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VOL. 126 | NO. 129 | Monday, July 4, 2011

Germantown Collection Sells for $7.3M in Foreclosure

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7810 Poplar Ave.
Germantown, TN 38138
Sale Amount: $7.3 million

7810 Poplar Ave. Germantown, TN 38138

Sale Date: June 23, 2011
Buyer: GA Poplar Avenue Germantown LLC (c/o Principal Real Estate Investors)
Seller: Jason A. Strain, substitute trustee
Original Borrower: CH Realty III/Germantown LLC
Original Lender: Principal Life Insurance Co.
Orig. Loan Amount: $8.7 million
Orig. Loan Date: Oct. 12, 2004

Details: The 60,724-square-foot Germantown Collection shopping center that includes tenants such as Chili’s and Panera Bread at the corner of Poplar Avenue and Exeter Road has been bought out of foreclosure.

GA Poplar Avenue Germantown LLC, a local affiliate of Des Moines, Iowa-based Principal Real Estate Investors (a member of the Principal Financial Group), paid $7.3 million for the center, 7810-7850 Poplar Ave., from substitute trustee Jason A. Strain of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

The sale occurred June 23, about three weeks after a first-run foreclosure notice for the 6.1 acre, Class A retail property appeared in The Daily News and at The Daily News Online, www.memphisdailynews.com.

Principal Life Insurance Co. had initiated the foreclosure against the previous owner, CH Realty III/Germantown LLC, a local affiliate of New York real estate investment trust Kimco Realty Corp. Kimco owns and operates shopping centers throughout North America.

The local entity had defaulted on an $8.7 million loan through Principal Life dated Oct. 12, 2004.

The property took a hit recently when the local franchisee of the Blockbuster video chain closed all of the brick-and-mortar video stores in Memphis, including one in the Germantown Collection.

The center, listed by the Shelby County Assessor of Property as 7850 Poplar Ave., was built in 1988 and has an appraised value of $10.6 million.

6733 Quince Road and
3933 Allenbrooke Cove
Sale Amounts: $9 million; $8 million

Sale Date: June 22, 2011
Buyer: Quince Property Co. LLC; Allenbrooke Property Co. LLC
Seller: HCRI Tennessee Properties Inc.
Loan Amount: $17 million
Loan Date: June 22, 2011
Maturity Date: June 22, 2013
Lender: Manufacturers and Traders Trust Co.

Details: HCRI Tennessee Properties Inc., an affiliate of Toledo, Ohio-based Health Care REIT Inc., has sold two Memphis nursing homes to related entities for a combined $17 million.

HCRI sold the Quince Nursing and Rehabilitation Center at 6733 Quince Road in East Memphis for $9 million to Quince Property Co. LLC.

The 66,327-square-foot facility was built in 1996 and sits on 4.9 acres at the intersection of Quince Road and Columbine Lane near Tenn. 385 and Kirby Parkway.

The Shelby County Assessor of Property’s 2011 appraisal is $6.4 million.

And HCRI sold the Allenbrooke Nursing and Rehabilitation Center at 3933 Allenbrooke Cove in the Oakhaven/Parkway Village area for $8 million to Allenbrooke Property Co. LLC.

The 54,684-square-foot property was built in 1982 and sits on 5.83 acres on Allenbrooke Cove, which is southwest of the intersection of Getwell Road and American Way. The assessor’s 2011 appraisal is $3.2 million.

Quince Property and Allenbrooke Property filed a $17 million loan through Manufacturers and Traders Trust Co. in conjunction with the purchases. Norbert A. Bennett signed the trust deed as manager of both buying entities.

The transaction also included two terminations of sublease with Aurora Healthcare LLC.

HCRI bought the Quince Road facility for $6.6 million and the Allenbrooke Cove facility for $4.5 million, both in 2003.

6899 U.S. 64
Memphis, TN 38133
Permit Amount: $1.2 million

Project Cost: $1.2 million
Permit Date: Applied June 2011
Completion: Set to begin by Aug. 1; will last about 60 days
Owner: Memphis Goodwill Inc.
Tenant: Memphis Goodwill Inc.
Contractor: Chris Woods Construction Co. Inc.

Details: Memphis Goodwill Inc., a division of Memphis Goodwill Industries, has filed a $1.2 million permit application with the city-county Office of Construction Code Enforcement for its store at 6899 U.S. 64 in Bartlett (also known as 6899 Stage Road).

The description of planned work include a new façade, interior finish upgrades, a new workshop area, additional dock doors, a upgrade to landscaping and parking lot resurfacing.

The site, formerly a lumber store, houses a retail store – Memphis Goodwill Industries’ largest – as well as the organization’s administrative offices and the “Bargain Barn,” where items go if they have not been bought after a set time.

The retail store will close for 30 to 45 days during the construction, said Memphis Goodwill Industries executive vice president Dave Leutwyler. The offices will remain open; a second permit to build administrative offices on the site is expected soon, Leutwyler said.

The construction will take place 24 hours a day to speed completion, and employees will continue working in the Bargain Barn. Leutwyler said the parking lot often fills up, so it is being expanded and will now reach all the way to Stage Road.

In other Memphis Goodwill news, the organization on June 23 announced it is participating in the Dell Reconnect Program, a drop-off program for consumers who want to safely recycle any brand of unwanted computer equipment.

Memphis Goodwill’s territory includes six counties surrounding Memphis, plus five in Arkansas and 17 in Mississippi. In 2010, Memphis Goodwill’s store at 6899 Stage generated more than $3 million in sales, placing it in the top 5 percent of all Goodwill stores in the country.

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396