VOL. 125 | NO. 208 | Tuesday, October 26, 2010
Memphis Real Estate Recap
Real Estate Recap
Bartlett Applebee’s Sells to Arizona Investment Company
By Kate Simone
Arizona Investment Company
2890 Bartlett Blvd.
Bartlett, TN 38134
Sale Amount: $1.9 Million
Sale Date: Oct. 8, 2010
Buyer: Cole AP Bartlett TN LLC
Seller: DBAPPLEF LLC
Details: The Applebee’s Neighborhood Grill and Bar property at 2890 Bartlett Blvd. in Bartlett has sold for $1.9 million to Cole AP Bartlett TN LLC, an entity related to Phoenix-base Cole Real Estate Investments.
The seller was DBAPPLEF LLC, and the sale closed Oct. 8 in a special warranty deed.
Built in 1990, the 4,363-square-foot restaurant sits on 0.87 acres at the southeast corner of Bartlett Boulevard and Stage Road as an outparcel of Bartlett Town Center.
The Shelby County Assessor of Property’s 2010 appraisal is $1 million. The transaction also included a memorandum of lease dated Oct. 13 with the new owner listed as landlord and Applebee’s as tenant through 2028.
In April, Cole paid $2.1 million for the Applebee’s property at 2114 Union Ave. in Midtown. Operating in that transaction as Cole AP Memphis TN LLC, the company bought the 4,834-square-foot restaurant also from DBAPPLEF LLC.
Built in 1999, that restaurant sits on 0.96 acres along the north side of Union near its intersection with South Cooper Street.
Applebee’s, which is based in Lenexa, Kan., operates five restaurants in the metropolitan area, including one apiece in Bartlett, Memphis, West Memphis, Horn Lake and Olive Branch.
5260 Summer Ave.
Memphis, TN 38122
Sale Amount: $455,500
Sale Date: Oct. 12, 2010
Buyer: SNS Properties LLC
Seller: Summer Food Mart Inc.
Loan Amount: $400,000
Loan Date: Oct. 12, 2010
Maturity Date: Oct. 15, 2013
Lender: BancorpSouth Bank
Details: A company called SNS Properties LLC has paid $455,500 for the 2,670-square-foot convenience store and Shell-branded gas station at 5260 Summer Ave.
SNS bought the property from Summer Food Mart Inc., which had acquired it in 1997 for $500,000.
Built in 1988, the store sits on 0.6 acres along the east side of Summer Avenue near its intersection with Interstate 40. The Shelby County Assessor of Property’s 2010 appraisal is $272,200.
The buyer financed the purchase with a $400,000 loan through BancorpSouth Bank. Nizar N. “Robert” Lalani and Nizar “Sonny” Lalani signed the trust deed as members of SNS Properties.
Muradali Dossa and Farida Dossa signed the warranty deed as president and secretary, respectively, of Summer Food Mart, which lists a Collierville address.
6977 Winchester Road
Memphis, TN 38115
Sale Amount: $650,000
Sale Date: Oct. 13, 2010
Buyer: Mutahar Sharhan
Seller: MAPCO Express Inc.
Loan Amount: $313,106
Loan Date: Oct. 12, 2010
Maturity Date: Oct. 15, 2015
Lender: First Security Bank
Details: Brentwood, Tenn.-based MAPCO Express has sold the gas station at 6977 Winchester Road for $650,000 to Mutahar Sharhan. The sale closed Oct. 13.
Built in 1982, the 2,640-square-foot convenience store and gas station sits on 0.66 acres on the southwest corner of Winchester and Riverdale roads in the Winchester-Germantown Shopping Center, Phase 1.
The Shelby County Assessor of Property’s 2010 appraisal is $605,400. MAPCO bought the property in 1990 for $469,812.
Sharhan financed the purchase with a $313,106 loan through First Security Bank. The transaction also included an assignment of rents and leases from the lender to Sharhan, as well as a partial release for MAPCO Express from its original mortgage with Fifth Third Bank.
This is MAPCO’s second area sale in the past two months. The company in August sold its station at 6705 E. Shelby Drive sold for $700,000 to Roopani Properties LLC.
That station includes a 2,368-square-foot convenience store built in 1988 on a roughly 1-acre parcel.
5.86 acres on Walnut Grove Road
Memphis, TN 38016
Sale Amount: $1.1 Million
Sale Date: Oct. 6, 2010
Buyer: Wal-Mart Realty Co.
Seller: Wal-Mart Real Estate Business Trust
Details: Wal-Mart Real Estate Business Trust has transferred 5.86 acres of land along Walnut Grove Road in the Grays Creek area of Cordova to a related entity, Wal-Mart Realty Co.
The transfer amount was $1.1 million. The sale closed Oct. 6 and was recorded by the Shelby County Register of Deeds earlier this week.
The parcel sits at the northwest corner of the intersection of Walnut Grove and Forest Hill-Irene roads, adjacent to a Walgreens on the same corner.
Bentonville, Ark.-based Wal-Mart Stores Inc. planned to build a 151,908-square-foot Super Walmart on the site, but its proposal was rejected by the Shelby County Commission in 2008.
The planned store had sparked opposition from an organization called Citizens for Sustainable Growth, which was composed of groups such as Grays Creek Association, Cordova Leadership Council and Parents and Friends of Macon Hall Elementary School.
Wal-Mart bought the land in 2003 for $1.2 million. The Shelby County Assessor of Property’s 2010 appraisal is $1.3 million.