VOL. 126 | NO. 218 | Tuesday, November 8, 2011
Memphis Real Estate Recap
Lightman Entity Buys Sanderlin Centre
5101 Sanderlin Ave.
Memphis, TN 38117
Sale Amount: $5.3 million
5101 Sanderlin Ave. • Memphis, TN 38117
Sale Date: Nov. 1, 2011
Buyer: Sanderlin Centre Co.
Seller: Sanderlin Centre Partners
Loan Amount: $3.5 million
Loan Date: Nov. 1, 2011
Maturity Date: Nov. 15, 2016
Lender: SunTrust Bank
Details: An entity composed of Michael A. Lightman Sr. and family members has bought Sanderlin Centre shopping center at 5101 Sanderlin Ave. for $5.3 million.
Sanderlin Centre Co. – a partnership that includes Michael A. Lightman Sr., Mallory Lang Lightman, Rachel Lightman, James and Nancy Tashie Family Enterprise LLC and Levy Family Investments LLC – bought the site from Sanderlin Centre Partners.
The Class A center, built in 1989 and totaling more than 40,000 square feet, is on half an acre on the south side of Sanderlin between DoubleTree by Hilton Memphis hotel to the west and the Racquet Club of Memphis to the east. It’s also roughly northeast of Malco Paradiso theater; the Lightman family owns Malco.
Sanderlin Centre tenants include Fox and Hound; Napa Café, Bikram Yoga Memphis; Muddy’s Bake Shop; Mona Spa and Laser Center; and others.
A $3.5 million loan was taken out through SunTrust Bank at the time of the sale. The loan matures in 2016.
The Shelby County Assessor of Property’s 2011 appraisal is $4.7 million.
The 113-acre area that includes the Paradiso and Sanderlin Centre is a major entertainment center – but unlike Overton Square and Beale Street, it is not defined as one for purposes of zoning or planning.
Memphis City Council member Kemp Conrad in 2009 talked of creating an adaptation of an entertainment district that would be broadened to take into account the longstanding residential areas that border the commercial development.
The idea, which was discussed with business owners and residential groups, included the possibility of standard signage and other design guidelines, as well as gateways on what is now a large parking lot with multiple driveways and curb cuts. Some curb cuts are next to remnants of buildings no longer on the site.
Not much discussion has occurred since then, but last week’s purchase could signal an effort to create a more coordinated direction for the general area.
Three Vacant Parcels (12.1 acres)
Near Wolf River Boulevard
Sale Amounts: $4.9 million; $1.8
million; $1.6 million
Sale Date: Oct. 28, 2011
Buyer: Baptist Memorial Hospital-Tipton
Sellers: Westco Development #33 LLC ($4.9 million); WMT Germantown GP ($1.8 million); Merchants and Farmers Bank ($1.6 million)
Details: Baptist Memorial Hospital-Tipton has bought three parcels of vacant land near Wolf River Boulevard.
The sellers and sales prices are Westco Development #33 LLC, $4.9 million; WMT Germantown GP, $1.8 million; and Merchants and Farmers Bank, $1.6 million.
All the parcels are near the northeast intersection of South Germantown Road and Wolf River Boulevard. Baptist’s purchase from Westco is a 7.8-acre parcel on the east side of the dead end of Wolf Trail Cove, with a portion of the parcel fronting Wolf River Boulevard. The Shelby County Assessor of Property’s 2011 appraisal is $3.6 million. The purchase from WMT Germantown is 2.8 acres adjacent to the west of the 7.8-acre parcel, on the south side of the dead end of Wolf Trail Cove. The assessor’s 2011 appraisal is $1.6 million. The purchase from Merchants and Farmers Bank is a 1.5-acre parcel adjacent to the north of the 7.8-acre parcel, with the south side of the parcel fronting Wolf Trail Cove. The assessor’s 2011 appraisal is $1.1 million.
9293 Poplar Ave.
Germantown, TN 38138
Loan Amount: $12.9 million
Loan Date: Oct. 28, 2011
Maturity Date: June 1, 2045
Borrower: Germantown Plantation Retirement Communities LLC
Lender: Deutsche Bank Berkshire Mortgage Inc.
Details: Germantown-based Germantown Plantation Retirement Communities LLC has filed a $12.9 million loan for Germantown Plantation Senior Living Community at 9293 Poplar Ave.
The three-story, 136,751-square-foot building was built in 2005 and includes 106 units. It sits on 4.6 acres on the north side of Old Poplar Pike south of Poplar.
Germantown Plantation Retirement Communities LLC bought three parcels in August 2002 from Jerry L. Peoples for $1.4 million. Those included 9293 Poplar, 9280 Poplar and a vacant lot on Poplar Pike, according to the 2002 deed. Peoples signed this loan as chief manager of Germantown Plantation Retirement Communities LLC.
The Shelby County Assessor of Property’s 2011 appraisal is $9.3 million.
8036 U.S. 70
Bartlett, TN 38133
Sale Amount: $3 million
Sale Date: Oct. 25, 2011
Buyer: Memphis Storage VI LP
Seller: James C. Hise Jr. and Brenda L. Hise
Loan Amount: $2.2 million
Loan Date: Oct. 25, 2011
Maturity Date: Nov. 10, 2016
Lender: SunTrust Bank
Details: Olive Branch-based Memphis Storage VI LP has bought a self-storage facility at 8036 U.S. 70 from James C. Hise Jr. and Brenda L. Hise for $3 million.
The Class C investment-grade facility was built in 1985 and totals 69,750 square feet, according to the Shelby County Assessor of Property. It sits on 5.1 acres on the north side of U.S. 70 slightly west of North Germantown Parkway, in Bartlett Self Storage Subdivision.