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VOL. 126 | NO. 26 | Tuesday, February 8, 2011

Wolf River Blvd. Land Sells in Lieu of Foreclosure

By Kate Simone

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Two parcels on Wolf River Boulevard
Sale Amount: $1.7 million

Two Parcels on Wolf River Blvd.

Sale Date: Dec. 28, 2010
Buyer: SunTrust Bank
Seller: Wolfby GP

Details: Wolfby GP has sold two commercial areas on Wolf River Boulevard for $1.7 million in lieu of foreclosure, according to a filing with the Shelby County Register of Deeds. The parcels are 15.5 acres and 18.9 acres, according to the filing. The parcels are on the west side of Wolf River Boulevard north and south of Byhalia Road. The Shelby County Register of Deeds’ combined 2010 appraisal was $3.8 million.

The sale filing was accompanied by a document in which SunTrust released Wolfby GP from its liens.

In a related filing, SunTrust quitclaimed the property to Nashville-based ECG Wolf River for $1.6 million.

Four blocks in Legends Park
Loan Amount: $3.6 million

Loan Date: Jan. 28, 2011
Maturity Date: n/a
Borrower: Legends Park East LP
Lender: Enterprise Mortgage Investments Inc.

Details: Legends Park East LP has financed four parcels through Enterprise Mortgage Investments Inc. for $3.6 million. The parcels are Lot 3 (Block I), Lot 5 (Block G), Lot 6 (Block E) and Lot 7 (Block C), all in phase one of Legends Park Planned Development.

Lot 3 is 2.23 acres on the west side of Decatur Street with East Pauline Circle intersecting it. Lot 5 is 2.5 acres at the southwest corner of Mosby Avenue and Decatur Street, also with East Pauline Circle intersecting it. Lot 6 is 2.6 acres bounded by Delmar Avenue to the north, Mosby Avenue to the south and Decatur Street to the east. Lot 7 is 1.2 acres on the northwest corner of Delmar Avenue and Decatur Street.

Legends Park East is part of a mixed-income, multifamily Hope VI revitalization effort that replaced the Dixie Homes public housing development.

5500 Victory Lane
Memphis, TN 38053
Sale Amount: $2.1 million

Sale Date: Jan. 31, 2011
Buyer: Moroso Investment Partners IV LLC
Seller: Memphis International Motorsports Corp.
Loan Amount: $1 million
Loan Date: Jan. 31, 2011
Maturity Date: n/a
Lender: Independent Bank

Details: The deed representing the sale of Memphis Motorsports Park to a limited liability company affiliated with investor Joe Lubeck have now been filed with the Shelby County Register of Deeds.

Moroso Investment Partners IV LLC bought the park from Memphis International Motorsports Corp. for $2.1 million. The deal closed Jan. 31. In conjunction with the purchase, Moroso Investment Partners IV filed a $1 million loan through Independent Bank.

The multi-track park, at 5500 Victory Lane in Millington, includes a 0.75-mile asphalt oval, a 0.25-mile championship drag strip and a 1.77-mile road course.

Moroso Investment Partners will re-launch under the new name of Memphis International Raceway.

The group – led by Team Dezer Racing’s president and CEO Jason Rittenberry, along with Michael and Gil Dezer – hopes to have the facility reopen in April.

Memphis International Raceway will reopen sanctioned as an IHRA facility, with Summit Super Series bracket racing and weekly test and tune sessions. The staff is already in place and plans are in the works to book national and regional events for the 2011 season. A Nitro Jam event has been secured and a date will be announced in the coming weeks.

In addition to the drag racing events, the facility will host an Outlaw Monster Truck Spectacular event in September.

4861 Austin Peay Highway
Memphis, TN 38135
Sale Amount: $1.7 million

Sale Date: Nov. 15, 2010
Buyer: Memphis C-Store LLC
Seller: Boonie R. Cranford
Loan Amount: $1.7 million
Loan Date: Nov. 12, 2010
Maturity Date: November 2035
Lender: Fidelity Bank

Details: Chattanooga, Tenn.-based Memphis C-Store LLC has bought a convenience store at 4861 Austin Peay Highway from Boonie R. Cranford for $1.7 million. The purchase was financed with a $1.7 million loan through Fidelity Bank that matures in November 2035.

The building is a 4,080-square-foot store built in 2006. It sits on 4.7 acres on the west side of Austin Peay Highway and Bolen Huse Road in Shelby County. The seller bought the then-vacant property in September 2005 for $275,000.

The Shelby County Assessor of Property’s 2010 appraisal was $757,300.

3445 Poplar Ave.
Memphis, TN 38103
Permit Amount: $122,380

Project Cost: $125,000
Permit Date: Applied January 2011
Completion: March 31, 2011
Owner: TCBY Frozen Yogurt
Tenant: TCBY Frozen Yogurt
Contractor: Dan Walker Associates Inc.
Architect: Michael Tushek with Bounds and Gillespie Architects PLLC

Details: A $122,380 building permit application has been filed with the city-county Office of Construction Code Enforcement for a TCBY Frozen Yogurt store in University Center, 3445 Poplar Ave., at the southwest corner of Poplar and Highland Street.

The permit application states it is to remodel the property into a self-serve frozen yogurt store. The property lessee is Neshoba Landholdings, which is subleasing the space to Eric Tushek Enterprises LLC. Rip Crain, owner of Neshoba, is also a partial owner in Eric Tushek Enterprises.

Crain said the 1,225-square-foot site formerly was a doctor’s office.

The contractor is listed as Dan Walker Associates Inc.

PROPERTY SALES 76 133 1,342
MORTGAGES 83 131 1,047
BUILDING PERMITS 190 277 3,028