VOL. 126 | NO. 7 | Tuesday, January 11, 2011
Memphis Real Estate Recap
Real Estate Recap
Cypress Realty Holdings Buys Millington Perkins Site
By Kate Simone
8472 New Wilkinsville Road
Millington, TN 38053
Sale Amount: $1.3 Million
Sale Date: Dec. 28, 2010
Buyer: Cypress Realty Holdings Co. II LLC
Seller: 2536 Colfax LLC (37% interest), Bird of Prey Three LLC (11.5% interest), Neptune I LLC (37% interest) and Ronald Dachis and Toni S. Dachis (14.5% interest)
Details: Cypress Realty Holdings Co. II LLC has paid $1.3 million for the Perkins Restaurant & Bakery site at 8472 New Wilkinsville Road in Millington in a special warranty deed.
The locally owned company, whose principals Price Ford and Joe Jarratt also run Ford Jarratt Realty & Development Co., bought the property from a quartet of sellers each with varying percentages of ownership.
The sellers (with their ownership stake in parentheses) were: 2536 Colfax LLC (37 percent interest), Neptune I LLC (37 percent), Ronald Dachis and Toni S. Dachis (14.5 percent) and Bird of Prey Three LLC (11.5 percent).
The collection of sellers, which lists a Plano, Texas, address, bought the restaurant in 2002 for $1.4 million.
Built in 2002, the 4,540-square-foot restaurant sits on 1.16 acres at the intersection of Wilkinsville Road at U.S. 51 as an outparcel of a Lowe’s Home Improvement store. An alternative address for the restaurant is 8472 U.S. 51.
The Shelby County Assessor of Property’s 2010 appraisal of the restaurant, one of six Perkins locales in the Memphis metropolitan area, was $1.2 million.
9525-9575 Macon Road
Cordova, TN 38016
9595 Macon Road
Cordova, TN 38016
Sale Amounts: $1.8 Million; $1.2 Million
Sale Dates: Dec. 30, 2010
Buyers: Greenlight Cordova LLC; Kronos Energy Solutions LLC
Seller: M&F Business Credit Inc.
Loan Amounts: $2 million; $920,000
Loan Dates: Dec. 28, 2010; Dec. 30, 2010
Maturity Dates: N/A
Lenders: M&F Business Credit Inc.; Regions Bank
Details: M&F Business Credit Inc., an affiliate of M&F Bank, has sold a pair of neighboring warehouses in unincorporated Shelby County near Cordova after foreclosing on the properties in 2009.
M&F sold the 111,280-square-foot Class C warehouse at 9525 Macon Road for $1.8 million to Greenlight Cordova LLC in a Dec. 30 special warranty deed.
The previous owner had been Big Orange Development Partners, Dudley P. Schaefer Sr. and Joan W. Schaefer. Big Orange Development – whose partners on the original loan were Dudley P. Schaefer Sr., Scott W. Schaefer, David B. Schaefer and Paul O. Schaefer – and the other owners defaulted on a $7.6 million loan through M&F Business Credit dated Oct. 31, 2007.
Formerly home to Schaefer Sash and Door Co., the warehouse was built in 1985 and sits on 5.14 acres on the south side of Macon Road near the intersection with Big Orange Road. The Shelby County Assessor of Property’s 2010 appraisal was $1.9 million.
Greenlight filed a $2 million loan through M&F Bank on the property.
M&F also sold the 14,998-square-foot Class B warehouse at 9595 Macon Road for $1.2 million to Kronos Energy Solutions LLC in a special warranty deed.
The warehouse was built in 1995 and sits on 9.2 acres across Big Orange Road from the 9525 Macon Road property. Its 2010 appraised value was $1.1 million, according to the assessor.
Kronos filed a $920,000 loan through Regions Bank on the property.
7727 U.S. 64
Memphis, TN 38133
Sale Amount: $4 Million
Sale Date: Dec. 29, 2010
Buyer: First Tennessee Bank NA
Seller: Bud Davis Cadillac Inc.
Details: Bud Davis Cadillac Inc. has sold its former auto dealership at 7727 U.S. 64 (Stage Road) near Bartlett for $4 million to First Tennessee Bank as trustee.
The sale closed in late December with K.B. Davis signing the warranty deed as president of Bud Davis Cadillac.
The car dealership includes a 48,085-square-foot building that was built in 2002 sits on 6.83 acres along the south side of Stage Road just west of its intersection with Kate Bond Road.
Bud Davis Cadillac developed the property; therefore this is its first transactional sale. The Shelby County Assessor of Property’s 2010 appraisal was $5.2 million.
The sale accompanied a pair of trust deed releases from Bud Davis Cadillac through Ally Financial, formerly known as General Motors Acceptance Corp.
7690 Wolf River Circle
Germantown, TN 38138
Sale Amount: $1.9 Million
Sale Date: Dec. 31, 2010
Buyer: Methodist Healthcare – Memphis Hospitals
Seller: Tower Medical Inc.
Details: Methodist Healthcare has paid $1.9 million for the 10,118-square-foot medical office building at 7690 Wolf River Circle in Germantown.
The company, listed in the transaction as Methodist Healthcare – Memphis Hospitals, bought the property from Tower Medical Inc. in a Dec. 31 special warranty deed.
The purchase was part of Methodist’s acquisition of the internal medical practice Foundation Medical Group, announced last month. No financing was associated with the property sale.
The Class A office medical building sits on 0.93 acres in the Wolf River Professional Center Commercial subdivision, southwest of the Wolf River Boulevard and South Germantown Road intersection. The Shelby County Assessor of Property’s 2010 appraisal was $1.5 million.
Ann Brown, one of the physicians in the Foundation Medical Group practice, signed the warranty deed as president of Tower Medical. The other physicians in the practice, whose name will remain the same, are Lynda Freeland, Jolie Porter and Martha Taylor.