VOL. 126 | NO. 16 | Tuesday, January 25, 2011
Memphis Real Estate Recap
Real Estate Recap
Louis Dreyfus Buys Kentucky Drive Warehouse
By Kate Simone
2514 Kentucky Drive
Memphis, TN 38106
Sale Amount: $2.4 million
2514 Kentucky Drive, Memphis, TN 38106
Sale Date: Dec. 28, 2010
Buyer: Louis Dreyfus Commodities Memphis Warehousing LLC
Seller: Westside Compress Co. Inc.
Details: Louis Dreyfus Commodities Memphis Warehousing LLC has bought two parcels from Westside Compress Co. Inc. for $2.4 million.
The buyer is an affiliate of Louis Dreyfus Corp., which is the parent of Memphis-based cotton giant Allenberg Cotton Co. That company bought its longtime cotton competitor Dunavant Enterprises Inc. last year.
The address listed on the sales document is 2514 Kentucky Drive. No loan documents were filed with the Shelby County Register of Deeds at the time of purchase.
The first parcel, which the Shelby County Assessor of Property lists at 0 Industrial Ave., is 81.06 acres. The Assessor’s 2010 appraisal was $6 million. The property includes a warehouse built in 1950, as well as railroad spurs, truck/train wells, loading docks and a number of smaller buildings.
The purchase also includes a 1.26-acre parcel of vacant land. The Shelby County Assessor’s 2010 appraisal was $1,000.
A representative of Louis Dreyfus could not be reached.
4500 Summer Ave.
Memphis, TN 38122
Loan Amount: $3.7 million
Loan Date: Dec. 30, 2010
Maturity Date: Jan. 1, 2016
Borrower: Belmont Square LLC
Lender: Bank of North Georgia
Details: Belmont Square LLC, a Georgia limited liability company, has financed property at 4500 Summer Ave. through the Bank of North Georgia for $3.7 million.
The property includes a 84,067-square-foot neighborhood shopping center built in 1988.
It sits on 8.1 acres on the north side of Summer Avenue between Berclair Road to the west and Novarese Road to the east. The Shelby County Assessor of Property’s 2010 appraisal was $3.5 million.
Belmont Square LLC bought the property from Summer Oaks Investments LLC in February 2006 for $4.1 million.
8195 Dexter Road
Cordova, TN 38016
Sale Amount: $1.8 million
Sale Date: Dec. 30, 2010
Buyer: 8195 Dexter Road LLC
Seller: Old Forest Properties GP
Details: Old Forest Properties GP has sold a strip shopping center at 8195 Dexter Road to 8195 Dexter Road LLC for $1.8 million.
The sale document states it is a non-merger deed in lieu of foreclosure.
The center is 28,575 square feet on 2.83 acres.
It was built in 2001 at the southeast corner of Dexter Road and Bonnie Lane in Bonnie Glenn amended planned development. The Shelby County Assessor of Property’s 2010 appraisal was $2.9 million.
Philip C. Chamberlain II and Jon E. McCreery signed the sale document as general partners in Old Forest Properties GP.
12637 Cypress Creek Drive
Arlington, TN 38002
Sale Amount: $1.7 million
Sale Date: Jan. 11, 2011
Buyer: Timothy J. McManus
Seller: CP Arlington LLC
Details: Timothy J. McManus has paid $1.7 million for the 14,800-square-foot warehouse at 12637 Cypress Creek Drive in Arlington.
McManus, of Denver, bought the Class A warehouse from CP Arlington LLC in a Jan. 11 special warranty deed. The property is home to Scotts LawnService.
Built in 2008, the building sits on 2.13 acres at the southeast corner of Cypress Creek and Cypress Ridge drives in Arlington’s Eastridge Business Park Phase 2.
The Shelby County Assessor of Property’s 2010 appraisal was $974,100.
CP Arlington bought the property in 2007 for $185,310.
The company is a local affiliate that’s managed by Coastal Partners LLC of Roseville, Calif. Brett Keeshin signed the warranty deed as president of Coast Partners.