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VOL. 125 | NO. 178 | Tuesday, September 14, 2010

Kroger to Build Store In Poplar Plaza

By Kate Simone

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3444 Plaza Ave.
Memphis, TN 38111
Permit Amount: $10 Million

Project Cost: n/a
Permit Date: Applied September 2010
Completion: n/a
Owner: Kroger, Delta Division
Tenant: Kroger
Contractor: n/a
Architect: n/a

Details: The Kroger Co. has filed a $10 million building permit application for its store at 3444 Plaza Ave. near the corner of Poplar Avenue and Highland Street in Poplar Plaza.

The company plans to build a new store on the west side of the shopping center where it is located, said Joe Bell, manager of marketing and public affairs for Kroger-Delta Division.

The start date for construction is tentative because the building is currently occupied and some tenants’ leases run out next year.

“We just know kind of a drop-dead date when the latest is that we could get started. Our guess is we’ll get started sometime mid-year next year,” Bell said, adding construction of a store takes nine months to a year.

The current store will close when the new store opens. The fuel center will not be affected by the construction or new store.

The footprint of the new store is about 87,000 square feet, compared to the less than 60,000 square feet of the current store. Bell said 30 new jobs will be created for the larger, new store.

The Delta Division of Kroger covers West Tennessee, Arkansas, Mississippi and parts of Kentucky and Missouri. The division operates 111 stores.

1400 Greenbrook Parkway
Memphis, TN 38134
Loan Amount: $29.5 Million

Loan Date: Aug. 17, 2010
Maturity Date: Sept. 1, 2017
Borrower: Mid-America Apartments LP
Lender: Prudential Multifamily Mortgage Inc.

Details: Mid-America Apartments LP has financed Greenbrook Apartments at 1400 Greenbrook Parkway for $29.5 million. The property is a 1,037-unit apartment complex built in 1976, according to Teresa Clanton, an on-site representative of Greenbrook. The complex sits on 117 acres south of Macon Road on Greenbrook Parkway. It is between Mullins Station Road to the west and Whitten Road to the east.

A representative of Mid-America Apartment Communities, the management company for Greenbrook Apartments, did not return a phone call by press time.

7216 Goodlett Farms Road
Cordova, TN 38016
Permit Amount: $4.5 Million

Project Cost: n/a
Permit Date: Applied September 2010
Completion: n/a
Owner: Smith & Nephew
Tenant: Smith & Nephew
Contractor: Grinder, Taber & Grinder Inc.
Architect: n/a

Details: Smith & Nephew is moving its headquarters to Goodlett Farms Parkway into a building formerly owned by Las Vegas-based Harrah’s Entertainment. Smith & Nephew paid $14 million for the site, closing the deal in January. Harrah’s vacated the building last year when it closed its Memphis corporate office and data center.

Smith & Nephew will operate its headquarters out of the site but plans to keep its manufacturing operations at its Brooks Road site.

Built in 2003, the 293,504-square-foot building sits on 24.97 acres in the Goodlett Farms East Planned Development. The Shelby County Assessor of Property’s 2009 appraisal was $26.2 million. Smith & Nephew was approved for a 15-year payment-in-lieu-of-taxes (PILOT) agreement by the Memphis and Shelby County Office of Economic Development.

For more information on the purchase of the property, see the Jan. 26 edition of The Daily News at memphisdailynews.com.

3251 Poplar Ave.
Memphis, TN 38111
Sale Amount: $994,000

Sale Date: Sept. 3, 2010
Buyer: BancorpSouth Bank
Seller: E. Franklin Childress Jr., substitute trustee on behalf of BancorpSouth Bank
Original Debtor: 3251 Poplar Avenue LLC

Details: BancorpSouth Bank has bought back an office building in a foreclosure sale Sept. 3. 3251 Poplar Avenue LLC originally financed the site in 1997 for $1.1 million with then-Bank of Mississippi. The loan was owned by BancorpSouth at the time of sale.

The sale includes a 0.5-acre site with a 34,880-square-foot, two-story building built in 1927, as well as two parking easements. The property is on the southwest corner of Poplar Avenue and Holmes Road.

The Shelby County Assessor’s 2010 appraisal is $2 million. 3251 Poplar Avenue LLC bought the property in 1997 for $1.25 million.

23 lots in
Maple Grove PD
Sale Amount: $805,000

Sale Date: Aug. 31, 2010
Buyer: L1 Properties LLC
Seller: Maple Grove Partners

Details: L1 Properties LLC has bought 23 lots in phase two of Maple Grove Planned Development from Maple Grove Partners for $805,000.

Maple Grove phase two backs up to a CSX railroad line in Arlington. It encompasses Bevan, Darton and William Hill drives and Milton Wilson Boulevard. It includes 61 lots and 11 common open spaces on 33.6 acres.

No financing statements were filed in conjunction with the sale.

In other recent transactions, L1 Properties quitclaimed four lots – two in Elpine Gray Estate at Buckhead Planned Development and two in Sterling Place Planned Unit Development – to Keith and David Grant Homes LLC.

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