1.1 million
Loan Date: June 28, 2010
Maturity Date: Aug. 20, 2017
Lender: M&F Bank
Details: A 1.2-acre parcel on the east side of Brother Boulevard and the northwest side of Bartlett Corporate Cove. The Shelby County Assessor of Property’s website describes it as housing a nearly 20,000-square-foot manufacturing warehouse built in 1999. The assessor’s 2010 appraisal is $904,100. Mortgage is a construction loan. The loan also covers a 0.3-acre parcel Brother Properties LLC bought from Flinn Broadcasting Corp. for $18,000. A representative of Brother Properties could not be located by press time.
675 National Ave.
Memphis, TN 38122
Loan Amount: $8.9 million
Loan Date: May 24, 2010
Maturity Date: May 24, 2017
Borrower: The Collegiate School of Memphis
Lender: SunTrust Community Development Enterprises
Details: Two tracts totaling 4.5 acres near Tutwiler and National avenues in Highland Heights Subdivision. The Collegiate School of Memphis bought the property from the trustees of Highland Heights Baptist Church in February 2008 for $500,000. Representatives of Collegiate School did not return a phone call.