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VOL. 125 | NO. 101 | Tuesday, May 25, 2010

Crews Buys Collierville Hampton

By Eric Smith

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Hampton Inn

1280 W. Poplar Ave.
Collierville, TN 38017
Sale Amount: $5.1 Million

Sale Date: May 11, 2010
Buyer: SGR LLC
Seller: Collierville Hotels GP
Loan Amount: $3.8 million
Loan Date: May 11, 2010
Maturity Date: May 11, 2015
Lender: First Citizens National Bank

Details: An entity called SGR LLC, whose principal is Jason Crews, has bought the Hampton Inn at 1280 W. Poplar Ave. in Collierville for $5.1 million from Collierville Hotels GP.

Built in 1997, the 91-room, 44,724-square-foot hotel known as the “Hampton Inn Memphis/Collierville” sits on 2.09 acres on the northeast corner of Poplar and Bray Station Road. The hotel’s amenities include an outdoor swimming pool and a meeting room. The Shelby County Assessor of Property’s 2010 appraisal is $4.9 million.

Crews, who also is principal of Crews Realty LLC, said he was attracted to the hotel because of its location in Collierville along Poplar – which doubles as Tenn. 57 and U.S. 72 – and its proximity to restaurants, stores and residential areas.

He said the Hampton Inn brand is strong on its own and also because it is under the Hilton rewards program known as HHonors. Crews said he will overhaul the hotel beginning in August and wrapping by the end of the year, confining construction work to the time of year when occupancy is low.

“We’re going to renovate the entire lobby and guest rooms with new furniture and fixtures,” said Crews, who declined to disclose the renovation cost. The hotel will stay open throughout the process with rooms coming offline only when they are being upgraded.

5835 and 5849 U.S. 72 (Poplar Ave.)
Memphis, TN 38119
Permit Amounts: $2.1 Million

Project Costs: $2.1 million
Permit Dates: Applied May 2010
Completion: Fall 2010
Owner: Weingarten Realty
Tenants: Logan’s Roadhouse, Genghis Grill, Panera Bread and Mattress Firm
Contractor: N/A
Architect: N/A

Details: Houston-based Weingarten Realty has filed building permits with the city-county Office of Construction Code Enforcement to construct three structures at its 300,000-square-foot Ridgeway Trace retail development at Poplar Avenue and Interstate 240. The buildings, valued at $702,000 each for a combined $2.1 million, are outparcels that will house Logan’s Roadhouse, Genghis Grill, Panera Bread and Mattress Firm, all of which recently signed leases at the center. Logan’s Roadhouse will occupy a 6,533-square-foot, single-user outparcel at the corner of Ridgeway Loop Road and Poplar. Panera Bread will occupy 4,500 square feet of an 11,250-square-foot, two-bay building due west of the Logan’s parcel with space available for another tenant. Genghis Grill will occupy 3,400 square feet and Mattress Firm will occupy 3,750 square feet of an 11,250-square-foot, three-bay building west of the Panera parcel with space available for another tenant. Bill Coats represented Weingarten in the lease negotiations. Danny Buring of The Shopping Center Group represented Logan’s Roadhouse, Panera Bread and Mattress Firm, and Ryan Eastman of J&B Commercial represented Genghis Grill. Each tenant is expected to open in the fall. Ridgeway Trace is anchored by Target, Best Buy, Sports Authority and PetSmart. Seven spaces remain for the center’s outparcels.

1.56 Acres
Collierville, TN 38017
Sale Amount: $1 Million

Sale Date: April 30, 2010
Buyer: The Bank of Fayette County
Seller: Douglas R. Beaty, trustee of the Forest Hill Land Trust

Details: The Bank of Fayette County has paid $1 million for a 1.56-acre parcel of land along the east side of Houston Levee Road in Collierville. The seller was Douglas R. Beaty, trustee of the Forest Hill Land Trust. The sale closed April 30 but wasn’t recorded by the Shelby County Register of Deeds until Monday. Prior to this most recent sale, the land had been owned by HBO Holdings LLC, which had quitclaimed the property to the Forest Hill Land Trust in May 2008. HBO Holdings, whose principal is Michael Bourne, bought the land as a larger parcel from Houston Levee LLC on Nov. 17, 2006, for $5.1 million. The land, part of the 55-acre Ballard Property Planned Development, since has been subdivided. This 1.56-acre parcel sits at the northeast corner of Houston Levee and Poplar Avenue and has an appraised value of $815,500, according to the Shelby County Assessor of Property. Recent transactions on that planned development include Community Bank NA last year buying 1.5 acres for $1.6 million, as well as the construction of buildings by Memphis-based Retirement Cos. of America and Chanhassen, Minn.-based Life Time Fitness Inc.

75 Mud Island Drive and 100 Riverset Lane
Memphis, TN 38103
Loan Amount: $24.7 Million

Loan Date: April 26, 2010
Maturity Date: N/A
Borrower: Auction Street Associates LP
Lender: Oak Grove Commercial Mortgage

Details: Auction Street Associates LP has filed a $24.7 million loan through Oak Grove Commercial Mortgage on the Riverset Apartments on Mud Island. The 500-unit Riverset is split into two adjacent parcels; its formal addresses are 75 Mud Island Road and 100 Riverset Lane. Auction Street Associates formally acquired the property September 2002 in a quitclaim deed from the Memphis Center City Revenue Finance Corp. The first parcel, 75 Mud Island, was built in 1988 and contains 352 units on 25.08 acres. The Shelby County Assessor of Property’s 2010 appraisal is $16.8 million. The second parcel, 100 Riverset, was built in 1990 and contains 148 units on 9.3 acres. The assessor’s 2010 appraised value is $7.1 million. Jon Kinsey signed the trust deed as general partner of Chattanooga-based Auction Street Associates.

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