VOL. 126 | NO. 232 | Tuesday, November 29, 2011
Memphis Real Estate Recap
Cotton Council Building Sells for $3.1 Million
1918 North Parkway
Memphis, TN 38112
Sale Amount: $1 million
1918 North Parkway • Memphis, TN 38112
Sale Date: Nov. 18, 2011
Buyer: Cotton Council Apartments LLC
Seller: TC-Met Rhodes LLC
Loan Amount: $3.1 million
Loan Date: Nov. 18, 2011
Maturity Date: Nov. 15, 2018
Lender: Renasant Bank
Details: Cotton Council Apartments LLC has bought the former National Cotton Council headquarters at 1918 North Parkway from TC-Met Rhodes LLC for $1 million, filing a $3.1 million construction loan through Renasant Bank at the time of purchase. The building is slated to become apartments, according to a building permit application filed in October.
The property includes a 35,893-square-foot building built in 1958 on 2.8 acres along the north side of North Parkway between Snowden School and Parkway House Condominiums in Oscar Johnston Cotton Foundation Subdivision. The Shelby County Assessor of Property’s 2011 appraisal is $652,700.
Cotton Council Apartments LLC filed a $2.4 million building permit application with the city-county Office of Construction Code Enforcement in October to renovate the building. At the time the application was filed, it was announced WR Real Estate Advisors LLC planned to transform the building, which is near Rhodes College and the Memphis Zoo, into 142 apartments.
The seller, TC-Met Rhodes LLC, is affiliated with Dallas-based Trammell Crow Co. The LLC bought the building from the National Cotton Council of America in 2007 for $1.7 million. That same year, NCC built a new headquarters on Goodlett Farms Parkway. NCC is a trade organization representing seven U.S. cotton industry segments: producers, ginners, warehousers, merchants, cottonseed, cooperatives and manufacturers.
2.5 Acres For
Arlington Pet Hospital
Sale Amount: $220,000
Sale Date: Nov. 17, 2011
Buyer: Samuel Garrett Davis
Seller: Samuel J. Davis
Loan Amount: $1.1 million
Loan Date: Nov. 17, 2011
Maturity Date: Aug. 17, 2042
Lender: Compass Bank
Details: Samuel Garrett Davis has bought 2.5 acres of vacant land on U.S. 70 in Arlington from Samuel J. Davis for $220,000, filing a $1.1 million construction/permanent loan at the time of purchase. Samuel Garrett Davis is founder of Arlington Pet Hospital PLLC, which has planned a 5,200-square-foot facility for the site.
The property is on the southeast side of U.S. 70 west of Tenn. 385 in Parkway Center Commercial Subdivision, phase two. It consists of two parcels: a 1.5-acre lot that fronts U.S. 70, as well as a 1-acre lot adjacent to the east.
Samuel Garrett Davis recently filed a $1.2 million building permit application with the city-county Office of Construction Code Enforcement for a standalone veterinary clinic and pet hospital on the property. It is slated to include a 5,200-square-foot facility with hospital boarding and grooming capabilities.
“We’re growing out of the space that we currently have and we want to provide this area of Shelby County with more space and room to continue to grow and provide better service for our clients,” Davis told The Daily News.
Arlington Pet Hospital for the past five years has rented less than 3,000 square feet across two bays in an adjacent strip shopping center.
For details, see the Friday, Nov. 18, edition of The Daily News’ Inked column by reporter Sarah Baker at www.memphisdailynews.com.
1184 Channel Ave.
Memphis, TN 38113
Loan Amount: $9.5 million
Loan Date: November 15, 2011
Maturity Date: Dec. 1, 2016 (term note); July 31, 2012 (working capital note)
Borrower: Jones Fiber Products Inc.
Lender: Regions Bank
Details: Jones Fiber Products Inc. has financed a manufacturing/processing facility at 1184 Channel Ave. through Regions Bank for a recorded amount of $9.5 million.
The property includes a 87,693-square-foot manufacturing/processing mill built in 1955, according to the Shelby County Assessor of Property, whose 2011 appraisal is $1.5 million. It sits on about 4.6 acres on the north side of Channel Avenue in Memphis and Shelby County Port Commission Industrial Subdivision. The north line of the property fronts a rail line.
The recorded amount for the loan is $9.5 million, though total indebtedness is $11 million. It contains a new $8 million term note and an amended $3 million working capital note representing a revolving line of credit. The $3 million is an amended amount for a revolving line originally taken out in 2003. The discrepancy between the $9.5 million and $11 million reflects taxes paid on the original 2003 revolving line.
The term note matures Dec. 1, 2016; the amended working capital note/revolving line of credit now matures July 31, 2012.
Hogan & Associates Inc. bought the property in November 1981 for $192,090. Hogan & Associates changed its name to Jones Fiber Products Inc. in 2003.
Jones Fiber makes fire-retardant, thermally bonded fiber products for mattress and furniture manufacturers, according to the company’s website. In 1997, it developed T-Bond, a fiber composition that changed the use of cotton batting in multiple industries including bedding, furniture, acoustical products and appliances, according to the site.
Headquartered in Humboldt, Tenn., Jones has the manufacturing site at 1184 Channel, as well as ones in Humboldt, Morristown, Tenn., and North Las Vegas. Its warehouse is in Hernando, Miss.