VOL. 126 | NO. 203 | Tuesday, October 18, 2011
Memphis Real Estate Recap
Germantown Station Closer to Construction
750 N. Germantown Parkway
Cordova, TN 38018
Loan Amount: $2.6 million
750 N. Germantown Parkway • Cordova, TN 38018
Loan Date: Sept. 21, 2011
Maturity Date: Sept. 15, 2016
Borrower: Gill Enterprises
Lender: U.S. Bank NA
Details: Cordova-based Gill Enterprises has filed a $2.6 million construction loan for Germantown Station retail center, slated to be built on 1.8 acres at 750 N. Germantown Parkway on the site of the former Memphis Area Home Builders Association headquarters.
The acreage is on the east side of Germantown Parkway south of Walnut Run Road. A CVS pharmacy is adjacent at the corner of those two streets.
Shortly after the loan was filed, a $1 million building permit application was filed with the city-county Office of Construction Code Enforcement, listing Gill Properties as owner and Wit-Con Inc. as contractor.
Ray Gill of Cordova-based Gill Properties Inc. said the permit is for the shell of the building. The architect is Renaissance Group, which has worked with Gill on multiple projects in the past.
“The building will be asymmetrical, and it will have multiple brick types and colors, and it will have Renaissance stone at the base,” Gill said, adding the look is meant to evoke the idea it was built at different times.
At more than 18,000 square feet, the building will have 11 bays. Two are preleased; Friday Tuna, a Japanese restaurant, will occupy three bays totaling 5,300 square feet. Menchie’s, a frozen-yogurt store, will occupy a 2,000-square-foot bay. The remaining seven bays are open, Gill said, and the company is in talks with an apparel retailer and another restaurant, among other businesses.
Gill said the property is slated for completion in spring.
After tearing down the MAHBA headquarters and leasing the corner parcel to CVS, Gill Properties had no plans to build on the adjacent site.
“When we tore the building down, the phone started ringing,” he said. “We ended up with 11 qualified companies that wanted to be in this building. You could knock me over with a feather.”
231 Woodland Lake Drive
Permit Amount: $8 million (Phase one, building structure only)
Project Cost: $15.6 million (Phase one)
Permit Date: Applied October 2011
Completion: Clubhouse completed in March, move-in starting in April, phase one completed in October 2012
Owner: Orleans Apartment Community LLC
Tenant: Orleans Apartment Community LLC
Architect: McGehee Nicholson Burke Architects
Engineer: Fisher & Arnold Inc.
Details: Orleans Apartment Community LLC has filed an $8 million building permit application with the city-county Department of Construction Code Enforcement for construction in phase one of Orleans at Walnut Grove, an apartment community off Walnut Grove Road in Gray’s Creek Reserve in Eads.
Phase one will include 180 one-, two- and three-bedroom units, 48 of which will face a 25-acre lake. Orleans Apartment Community LLC has broken ground and expects the permit to be finalized by Oct. 31.
Wes Misenhelter, managing partner of Orleans Apartment Community LLC, said he wants the development to be more than apartments – he wants it to be a lifestyle community. To that end, he said apartments will be built on about 10 acres of the 18.3-acre site, with the balance of the property featuring a walking trail, small softball field and basketball court, among other things.
Phase one – which will comprise seven of the 10 built-out acres – will also include construction of a clubhouse, pool area and fitness center. The design is about two years in the making, Misenhelter said, and is influenced by the French Quarter in New Orleans – though not modeled exactly like it.
Phase two will be separate from phase one, with its own financing and permits. That phase will include 96 units in four buildings on about three acres. Misenhelter said he expects work on phase two to begin June 1 and wrap by December 2012.
Across Shelby County
Loan Amounts: $2 million
(conventional loan); $100,000
(line of credit)
Loan Date: July 1, 2011
Maturity Date: July 15, 2031 (conventional loan); July 15, 2014 (line of credit)
Borrower: Raleigh Assembly of God Inc.
Lender: Assemblies of God Loan Fund
Details: Raleigh Assembly of God Inc. has filed two loans through Assemblies of God Loan Fund. The loans include a $2 million conventional loan that matures in 2031 and a $100,000 line of credit that matures in 2014.
Four parcels secure the loan. The first is at 8180 T&B Blvd. It is a 20,101-square-foot building built in 1999 and used for religious purposes. It sits on 2.2 acres on the north side of T&B east of Hacks Cross Road. The Shelby County Assessor of Property’s 2011 appraisal is $2.3 million.
The second property includes two parcels totaling 13.7 acres of vacant land on Hamberly Cove in Collierville. It is south of Wolf River Boulevard. The 2011 appraisal is $10,900.
The third parcel is 0.5 acres the assessor lists as vacant land at a cove at the dead end of Springfield Road northwest of Austin Peay Highway. The 2011 appraisal is $24,800.
The fourth parcel is a tax-exempt building at 3683 Austin Peay Highway, used for religious purposes. It is on four acres on the northwest side of Austin Peay north of Lakehurst Drive. The appraisal is $59,100.