VOL. 125 | NO. 56 | Tuesday, March 23, 2010
Memphis Real Estate Recap
Real Estate Recap
Former Orgill Distribution Center Sold Following Foreclosure
2108 Latham St.
Memphis, TN 38109
Sale Amount: $2.5 Million
Sale Date: March 9, 2010
Buyer: NW-2100 Latham Street LLC
Seller: Bradley Ottinger, trustee
Details: The 2108 Latham St. distribution center that Orgill Inc. vacated last summer sold for $2.5 million in a March 9 substitute trustee’s sale following a foreclosure of the building’s joint owners, Yong Wah Development-Texas LLP and Memphis-SCEE I LLC.
Those companies – Yong Wah was 99 percent owner – defaulted on a $6.5 million loan through Nationwide Life Insurance Co. dated Aug. 15, 2001.
NW-2100 Latham Street LLC, an entity related to the lender, reclaimed the building from substitute trustee Bradley Ottinger of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.
The 604,519-square-foot building sits on 35 acres along the east side of Latham. It has an appraised value of $2.9 million, according to the Shelby County Assessor of Property.
Memphis-based Orgill, a hardware products distributor, leased the building. It shuttered the local operation last summer and opened a distribution center in Sikeston, Mo. The company has retained its corporate headquarters here.
Ron Beal, the company’s president and CEO, told The Daily News last summer that the Latham Street building was outdated and that consolidating operations in Missouri made more sense.
5121 N. Shelby Oaks Drive
Memphis, TN 38134
Permit Amount: $3.5 Million
Project Cost: $3.5 million
Permit Date: Applied March 2010
Owner: Onyx Medical Corp.
Tenant: Onyx Medical Corp.
Contractor: Linkous Construction Co. Inc.
Details: Onyx Medical Corp. last week filed a $3.5 million permit with the city-county Office of Construction Code Enforcement to build a facility at 5121 N. Shelby Oaks Drive.
Linkous Construction Co. Inc. filed the permit as general contractor for the building, which will serve as Onyx’s new headquarters.
The medical manufacturing company is moving operations from its current headquarters at 152 Collins St. in Midtown.
Onyx earlier this month filed a $3.9 million construction loan through Trustmark National Bank. The loan was in conjunction with Onyx’s seven-year payment-in-lieu-of-taxes (PILOT) agreement, approved last fall by the city-county Industrial Development Board, which is listed on the loan as a joinder.
The PILOT will save the company a little less than $850,000 in taxes.
Onyx is planning to make a $6.5 million capital investment as part of developing a new manufacturing facility and corporate headquarters and will create at least 17 new jobs.
2810 N. Germantown Parkway
Memphis, TN 38106
Loan Amount: $2.9 Million
Loan Date: March 1, 2010
Maturity Date: March 1, 2025
Borrower: KIR Memphis BBB LP
Lender: Protective Life Insurance Co.
Details: KIR Memphis BBB LP, the owner of the Bed Bath & Beyond store at 2810 N. Germantown Parkway, has filed a $2.9 million “deed of trust, security agreement and fixture filing for commercial purposes” through Protective Life Insurance Co. on the property.
The 42,668-square-foot store is an outparcel of the Wolfchase Galleria. Built in 1996, the Class A retail building sits on four acres along the east side of North Germantown Parkway and the west side of Wolfchase.
Its most recent appraised value was $4.1 million, according to the Shelby County Assessor Property.
KIR Memphis BBB, which lists an address in New Hyde, N.Y., is related to Kimco Realty Corp., a real estate investment trust (REIT), that owns and operates shopping centers throughout North America.
Glenn G. Cohen signed the trust deed as vice president and treasurer of KIR Memphis BBB.
Kimco owns three other properties in Memphis: the Germantown Collection at Poplar Avenue and Exeter Road; the former Old Time Pottery in Hickory Ridge Commons at Ridgeway and Winchester roads; and Trolley Station at American Way and South Perkins Road.
2186 Central Ave.
Memphis, TN 38104
Sale Amount: $450,000
Sale Date: March 5, 2010
Buyer: Mehdi Abesi
Seller: Fred J. Remmers Jr., dba Fred J. Remmers Rug Cleaning Co.
Loan Amount: $700,000
Loan Date: March 5, 2010
Maturity Date: N/A
Lender: Fred J. Remmers Jr., dba Fred J. Remmers Rug Cleaners Inc.
Details: Fred Remmers has sold his eponymous store, Fred Remmers Rug Cleaners at 2186 Central Ave. in Midtown, to Mehdi Abesi for $450,000. The sale closed March 5.
The fourth-generation store whose roots date back to 1881 specializes in Oriental rug cleaning and repair. It will retain the Fred Remmers name, said a company employee.
Fred J. Remmers Jr., doing business as Fred J. Remmers Rug Cleaning Co., sold the business and the 11,440-square-foot store to Abesi, who also filed a $700,000 loan through the seller.
Built in 1979, the Class C retail store sits on 0.76 acres along the north side of Central Avenue near its intersection with South Cooper Road in the Central Avenue Heights subdivision.
The Shelby County Assessor of Property’s 2009 appraisal of the building and land was $343,400.