VOL. 125 | NO. 193 | Tuesday, October 5, 2010
Memphis Real Estate Recap
Real Estate Recap
D. Canale Site Sells as Part of Hand Purchase
By Kate Simone
45 E.H. Crump Blvd.
Memphis, TN 38106
Sale Amount: $4 million
Sale Date: Sept. 24, 2010
Buyer: The Hand Family Realty Co. LLC
Seller: D. Canale Beverages LLC
Loan Amount: $48.4 million
Loan Date: Sept. 27, 2010
Maturity Date: n/a
Lender: Branch Banking and Trust Co.
Details: The D. Canale Beverages LLC property at 45 E.H. Crump Blvd. has formally sold for $4 million to The Hand Family Realty Co. LLC, an affiliate of Clarksville, Tenn.-based The Hand Family Beverage Co.
Hand’s purchase of D. Canale, a longtime Anheuser-Busch distributor, was announced earlier this week.
The Hand Family is a joint venture between Ray Hand and Charles and J.R. Hand, the respective owners of Eagle Distributing Inc. and Ideal Distributing Co., both of Clarksville.
In addition to taking over beer distribution for the area, The Hand Family has now officially acquired D. Canale’s land, which sits along the south side of E.H. Crump near its intersection with Interstate 55.
The main property is an 8.3-acre parcel containing a 151,204-square-foot warehouse that was built in 1981 and serves as D. Canale’s chief beer distribution facility.
Hand filed a $48.4 million loan through Branch Banking and Trust Co. in conjunction with the purchase.
1500 E. Shelby Drive
Memphis, TN 38116
Sale Amount: $1.3 million
Sale Date: Sept. 23, 2010
Seller: James R. Kelley, substitute trustee
Original Borrower: Raymond Porter
Original Lender: EverBank
Original Loan: $2.5 million
Loan Date: Aug. 15, 2006
Details: EverBank has purchased at a foreclosure sale Southpointe Townhomes at 1500 E. Shelby Drive. The property belonged to Raymond Porter, who bought the 124-unit townhome complex in 2006, financing it with a $2.5 million loan through EverBank.
Porter defaulted on that loan, prompting the sale, according to the foreclosure sale document.
Southpointe Townhomes sits on 5.8 acres on the north side of East Shelby Drive west of Mickey Drive.
Porter bought the complex, which was built in 1973, for $3.1 million. The Shelby County Assessor’s 2010 appraisal is $1.8 million. EverBank bought the property back for $1.3 million.
3275 Hacks Cross Road
Memphis, TN 38125
Permit Amount: $1.2 million
Project Cost: $1.2 million
Permit Date: Applied September 2010
Completion: Eight months
Owner: Germantown Storage
Tenant: Germantown Storage
Contractor: Germantown Homebuilders
Details: Germantown Storage has broken ground on its latest facility, a two-phase project at 3275 Hacks Cross Road near Players Club Parkway.
The $1.2 million building permit application was filed with the city-county Office of Construction Code Enforcement earlier this month.
The first phase of the project will be about 50,000 square feet, according to Thomas Wirth, member of Germantown Storage LLC and vice president of Germantown Homebuilders, the related company that will be acting as contractor. The second phase will add about 10,000 square feet.
Germantown Storage currently owns two locations: their namesake store at 428 S. Germantown Parkway in Cordova and Southwind Storage at 7279 Winchester Road. The new store will be branded as Germantown Storage, Wirth said.
Phase one of the newest store will be complete in about eight months.
3716 Elvis Presley Blvd.
Memphis, TN 38116
Sale Amount: $1.1 million
Sale Date: Sept. 23, 2010
Buyer: Elvis Presley Enterprises Inc.
Seller: JBC Financial Group
Details: Elvis Presley Enterprises Inc. has bought a 3,500-square-foot office building at 3716 Elvis Presley Blvd. from JBC Financial Group for $1.1 million. Built in 1976, the building sits on 0.56 acres on the east side of Elvis Presley Boulevard north of Dolan Street.
The Shelby County Assessor’s 2010 appraisal is $159,300.
The seller, JBC Financial Group, received the property in September 2004 via quitclaim deed from Clinton C. Thomas. JBC Financial lists a Florida address.
Elvis Presley Enterprises Inc. and CKx Inc., the company that owns 85 percent of EPE, have been buying property around Graceland for several years, citing plans to revitalize the neighborhood.
In a quarterly filing with the U.S. Securities and Exchange Commission in August, CKx reported preliminary plans including an expanded visitors center, new attractions, new souvenir shops and potentially a boutique convention hotel.
8106 Cordova Center Drive
Cordova, TN 38018
Sale Amount: $935,000
Sale Date: Sept. 7, 2010
Buyer: TM Partners
Seller: Realty Income Corp.
Loan Amount: $625,813; $438,069 (construction loan)
Loan Date: Sept. 22, 2010
Maturity Date: Sept. 22, 2020; March 22, 2011 (construction loan)
Lender: Magna Bank
Details: TM Partners has bought a 7,560-square-foot, single-occupancy retail building from Realty Income Corp. for $935,000. Built in 1998, the building sits on about an acre on the east side of North Germantown Parkway between Dexter Road and Bonnie Lane. It formerly housed a Hollywood Video store.
The Shelby County Assessor of Property’s 2010 appraisal is $1.2 million.
Two loans were filed through Magna Bank at the time of purchase: a $625,813 loan maturing in Sept. 22, 2020, and a $438,069 construction loan maturing March 22, 2011.
A representative of TM Partners could not be reached by press time.