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VOL. 126 | NO. 237 | Tuesday, December 6, 2011

Land South of Shelby Forest Sells for $2.3 Million

By Kate Simone

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Vacant Land
Near Shelby Forest Park
Sale Amount: $2.3 million

Acreage East of Mississippi River

Sale Date: Nov. 17, 2011
Buyer: Warren Nickolas Nunn
Seller: Estate of William S. Howard Sr.
Loan Amount: $2.5 million
Loan Date: Nov. 18, 2011
Maturity Date: n/a
Lender: Patriot Bank
Details: Warren Nickolas Nunn has bought several large parcels of vacant land from the estate of William S. Howard Sr. for $2.3 million, financing it with a $2.5 million loan through Patriot Bank.

The sale document lists six parcel numbers, all south of Meeman-Shelby Forest State Park. The park is on the eastern border of the Mississippi River north of Memphis.

The parcel numbers, as listed in the sale deed, total 1,726.8 acres with a combined 2011 Shelby County Assessor of Property appraisal of about $2 million. The sizes, as well as each one’s 2011 appraisal, are as follows: 977.9 acres, $1.5 million; 391.5 acres, $248,100; 272 acres, $114,000; 58.5 acres, $24,800; 23.9 acres, $7,500; and 3 acres, $43,100.

The 272-acre parcel is Dorty Island in the Mississippi River.

Nunn lists an East Memphis address. He did not return phone calls for more information.

Millington benefactor and business owner William S. “Babe” Howard died in 2008.

1305 Turkey Run Lane
Memphis, TN 38116
Sale Amount: $1.3 million

Sale Date: Nov. 29, 2011
Buyer: Forest Creek Townhomes LLC
Seller: R. Hunter Humphreys, substitute trustee
Details: Las Vegas-based Forest Creek Townhomes LLC has bought a 470-unit apartment complex at 1340 Winchester Road for $1.25 million from substitute trustee R. Hunter Humphreys after a deal between the LLC and Lloyd’s Acceptance Corp.

Lloyd’s – a former lender on a loan secured by the complex – bought it at a Nov. 16 substitute trustee’s sale for a high bid of $1.25 million, immediately assigning its interest in that bid to Forest Creek Townhomes.

The complex, which has used the names Coventry Village Apartments and Highland Creek Apartments, is on the north side of Winchester Road east of Elvis Presley Boulevard. It was built in 1967 on 33.2 acres, according to the Shelby County Assessor of Property, whose 2011 appraisal is $5.4 million. The complex uses the address 1305 Turkey Run Lane.

Its two-story buildings are comprised of studio, one- and two-bedroom units; amenities include three pools, two playgrounds, a fitness center and a tennis court.

MPI Coventry Village LLC bought the property in July 2007 for more than $9 million, taking out a $11.9 million loan through Legg Mason Real Estate Capital II Inc. at that time.

In December 2008, the loan was amended, extending the maturity date from August 2010 to September 2011 and modifying the note rate.

That amended loan document includes a note that states Legg Mason questioned at that time whether MPI had properly and timely classified and reported its expenses and other financial information. The note also states MPI failed prior to December 2008 to “punctually perform any covenant, agreement, obligation, term or condition” in any loan document that required payment at the time or within an agreed-upon grace period.

This September, the loan was modified again, changing the lender to Lloyd’s Acceptance Corp. at MPI’s request. Lloyd’s then bought the property at the Nov. 16 substitute trustee’s sale and assigned the bid to Forest Creek Townhomes.

56 S. Front St.
Memphis, TN 38103
Sale Amount: $250,000

Sale Date: Nov. 22, 2011
Buyer: Memphis in May International Festival Inc.
Seller: The Bull, Bear & Banker LLC
Loan Amount: $1 million
Loan Date: Nov. 22, 2011
Maturity Date: n/a
Lender: First Tennessee Bank NA
Details: Memphis in May International Festival Inc. has bought a 14,600-square-foot building at 56 S. Front St., with plans to move its headquarters to the site. It’s the third planned use for the site, which formerly was slated to be converted into a hotel and, later, into apartments.

