VOL. 126 | NO. 178 | Tuesday, September 13, 2011
Memphis Real Estate Recap
Bioworks Foundation to Build Specialized Lab on S. Dudley
45 S. Dudley St.
Memphis, TN 38103
Permit Amount: $15.2 million
45 S. Dudley St. • Memphis, TN 38103
Project Cost: $15.2 million
Permit Date: Applied September 2011
Completion: Plan to close financing in next 30 days, construction will take 14 months, commissioning will take 2 months after that
Owner: Memphis Bioworks Foundation
Tenant: Memphis Bioworks Foundation
Contractor: Flintco LLC
Architect: Perkins+Will (from Houston), Self+Tucker Architects (from Memphis)
Details: Memphis Bioworks Foundation is planning to build Memphis Specialized Laboratory at 45 S. Dudley St., according to a $15.2 million permit application filed in September with the city-county Office of Construction Code Enforcement. The project was confirmed by Brandon Wellford, Memphis Bioworks Foundation’s chief financial officer and director of real estate.
The $15.2 million price tag on the permit will cover all construction costs, he said.
The 26,000-square-foot laboratory will be a commercialization facility for getting products approved by the U.S. Food and Drug Administration. It’s the first facility of its type in the region, Wellford said.
“Early stage research could be done at (research companies’) own location, and then, in order to provide certain lab and test results, they would bring their work to this facility and have it done in our facility,” he said. “And then those results would get passed on to the FDA so that they can get a product on the market.”
The Center City Revenue Finance Corp. approved the project in July for an eight-year payment-in-lieu-of-taxes tax break.
Architects on the project are Perkins+Will from Houston, as well as Self+Tucker Architects from Memphis. The general contractor is Flintco LLC.
Memphis Bioworks Foundation plans to close financing in the next 30 days, Wellford said. Construction is expected to take 14 months. That will be followed by two months of commissioning, or testing and balancing air-handling equipment and making sure the building operates up to standards – a critical step for laboratory-type buildings, he said.
18.5 acres on
Walnut Grove Road
Loan Amount: $11.9 million
Loan Date: Aug. 31, 2011
Maturity Date: n/a
Borrower: Orleans Apartment Community LLC
Lender: U.S. Bank NA
Details: Bartlett-based Orleans Apartment Community LLC has filed an $11.9 million construction loan through U.S. Bank N.A. for 18.5 acres on the north side of Walnut Grove Road between Rocky Point Road to the west and North Houston Levee Road to the east.
The property is in Woodland Hills II Planned Development, amended, and the Shelby County Assessor of Property’s 2011 appraisal is $1.4 million.
The loan documents were filed by the members of Orleans Apartment Community LLC: Charles Misenhelter, individually; and Russell J. Hensley, trustee of the Misenhelter Investment Services Trust.
Acreage near the
Sale Amount: $4.2 million
Sale Date: $4.2 million
Buyer: Gary W. Taylor, trustee of the Gary W. Taylor Living Trust dated Dec. 5, 2006
Seller: Ensley Bottoms Farm LLC
Loan Amount: $5.9 million
Loan Date: Aug. 26, 2011
Maturity Date: Jan. 1, 2031
Lender: Farm Credit Services of Mid-America FLCA
Details: Lakeland-based Gary W. Taylor, as trustee of the Gary W. Taylor Living Trust, has bought acreage near the Tennessee/Mississippi line from Memphis-based Ensley Bottoms Farm LLC for $4.2 million. The sale deed list two Tennessee parcels: the 939.3-acre “north farm” and 1,045.7-acre “south farm – Tennessee” – totaling 1,985 acres in Shelby County.
A $5.9 million loan was filed through Farm Credit Services of Mid-America FLCA at the time of sale. The loan matures in 2031.
A maintenance and repair agreement states the purchase totals about 2,650 acres, though not all of it is in Shelby County.
Ensley Bottoms Farm LLC bought about 10,000 acres in Shelby and DeSoto counties from Belz Investco LP in July 2010. The sale included seven parcels near the Tennessee/Mississippi line, including four in Tennessee only; one in Mississippi only; one that spans the two states; and one that spans Tennessee, Mississippi and Arkansas.
200 Madison Ave.
Memphis, TN 38103
Loan Amount: $1.4 million
Loan Date: Aug. 19, 2011
Maturity Date: Aug. 19, 2016
Borrower: Visible School – Music and Worship Arts College
Lender: First Tennessee Bank NA
Details: Visible School – Music and Worship Arts College has filed a $1.4 million loan through First Tennessee Bank for its property at 200 Madison Ave. The school earlier this year changed its name to Visible Music College, but the loan was filed under the school’s former name.
Visible bought the building – an iconic, triangular-shaped building with a glass front – from Memphis Chamber Foundation in December 2009 for $1.1 million. Built in 1972, the six-story, 45,200-square-foot building is on three-quarters of an acre at the northeast corner of Madison Avenue and the Court Street alley.
The Shelby County Assessor of Property’s 2011 appraisal is $1.3 million.
The school moved into the building at the beginning of the semester in August.
It chose its new name on the heels of being accredited by the Transnational Association of Christian Colleges and Schools. The college hopes to send the message that it’s an accredited school offering bachelor’s degrees as well as the one-year certificate program with which it began, Visible Music College president and founder Ken Steorts told The Daily News in April.