VOL. 125 | NO. 223 | Tuesday, November 16, 2010
Memphis Real Estate Recap
Real Estate Recap
Girl Scouts Heart of the South Buys White Station Property
By Eric Smith
Local Girl Scouts Chapter
717 S. White Station Road, Units A, B and C
Memphis, TN 38117
Sale Amount: $1.8 Million
Sale Date: Nov. 5, 2010
Buyer: Girl Scouts Heart of the South
Seller: PPM XI LLP
Loan Amount: $1.5 million
Loan Date: Nov. 5, 2010
Maturity Date: Nov. 5, 2017
Lender: First Tennessee Bank NA
Details: Girl Scouts Heart of the South has bought three units in 717 White Station Condominiums from PPM XI LP for $1.8 million. The deal closed Nov. 5.
The organization will move its headquarters to the 19,448-square-foot building, which sits on 2.4 acres on the west side of White Station Road north of Poplar Avenue.
The Girl Scouts’ board is relocating the headquarters from its current locale at 2715 Kirby Parkway.
“This is a great move for Girl Scouts,” said Jenny Jones, the organization’s director of marketing and communications. “We are very excited to have a new location that we will be owning for the girls to be fiscally responsible for the organization. The board has been talking about this move for several years, so it’s not something that just came up recently.”
PPM XI LP bought the property in December 2005 for $2.8 million. The Shelby County Assessor’s 2010 appraisal is $1.9 million.
According to sale documents, Girl scouts Heart of the South will receive 58.2 percent of the common elements related to the condominium.
“Better visibility positions Girl Scouts Heart of the South one step closer to reaching our vision of being recognized by the community as the premier source of girl leadership,” said the organization’s CEO Angela Woods in a statement.
42 acres in Wynestone Estates Subdivision
Eads, TN 38028
Sale Amount: $980,833
Sale Date: Oct. 13, 2010
Buyer: Renasant Bank
Seller: Paul N. Royal, substitute trustee
Details: Renasant Bank has bought back 14 parcels totaling 42 acres in Eads’ Wynestone Estates Subdivision following a foreclosure.
The Tupelo, Miss.-based bank paid $980,833 for the parcels in an Oct. 13 substitute trustee’s sale from Paul N. Royal of the Memphis law firm Crislip, Philip and Associates. The Shelby County Register of Deeds didn’t record the sale until this week.
The original foreclosure notice, which ran in The Daily News in September, stated Wynestone Partners was in default of a $1.5 million construction loan through Renasant Bank dated January 2005. The loan was modified in September 2006 to add $216,000 for a total of $1.7 million.
The property, which is composed of 10 lots and four common open spaces, is valued at slightly less than $1.3 million. The lots are valued at $125,000 apiece and the open spaces are valued at $800 apiece, according to the Shelby County Assessor of Property.
The original loan lists James K. Dickinson as managing general partner of Wynestone Partners.
Sale Amount: $N/A
Sale Date: Multiple
Buyer: Excell Petroleum
Details: Forty Memphis-area Exxon stations being sold by ExxonMobil officially changed hands Wednesday, according to ExxonMobil spokeswoman Kristen Hellmer.
The buyer of the stations, as reported earlier this year, is Lawrenceville, Ga.-based Excell Petroleum.
A string of sales and mortgage documents has begun appearing in public records filed with the Shelby County Register of Deeds’ office.
In June 2008, the company announced it was transitioning its company-owned stores to the distributor model – a move that is about 80 percent complete nationwide, Hellmer said.
The Memphis stations will sell Exxon products, but it is unclear whether the stores will be branded as Exxon stations.
A call to Excell Petroleum was not returned by press time.
2999 Centre Oak Way
Germantown, TN 38139
Loan Amount: $1.2 Million
Loan Date: Nov. 8, 2010
Maturity Date: Aug. 1, 2021
Borrower: G.I.C.M. FHI LLC
Lender: First Tennessee Bank NA
Details: A limited liability company named G.I.C.M. FHI has financed property at 2999 Centre Oak Way through First Tennessee Bank. The $1.2 million loan is dated Nov. 8, with a maturity date of Aug. 1, 2021.
The property is about an acre in Forest Hill-Irene Commercial Subdivision. As of the most recent assessment, the Shelby County Assessor of Property listed it as vacant land assessed at $272,300.
G.I.C.M. Real Estate LLC – an entity related to the borrower – bought the property from Tom Fisher & Associates LLC in August for $375,000.
David Harano signed the loan documents as president of G.I.C.M. Real Estate. Harano is executive director of Gastro One, formerly Gastroenterology Center of the MidSouth, according to Gastro One’s website.