The organization filed a $1 million construction loan through First Tennessee Bank at the time of purchase.

The seller, Joe Sinkovich, sold the site under the name The Bull, Bear & Banker LLC. Sinkovich worked with Memphis in May International Festival Inc. to sell the property at below-market price, according to a statement from the organization.

The building, which is on the National Register of Historic Places, is on the east side of Front Street north of Union Avenue.

The nonprofit’s current offices are in a leased suite in the 88 Union Center building at 88 Union Ave., less than a block southeast of the new building. It hopes to occupy the new building by next summer, according to MIM’s statement.

The Bull, Bear & Banker LLC bought 56, 60 and 62 S. Front in two transactions in early 2008 for $950,000. At that time, plans were to convert the three addresses into The Grade Hotel, named for the cotton grading that once occurred in the building, according to the Center City Commission’s website at the time of the 2008 sale. The plans also included a restaurant, coffee shop and bookstore.

By December 2009, Sinkovich’s plan had changed to convert the building into 23 apartments and 12,000 square feet of street-level commercial space, according to plans he filed with the CCC. Those plans included a 5,000-square-foot pizza restaurant.

The building, which was built in 1875, has three stories and a basement. It has been vacant for more than a decade but formerly housed Prince Mongo’s Planet, which later changed its name to Saint Mongo’s Atonement Center. Mongo, whose real name is Robert Hodges, painted the building bright pink.

The Shelby County Assessor of Property, which quotes the building at 15,000 square feet, appraised the property in 2011 at $442,800.

The design is being managed by Architecture Inc., and the project is being led by firm principal Joseph P. Hagen, according to the statement from MIM. Construction will be handled by Grinder, Taber & Grinder.

The sale was handled by Jeb Fields of Commercial Advisors, according to MIM.

3400 Summer Ave.
Memphis, TN 38122
Sale Amount: $480,200

Sale Date: Nov. 22, 2011
Buyer: FD Group Inc.
Seller: Robert L. Griffin
Loan Amount: $1.3 million
Loan Date: Nov. 22, 2011
Maturity Date: n/a
Lender: Whoriskey Inc.
Details: Chattanooga-based FD Group Inc. has bought 1.1 acres at 3400 Summer Ave. from Robert L. Griffin for $480,000, filing a $1.3 million construction trust deed at the time of purchase. The lender is Whoriskey Inc.

The trust deed document labels the property as a Family Dollar store.

The site, which is at the northeast corner of Summer Avenue and National Street, houses a 44,163-square-foot retail building constructed in 1932, according to the Shelby County Assessor of Property. The assessor’s 2011 appraisal is $640,400.

Donna Nalley, a Chattanooga Realtor, signed the trust deed as chief manager of FD Group LLC.

3511 Sky Harbor Cove
Memphis, TN 38118
Sale Amount: $1.3 million

Sale Date: Oct. 15, 2011
Buyer: Seafood Property Partners GP
Seller: David Feinstone and Andria Feinstone
Details: Nashville-based Seafood Property Partners GP has bought a 9,224-square-foot seafood packing plant at 3511 Sky Harbor Cove from David Feinstone and Andria Feinstone for $1.3 million.

The packing plant, home to Off the Dock Seafood LLC, was built in 2007 on 1.9 acres in Prescott Business Park Planned Development. David Feinstone and Andria Feinstone bought the then-vacant land in 2005 for $130,000. The Shelby County Assessor of Property’s 2011 appraisal is $553,200.

Off the Dock is not open to the public.

In conjunction with the purchase, Seafood Property Partners GP assumed two loans from the sellers. The first is a construction loan through Trustmark National Bank taken out in 2006 and modified in 2007, 2008 and 2010. The remaining principal balance is $598,944. The second loan is a second mortgage through the U.S. Small Business Administration taken out in 2008 and modified several times during 2008. The remaining principal is $426,049.

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173