VOL. 126 | NO. 139 | Tuesday, July 19, 2011
Memphis Real Estate Recap
MC Ionic Solutions US Begins Work on Fite Rd. Site
2665 Fite Road
Memphis, TN 38127
Permit Amount: $1.3 million
2665 Fite Road • Memphis, TN 38127
Permit Date: Applied July 2011
Owner: MC Ionic Solutions US Inc
Tenant: MC Ionic Solutions US Inc
Contractor: Smith-Doyle Contractors Inc.
Details: MC Ionic Solutions US Inc. has begun work on its 2665 Fite Road facility after being awarded a 14-year payment-in-lieu-of-taxes agreement in April.
The $1.3 million permit application, filed with the city-county Office of Construction Code Enforcement in July, states it is for a “pipe bridge and truck unloading area (structural components only).”
Cordova-based Smith-Doyle Contractors Inc. is listed as the contractor for the project. A second permit, with no dollar amount listed, is to put office and storage trailers on the site.
MCIS is a newly formed, wholly owned subsidiary of Mitsubishi Chemical Corp., part of the Mitsubishi Chemical Holdings Corp.
The proposed Fite Road site, which will be MCIS’ first U.S. facility and its headquarters, will manufacture an electrolyte solution used as a component in lithium ion batteries, according to the city-county Industrial Development Board, which awarded MCIS a 14-year PILOT in April. Though lithium ion batteries are used in many devices, such as computers and cellphones, the batteries produced at the proposed Memphis facility will be for electric vehicles, according to the IDB.
The PILOT recommendation states the facility, set to be built on land leased from Lucite International, will create 52 jobs with an average wage of more than $69,000 without benefits. Real property improvements by MCIS would total $12 million, and personal property improvements would total $50 million.
64 lots in
Kensington Planned Development
Sale Amount: $1.6 million
Sale Date: June 28, 2011
Buyer: L1 Properties
Seller: BancorpSouth Bank
Loan Amount: $3 million
Loan Date: June 29, 2011
Maturity Date: n/a
Borrower: Keith and David Grant Homes LLC and L1 Properties
Lender: Independent Bank
Details: L1 Properties, an entity affiliated with Keith and David Grant Homes LLC, bought 64 lots in Arlington’s Kensington Planned Development from BancorpSouth Bank for $1.6 million. The purchase was one of three related to the Grant family of homebuilders, which bought all 105 remaining lots in Kensington, which was approved for 109 lot on 45.4 acres.
Kim Grant Homes LLC bought 21 lots for $509,500 from BancorpSouth Bank, financing it with a $750,000 loan through Independent Bank.
And Richard Grant Homes LLC bought 20 lots for $507,700 from BancorpSouth Bank, financing it with a $800,000 loan through Independent Bank.
The homes will all be marketed by Grant & Co., said Keith Grant of Keith and David Grant Homes LLC.
The seller, BancorpSouth Bank, bought the 105 lots in March from West TN Land Co. GP and Chamberlain and McCreery Inc. for $1.4 million.
Grant said four of the lots in Kensington were built out by its previous owners.
Kensington Planned Development is on the south side of Forrest Road west of the Fayette County line in Arlington. Milton Wilson Road runs through the middle of the development.
The parcels being developed are vacant lots on Noni Valley Drive, Lubiani Valley Drive, Addie Glen Drive, Warren Ridge Lane, Garrett Valley Lane, Dusty Field Lane, Milton Wilson Boulevard, Garrett Valley Place, Eldridge Ridge Drive and Jean Ridge Circle.
4795 Hoover Drive
Memphis, TN 38128
Loan Amount: $3.6 million
Loan Date: July 11, 2011
Maturity Date: n/a
Borrower: Gardenwood Apartments LLC
Lender: Wells Fargo Bank NA
Details: Gardenwood Apartments LLC, the owner of Gardenwood Apartments at 4795 Hoover Drive, has financed the property for $3.6 million through Wells Fargo Bank.
The 152-unit, 139,000-square-foot apartment complex, which was built in 1983, sits on 10.1 acres at the northwest corner of Hoover Drive and Raleigh Lagrange Road in Raleigh. Amenities include a pool, tennis court, exercise room and gazebo.
Gardenwood Apartments LLC bought the property from Bank of America NA in May 2010 for $2.9 million, financing it at that time for $2.2 million through Bloomfield Capital Partners Fund III LLC. Sale documents list the complex’s address as 4787 Garden Grove Circle.
The Shelby County Assessor of Property’s 2011 appraisal is $2.7 million.
31.1 acres on
Sale Amount: $1.3 million
Sale Date: Feb. 17, 2011
Buyer: Magna Bank
Seller: Duntreath Partners
Details: Magna Bank has bought for $1.3 million 31.1 acres on Winchester Road in Germantown from Duntreath Partners in lieu of foreclosure. Memphis real estate developer G. Benjamin Clark signed the sale deed as general partner of Duntreath Partners.
The sale deed was signed in February but filed just last week with the Shelby County Register of Deeds’ office.
Duntreath bought the property in two transactions in July 2006. The company bought a 21.1-acre parcel from Harding Academy of Memphis Inc. for $1.8 million. It bought 10 acres from Goodwin Farms LP the same day for $670,000. A $2.4 million mortgage was filed through 1st Trust Bank for Savings at the time of purchase. The loan matured in January 2009.
In conjunction with the 2006 purchases, a memorandum of agreements was filed in which Duntreath was given the right to purchase more land from Goodwin Farms LP, along with a five-year right of refusal, or the ability to match terms of another party’s proposal, to buy the Goodwin homestead from Mary Ann H. Goodwin.
The property, which is on the north side of Winchester Road east of Crestwyn Drive, was slated to be developed into Goodwin Farms Subdivision, according to Chandler Reports.