VOL. 126 | NO. 86 | Tuesday, May 3, 2011
Memphis Real Estate Recap
Smith & Nephew Files Permit For Goodlett Farms Building
7135 Goodlett Farms Parkway
Cordova, TN 38016
Permit Amount: $8 million
7135 Goodlett Farms Parkway
Project Cost: $8 million
Permit Date: Applied April 2011
Owner: Smith & Nephew
Tenant: Smith & Nephew
Contractor: Grinder, Taber & Grinder
Details: Smith & Nephew has filed an $8 million permit with the city-county Office of Construction Code Enforcement to make improvements to space in its orthopedic division’s global headquarters building on Goodlett Farms Parkway.
The permit says work will include building out “office, lab and kitchen spaces inside an existing two-story shell” at 7135 Goodlett Farms Parkway. The Shelby County Register of Deeds lists the property as 7126 Goodlett Farms Parkway.
Smith & Nephew bought the property in January 2010 for $14 million as part of its $42 million expansion of its orthopedic division’s global headquarters based in Memphis.
Built in 2003, the 293,504-square-foot building sits on 24.97 acres in the Goodlett Farms East Planned Development. The Shelby County Assessor of Property’s 2009 appraisal was $18.4 million.
The Goodlett Farms site hosts the research, marketing and development functions of Smith & Nephew’s global orthopedics division. It also serves as a training facility for the orthopedics sales team and the company’s sales team. The site has more than 285,000 square feet of office space as well as 40 acres for future growth and expansion.
2855 Houston Levee Road
Cordova, TN 38016
Sale Amount: $2.6 million
Sale Date: April 15, 2011
Buyer: Extra Space Properties Two LLC
Seller: JF Storage Holding LLC
Details: Salt Lake City-based Extra Space Properties Two LLC has bought a self-storage facility at 2855 Houston Levee Road from Georgia-based JF Storage Holdings LLC for $2.6 million. No financing deed was filed with the Shelby County Register of Deeds at the time of sale.
The 72,626-square-foot, two-story facility was built in 2006. It sits on 3.7 acres on the west side of Houston Levee Road. The seller, JF Storage Holding, bought the building in 2007 for $4.6 million.
The Shelby County Assessor of Property’s 2010 appraisal was $2.7 million.
63 Lots and Vacant Land
In Stonebriar Phase 5
Sale Amount: $2.5 million
Sale Date: April 18, 2011
Buyer: Stonebriar Properties LLC
Seller: Land Solutions LLC
Loan Amount: $400,000
Loan Date: April 18, 2011
Maturity Date: April 18, 2016
Lender: Rotenberry Living Trust
Details: Germantown-based Stonebriar Properties LLC has bought 63 lots in Stonebriar Planned Development, phase 5, as well as 30 acres of vacant land in the development, from Land Solutions LLC for $2.5 million.
A $400,000 loan was filed at the time of purchase through Rotenberry Living Trust.
In conjunction with the sale, Land Solutions LLC quitclaimed common areas in Stonebriar phases 1 through 5 and 4.9 acres of vacant land to the Stonebriar Homeowners Association Inc. Land Solutions also quitclaimed one common area to Levelle and Dawn Salter.
In addition to the sales and $400,000 loan, the parties modified two earlier loans Land Solutions LLC had taken out through Trustmark National Bank, changing the amount owed based on paydown and naming Stonebriar Properties as the new borrower. The modified loan amounts were $2.1 million and $595,000.
7938 Winchester Road
Memphis, TN 38125
Loan Amount: $1.4 million
Loan Date: March 11, 2011
Maturity Date: Sept. 11, 2016
Borrower: Tri State Restaurants LLC
Lender: Patriot Bank
Details: Collierville-based Tri State Restaurants LLC has filed a leasehold construction loan for 7938 Winchester Road through Patriot Bank for $1.4 million. The loan matures in September 2016.
The property is owned by SCOOPS LLC and leased to Mid South Restaurants LLC, according to a loan document filed with the Shelby County Register of Deeds. Tri State Restaurants LLC is listed as the borrower.
The property is a 1,008-square-foot food stand built in 2003. It sits on 0.4 acres on the north side of Winchester Road between County Gate and Hacks Cross roads. The Shelby County Assessor of Property’s 2010 appraisal was $440,000.
766 White Station Road, Units 5 & 6
Memphis, TN 38117
Sale Amount: $1 million
Sale Date: April 21, 2011
Buyer: 766 White Station LLC
Seller: Rodgers Menzies
Loan Amount: $1 million
Loan Date: April 21, 2011
Maturity Date: April 21, 2012
Lender: Rodgers Menzies
Details: Memphis-based 766 White Station LLC has bought units 5 and 6 in 766 South White Station Office Condominiums from Rodgers Menzies for $1 million. The deal, which closed April 21, was financed with a $1 million loan through Menzies, due April 21, 2012.
Built in 1988, units 5 and 6 of the single-story office condominiums in 766 South White Station Office Condos are 2,675 square feet each. They sit on the east side of South White Station Road north of Poplar Avenue.
Menzies Center Joint Venture quitclaimed the units to Rodgers Menzies and Nancy Menzies in 1988. The couple quitclaimed the two units to Rodgers Menzies in November 2010.