VOL. 126 | NO. 96 | Tuesday, May 17, 2011
Memphis Real Estate Recap
Blues City Brewery Buys Hardy Bottling
5151 E. Raines Road
Memphis, TN 38118
Sale Amount: $10 million
Sale Date: May 2, 2011
Buyer: Blues City Brewery LLC
Seller: Chism Hardy Enterprises LLC
Details: Blues City Brewery LLC, an affiliate of La Crosse, Wis.-based City Brewing Co., has bought the former Hardy Bottling plant, a 40-year-old Memphis beer brewery at 5151 E. Raines Road, from Chism Hardy Enterprises LLC for $10 million.
It is part of a $30 million dollar deal between City Brewing and Chism Hardy Enterprises that will bring beer brewing back to the Memphis plant.
The plant, which is more than 1.3 million square feet, according to the Shelby County Assessor of Property, was appraised by the assessor in 2010 at $11.5 million. It sits on 130 acres on the south side of East Raines Road west of Mendenhall Road.
As part of the most recent sale, the city-county Industrial Development Board quitclaimed the site – formerly a part of a payment-in-lieu-of-taxes program – back to Chism Hardy. City Brewing has been approved for a 15-year PILOT for the site.
For details on the purchase and City Brewing’s plans for the plant, see the March 31 Daily News at www.memphisdailynews.com.
1350 S. Faronia Square
Memphis, TN 38116
Loan Amount: $4.4 million
Loan Date: April 28, 2011
Maturity Date: May 1, 2021
Borrower: Memphis Partners LP
Lender: CBRE Multifamily Capital Inc.
Details: Memphis Partners LP has financed Faronia Square Townhouses at 1350 S. Faronia Square through CBRE Multifamily Capital Inc. for $4.4 million.
The property, which the Shelby County Assessor of Property lists at 1328 Finley Road, is a 204-unit townhouse apartment complex built in 1969. It sits on 10.9 acres at the northeast corner of Finley Road and Faronia Road.
Faronia Square Limited sold the property to Memphis Partners LP in December 1985 for $6.1 million. Freeman Webb Investments Inc. is the general partner of Memphis Partners LP.
The assessor’s 2010 appraisal was $4.7 million.
3040 Walnut Grove Road
Memphis, TN 38111
Sale Amount: $1.6 million
Sale Date: May 11, 2011
Buyer: CIRCO Enterprises LLC
Seller: RNB Interests LLC, BRB Interests LLC and BAK Interests LLC
Details: Omaha, Neb.-based CIRCO Enterprises has bought a single-tenant building that houses a county Driver Services Center at 3040 Walnut Grove Road from RNB Interests LLC, BRB Interests LLC and BAK Interests LLC for $1.6 million.
Built in 1997, the 10,180-square-foot building sits on 1.3 acres on the north side of Walnut Grove Road west of Hayden Place. It is one of three Shelby County Driver Services Centers, where citizens can go to take their driving tests, renew their licenses, apply for handgun permits and more.
The sellers bought the property for $1.1 million in 1997, with RNB Interests buying a 10 percent interest and BRB Interests and BAK Interests each buying a 45 percent interest.
The Shelby County Assessor of Property’s 2010 appraisal was $1.1 million.
8195 Dexter Road
Memphis, TN 38016
Sale Amount: $1.6 million
Sale Date: April 19, 2011
Buyer: 8195 Dexter Road LLC
Seller: Old Forest Properties GP
Original Borrower: Old Forest Properties GP
Original Lender: Standard Insurance Co.
Original Loan: $1.8 million
Orig. Loan Date: Dec. 1, 2008
Original Maturity: Jan. 1, 2034
Details: 8195 Dexter Road LLC, an affiliate of Hillsboro, Ore.-based StanCorp Mortgage Investors LLC, has acquired a strip shopping center at 8195 Dexter Road in Cordova via a foreclosure sale. The original borrower was Old Forest Properties GP, who borrowed $1.8 million from Standard Insurance Co. in December 2008.
At a March foreclosure sale, Standard Insurance Co. was the high bidder for the center, at a little more than $1.6 million. Standard then assigned its bid to 8195 Dexter Road LLC.
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.
A sale deed was filed in January in which Old Forest Properties sold the property to 8195 Dexter Road LLC in a “non-merger deed in lieu of foreclosure.
826 S. Third St.
Memphis, TN 38106
Sale Amount: $785,000
Sale Date: April 21, 2011
Buyer: RGT Foods Inc.
Seller: James Wesley Parker and Shona Ann Parker, trustees of the Parker Family Trust
Loan Amount: $706,500
Loan Date: April 27, 2011
Maturity Date: n/a
Lender: Independent Bank
Details: RGT Foods Inc. has bought a franchised fast-food restaurant at 826 S. Third St. from James Wesley Parker and Shona Ann Parker, trustees of the Parker Family Trust, for $785,000. The 3,007-square-foot restaurant, built in 1984, is a co-branded Long John Silver’s and Taco Bell, formerly just a Taco Bell. It sits on 0.7 acres at the northeast corner of South Third Street and East E.H. Crump Boulevard. The purchase was financed with a $706,500 loan through Independent Bank.
Memphis restaurateur Sean Tuohy signed loan documents as president of the borrowing entity, RGT Foods Inc. Tax bills for RGT Foods are to be sent to Memphis-based RGT Management Inc.
RGT Foods sold the property to James Wesley Parker and Shona Ann Parker in May 2005 for $500,000.