VOL. 125 | NO. 115 | Tuesday, June 15, 2010
Memphis Real Estate Recap
Real Estate Recap
Brownstone Lands First Tenant In Radiological and Vascular Center
By Eric Smith
7695 Poplar Pike
Germantown, TN 38138
Sale Amount: $1.6 Million
Sale Date: May 28, 2010
Buyer: MRPC Building LLC
Seller: Salvaggio Group LLC
Loan Amount: $1.2 million
Loan Date: May 28, 2010
Maturity Date: Aug. 21, 2011
Lender: MedArm Inc.
Details: Memphis Radiological and Memphis Vascular Center have paid $1.6 million for the first floor of The Brownstone, a Class A office building that soon will rise at 7695 Poplar Pike in Old Germantown.
Operating in the transaction as MRPC Building LLC, the companies bought the 5,900-square-foot ground floor from the building’s developer and contractor, The Salvaggio Group LLC.
Company principal Tony Salvaggio said construction of the 12,000-square-foot building will begin within two weeks, even though only half of it is sold.
Salvaggio – who owns the Germantown-based development, construction and management firm with his father, Charles, and brother, Jerome – said the company has four potential buyers for the upstairs. Potential users range from attorneys to doctors to different professional groups.
“We feel real good about moving forward with the entire construction,” he said. “And we’re going to shell out the upstairs so that when that tenant does come along, or if it ends up being two or three tenants – because we can actually split it up to three spaces – we’re going to have it ready to go.”
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.
4215 Hacks Cross Road
Unincorporated Shelby County
Sale Amount: $1 Million
Sale Date: May 24, 2010
Buyer: Ziad S. Ozrail and Mohd Hassan
Seller: The Phillips Group Inc.
Loan Amount: $800,000
Loan Date: May 24, 2010
Maturity Date: May 24, 2015
Lender: Southern Bancorp Bank
Details: A few months after signing a lease to open a Z-Market convenience store at 4215 Hacks Cross Road in unincorporated Southeast Shelby County, the tenants have bought the property for $1 million.
Ziad S. Ozrail and Mohd Hassan bought the former Advance Auto Parts store May 24 from The Phillips Group Inc.
Built in 2005, the Class A, 6,942-square-foot retail store sits on 0.94 acres along the west side of Hacks Cross south of its intersection with Tenn. 385.
The Shelby County Assessor of Property’s 2010 appraisal is just shy of $1 million.
For the 10-year lease/purchase agreement inked earlier this year, J. Max Hamidi of RE/MAX Elite represented the tenants, and Dan Whipple of Crye-Leike Commercial represented the Lexington, Ky.-based landlord/seller.
The buyers financed the purchase with an $800,000 loan through Southern Bancorp Bank.
4068 Stansell Circle
Unincorporated Shelby County
Sale Amount: $2.5 Million
Sale Date: June 4, 2010
Buyer: 4068 Stancell Court Holdings
Seller: R. Spencer Clift III, successor trustee
Details: The Holiday Inn Express at 4068 Stansell Court in unincorporated Southeast Shelby County has sold for $2.5 million following a foreclosure.
4068 Stancell Court Holdings, a special-purpose entity related to the lender, reclaimed the property June 4 in a successor trustee’s deed. The property went into receivership Feb. 26.
R. Spencer Clift III of the law firm Baker, Donelson, Bearman, Caldwell & Berkowitz PC served as successor trustee.
The previous owner, MNY Partnership, defaulted on a $5.2 million loan through LaSalle Bank NA dated Jan. 4, 2007.
Built in 2003, the 50,376-square-foot hotel sits on 2.45 acres at the southwest corner of Tenn. 385 and Hacks Cross Road. Its appraised value is $5 million, according to the Shelby County Assessor of Property.
The lender now plans to market and sell the hotel, which is still in operation.
4014 Outland Road
Memphis, TN 38118
Sale Amount: $3.2 Million
Sale Date: May 25, 2010
Buyer: UTSI Finance Inc.
Seller: Christopher R. Folk, trustee, under Christopher R. Folk Revocable Living Trust, dated Nov. 16, 2004
Details: UTSI Finance Inc., an entity related to Warren, Mich.-based transportation service provider Universal Truckload Services Inc., has paid $3.2 million for five parcels in Oakhaven where the company already has a presence.
UTSI is parent of Mason Dixon Intermodal, which operates a facility at 4014 Outland Road. The company bought five parcels totaling 35.58 acres along the east side of Outland, between Winchester and East Raines roads.
A call to the company for comment on the transaction wasn’t returned by press time.
All five parcels are in the Raines Road Distribution Center subdivision. They have a combined appraised value of $1.8 million, according to the Shelby County Assessor of Property.
UTSI bought the parcels from Christopher R. Folk, trustee, under Christopher R. Folk Revocable Living Trust, dated Nov. 16, 2004.
Folk and Lawrence Trine III founded Assure Intermodal in 2002. Mason Dixon Intermodal bought that company in 2006 as its foray into the Memphis market.