VOL. 126 | NO. 21 | Tuesday, February 1, 2011
Memphis Real Estate Recap
Real Estate Recap
Yogurt Shop Slated for South Main Street
By Kate Simone
94 S. Main St.
Memphis, TN 38103
Permit Amount: $80,000
94 S Main St, Memphis, TN 38103
Project Cost: n/a
Permit Date: Applied January 2011
Owner: BMJ LLC
Tenant: BMK of Memphis LLC
Details: An $80,000 building permit application has been filed with the city-county Office of Construction Code Enforcement for a yogurt shop at 94 S. Main St.
The permit lists BMJ LLC as the property owner and BMK of Memphis LLC as the tenant. A phone number listed on the permit application is not in service.
The permit states it is to “convert existing office space into a frozen yogurt shop,” “bring in equipment and machinery” and “put in walls and plumbing and electrical work.”
Yogurt shops have become popular across the city, with YoLo, Gracie Bleu, Yogurt Mountain and Sweet CeCe’s among the stores recently setting up shop in the Memphis area. The most recent addition is a self-serve TCBY in University Center, 3445 Poplar Ave.
For more information on local yogurt shops, see the Dec. 20 article titled “Soft Surge” and the Jan. 21 article titled “Yogurt Craze Continues With TCBY Store.”
Office Condos on Quail Hollow
And Massey Roads
Loan Amount: $1.3 million (Quail Hollow parcels); $442,500 (Massey parcel)
Loan Date: Jan. 11, 2011
Maturity Date: April 11, 2015
Borrower: Quail Hollow Office Partnership
Lender: Regions Bank
Details: Quail Hollow Office Partnership has financed four office condominium parcels through Regions Bank for a total $1.7 million. The financing includes Quail Hollow Office Building III Condominiums, units 3 and 4, Quail Hollow Office Building II Condominiums, unit 101, and Quail Hollow Office Planned Development, phase II, lot 1.
The financing is dated Jan. 11 and matures April 11, 2015.
All the financed parcels are on the south side of North Quail Hollow Road between West Massey Road to the west and International Drive to the east. Three of the parcels, 6389 N. Quail Hollow Road, units 3 and 4, and 6373 N. Quail Hollow Road, unit 101, face Quail Hollow and were financed together for $1.3 million. The other parcel, 1648 W. Massey, was financed for $442,500 and faces Massey.
4795 Imagination Drive
Memphis, TN 38118
Sale Amount: $18 million
Sale Date: Dec. 8, 2010
Buyer: PanCal Shelby 126 LLC
Seller: Panattoni Land 3 LLC (45.1 percent tenant-in-common interest), Van Valkenburgh Land 3 LLC (45.1 percent) and Panattoni Acquisition LLC (9.8 percent)
Details: PanCal Shelby 126 LLC, a limited liability company affiliated with Principal Real Estate Investors of Des Moines, Iowa, has bought property at 4795 Imagination Drive for $18 million. The sellers were Panattoni Land 3 LLC (45.1 tenant-in-common percent), Van Valkenburgh Land 3 LLC (45.1 percent) and Panattoni Acquisition LLC (9.8 percent).
The property is a 654,400-square-foot warehouse built in 1997. It sits on 46.4 acres at the southwest corner of Imagination Drive and Pleasant Hill Road.
Loan documents were not filed with the Shelby County Register of Deed at the same time sales documents were filed.
A representative of Principal Real Estate Investors did not return a phone call by press time.
5265 Hickory Hill Road
Memphis, TN 38141
Sale Amount: $11.4 million
Sale Date: Dec. 8, 2010
Buyer: PanCal Eastpark Four 124 LLC
Seller: CP Hickory Hill 4 LLC (48.4 percent tenant-in-common interest), JV Hickory Hill 4 LLC (21.1 percent), GRP (15.6 percent), DM Hickory Hill 4 LLC (13.5 percent), JR Hickory Hill 4 LLC (1.4 percent)
Details: PanCal Eastpark Four 124 LLC, an affiliate of Principal Real Estate Investors of Des Moines, Iowa, has bought a warehouse at 5265 Hickory Hill Road from several tenants-in-common sellers for $11.4 million.
The sellers are CP Hickory Hill 4 LLC (48.4 percent tenant-in-common interest), JV Hickory Hill 4 LLC (21.1 percent), GRP (15.6 percent), DM Hickory Hill 4 LLC (13.5 percent) and JR Hickory Hill 4 LLC (1.4 percent).
A $700,000 building permit was filed by Panattoni Development Co. in 2008 as a tenant build-out for Ozburn-Hessey Logistics LLC.
The 373,330-square-foot warehouse was built in 2003. It sits on a 23.8-acre lot at the southwest corner of Hickory Hill and Holmes roads. The Shelby County Assessor of Property’s 2010 appraisal was $11.3 million.
5055 Stage Road
Memphis, TN 38128
Loan Amount: $3.9 million
Loan Date: Dec. 1, 2010
Maturity Date: Jan. 10, 2033
Borrower: SCP 2010-C36-052 LLC
Lender: Wells Fargo Bank Northwest NA
Details: SCP 2010-C36-052 LLC has financed property housing a CVS pharmacy at the southwest corner of Stage Road and Covington Pike in English Towne SC-1 Subdivision. The borrower is based in Dallas, Texas. An agreement was filed in conjunction with the lease that lists SCP 2010-C36-052 LLC as the landlord and CVS as the lessee.