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VOL. 126 | NO. 120 | Tuesday, June 21, 2011

Lynnfield Place Apartments Sell for $22.4 Million

By Kate Simone

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1400 Lynnfield Road
Memphis, TN 38119
Sale Amount: $22.4 million

Lynnfield Place Apartments

Sale Date: June 14, 2011
Buyer: Lynnfield Holdings LLC
Seller: Lynnfield Place Tennessee LLC
Details: Lynnfield Place Apartments, on the east side of Lynnfield Road about halfway between Park Avenue to the north and Quince Road to the south, has sold for $22.4 million.

Lynnfield Holdings LLC, which shares a Philadelphia address with Resource Real Estate Inc., bought the complex from Los Angeles-based Lynnfield Place Tennessee LLC. The deal closed June 14. No mortgage document was filed at the time of purchase.

Lynnfield Place is a 400-unit complex built in 1974 at 1400 Lynnfield Road in Ridgeway Farm Subdivision. The property, which is managed by Fogelman Management Group, uses the address 5900 Cedar Forest Drive. The Shelby County Assessor of Property’s 2011 appraisal of the property, which it rates an investment grade C, is $13.5 million.

Resource Real Estate owns two other Memphis apartment complexes: the 378-unit Waterstone Landing complex and the 568-unit Woods at Ridgeway complex. Waterstone Landing is on 36 acres in Southeast Memphis, and The Woods at Ridgeway is on 50 acres in Hickory Hill; both are within three miles of FedEx World Headquarters, according to RRE’s website.

The company seeks multifamily properties in “cities that are attracting young, educated renters,” according to the site. Within those cities, RRE invests in “infill locations proximate to high-income areas that are centrally located and offer easy access to employment centers and recreational opportunities.”

2835 Broad Ave.
Memphis, TN 38112
Permit Amount: $3.8 million

Permit Date: Applied June 2011
Owner: First Baptist Church
Tenant: First Baptist Church
Contractor: Chris Woods Construction Co. Inc.
Details: First Baptist Church-Broad has filed a $3.8 million permit application with the city-county Office of Construction Code Enforcement to expand its facility at 2835 Broad Ave.

Plans listed on the permit call for a 35,855-square-foot addition to the church’s sanctuary. The new space will include 1,685 seats, a 200-seat chapel, a 150-seat choir rehearsal area, pastor’s office and lobbies.

The Memphis-based firm Chris Woods Construction Co. Inc. is listed as the general contractor for the project. No architect is listed.

First Baptist Church’s Memphis roots date back to 1895. The church sits on roughly three acres at the southeast corner of the intersection of Broad Avenue and Scott Street.

3923 Elvis Presley Blvd.
Memphis TN 38116
Loan Amount: $3 million

Loan Date: June 13, 2011
Maturity Date: n/a
Borrower: Henry Oil Co. of Tennessee
Lender: Paragon National Bank
Details: Lexington, Tenn.-based Henry Oil Co. of Tennessee has filed a $3 million loan through Paragon National Bank for a convenience store and gas station at 3923 Elvis Presley Blvd. Loan documents list Henry Oil as the grantor and Dodge Brothers Inc. as borrower.

The property includes a 2,919-square-foot convenience store built in 1984 at the southwest corner of Elvis Presley Boulevard and Whitaker Drive in the 38116 ZIP code. The property also contains underground storage tanks, also installed in 1984, and a small storage shed built in 1990.

Henry Oil Co. quitclaimed the property to Henry Oil Co. of Tennessee in 2005. The Shelby County Assessor of Property’s 2011 appraisal is $460,000.

1701 Dunn Ave.
Memphis, TN 38114
Sale Amount: $1.4 million

Sale Date: June 6, 2011
Buyer: Barnhart Real Estate LLC
Seller: The Depot Redevelopment Corp. of Memphis and Shelby County
Details: Barnhart Real Estate LLC has bought land at 1701 Dunn Ave. in the Defense Depot from The Depot Redevelopment Corp. of Memphis and Shelby County for $1.4 million. Tax bills are to be sent to Barnhart Crane & Rigging Co., which shares an address at 2163 Airways Blvd. with Barnhart Real Estate LLC.

Exact acreage of the parcel isn’t given, but it is part of about 90 acres of Defense Depot property the United States quitclaimed in March to Depot Redevelopment Corp. of Memphis and Shelby County. The property is bounded by Perry Road to the west, Dunn Avenue to the north and Ball Road to the south; the whole property is west of Amido Avenue.

In 2000, Barnhart Crane and The Depot Redevelopment Corp. signed an agreement through which the Department of the Army leased the property to the Depot, which then subleased it to Barnhart Crane and Rigging Co., which assigned the lease to Alan Barnhart and Eric Barnhart. Since then, several documents have been recorded with the Shelby County Register of Deeds referring to that sublease agreement.

158 Madison Ave.
Memphis, TN 38103
Sale Amount: $1 million

Sale Date: June 6, 2011
Buyer: 158 Madison LLC
Details: 158 Madison LLC, a Tennessee limited liability company with a mailing address in Abbotsford, British Columbia, has bought a five-story, vacant office building at 158 Madison Ave. from Centennial, Colo.-based CHITI LLC.

Built in 1961, the 62,377-square-foot Class C building is on 0.3 acres at the northeast corner of Madison Avenue and an alleyway between North Second and North Third streets to the west and east.

CHITI LLC bought the property in December for $695,000. The Shelby County Assessor of Property’s 2011 appraisal is $1.3 million. No financing documents were filed at the time of sale.

PROPERTY SALES 61 61 6,453
MORTGAGES 46 46 4,081
BUILDING PERMITS 113 113 15,474
BANKRUPTCIES 19 19 3,289