VOL. 126 | NO. 188 | Tuesday, September 27, 2011
Memphis Real Estate Recap
Shelby Oaks Red Roof Among 143 Sold
6055 Shelby Oaks Drive
Memphis, TN 38134
Sale Amount: $1.6 million
6055 Shelby Oaks Drive • Memphis, TN 38134
Sale Date: Aug. 25, 2011
Buyer: FMW RRI NC LLC
Seller: R-ROOF VI LLC
Details: A Red Roof Inn on Shelby Oaks Drive is one of 143 bought by a joint venture as part of Red Roof Inns Inc.’s efforts to recapitalize ownership of its assets.
FMW RRI NC LLC bought the Memphis hotel, which uses the address 6055 Shelby Oaks Drive, from R-ROOF VI LLC for $1.6 million. The Shelby County Assessor of Properties lists the address as 6065 Shelby Oaks Drive. The deal closed in late August but documents were just filed with the Shelby County Register of Deeds.
The two-story, 17,500-square-foot hotel was built in 1980 and has 108 units. It sits on 2.2 acres on the south side of Shelby Oaks Drive east of Sycamore View Road. The south line of the property backs up to Interstate 40.
The assessor’s 2011 appraisal is $2 million.
The site is one of 143 Red Roof Inns – totaling about 17,000 rooms – acquired by affiliates of Five Mile Capital Partner and Westmont Hospitality Group, in a joint venture, according to an Aug. 31 statement from Red Roof Inns Inc. The joint venture committed more than $70 million for renovating and upgrading the portfolio. All the properties in the acquisition have entered into franchise agreements with Red Roof Franchising LLC and will continue to be managed by RRI West Management, an affiliate of Red Roof Inns, according to the statement.
FMW RRI NC LLC filed a loan through Fortress Credit Corp., secured by 56 properties in multiple states. Those 56 hotels include two Tennessee sites: the Shelby Oaks one as well as one in Nashville.
The total principal indebtedness of the 56 hotels, according to loan documents, is $275 million, with the total value of the collateral listed as $493 million. The indebtedness for the two Tennessee hotels is $2.6 million, with the collateral worth $4.7 million.
7735 & 7699 Farmington Blvd.
Germantown, TN 38138
Sale Amount: $11 million
Sale Date: Sept. 12, 2011
Buyer: Kroger Limited Partnership I
Seller: SM Properties LP
Details: Kroger Limited Partnership I, whose Delta division is headquartered on Ridge Lake Boulevard, has bought a Schnucks grocery store and strip center at 7735 and 7699 Farmington Boulevard in Germantown for $11 million from SM Properties LP.
The store is one of five for which deeds were filed with the Shelby County Register of Deeds Sept. 12.
At the southeast corner of Farmington Boulevard and Germantown Road, the purchased property includes the grocery store as well as a strip shopping center. The grocery is 64,115 square feet built in 2004 on 8.5 acres. The Shelby County Assessor of Property’s 2011 appraisal is $7.2 million. The strip center is 35,772 square feet built in 2005 on 6.7 acres. The assessor’s 2011 appraisal is $5 million.
A quitclaim listing the same addresses was filed at the same time as the sale.
The deed lists among permitted exceptions a 2003 short-form lease to AutoZone Development Corp. AutoZone leases 5,700 square feet in the center.
The other stores for which deeds were filed the same day were all sold by SM Properties Memphis LLC. They include 2942 Kirby-Whitten Road ($8.7 million), 1775-1793 Union Ave. ($250,000), 799 Truse Parkway ($5.3 million) and 1212 E. Shelby Drive ($5.2 million).
Properties in Shelby,
Tipton & DeSoto Counties
Sale Amount: $3.2 million
Sale Date: Aug. 31, 2011
Buyer: RJ Real Estate Holdings GP, a Tennessee general partnership composed of Richard A. Cole and Jack A. Whitaker Jr.
Seller: Aubrey Bruce Wring; Virginia A. Wring; Aubrey B. Wring and Virginia A. Wring, trustees of the Wring Family Revocable Trust; Wring Real Estate LLC; Affordable Management LLC; and A&B Enterprises LLC
Loan Amount: $3.1 milllion
Loan Date: June 10, 2011
Maturity Date: n/a
Lender: First Capital Bank
Details: RJ Real Estate Holdings GP has bought properties in Shelby, Tipton and DeSoto counties for $3.2 million.
The Shelby properties include seven sites in Arlington, two sites in Bartlett, five sites in Cordova and 51 in Memphis.
In April, RJ Real Estate Holdings bought properties in lieu of foreclosure for $3 million from the same parties. That sale included 53 properties in Shelby, one in Tipton and one in Marshall County, Miss.
Sale documents list RJ Real Estate Holdings’ address on Old Summer Road.
2434-2442 Chelsea Ave., 1436 Oakwood St., And 1433 N. Hollywood St.
Sale Amount: $300,000 (Chelsea, Oakwood); $12,856 (North Hollywood)
Sale Date: Sept. 15, 2011 (Chelsea, Oakwood); Sept. 16, 2011 (North Hollywood)
Buyer: N3 319 N Hollywood Memphis TN LLC
Seller: Trustees of and for Golden Leaf Missionary Baptist Church and Golden Leaf M.B. Church Inc. (Chelsea, Oakwood); Marketplace Development LLC (North Hollywood)
Loan Amount: $1 million
Loan Date: Sept. 15, 2011
Maturity Date: Sept. 15, 2013
Lender: OmniAmerican Bank
Details: N3 319 N Hollywood Memphis TN LLC has bought 0.82 acres on the north side of Chelsea Avenue from two sellers for $312,856, filing a $1 million construction loan at the time of purchase.
Trustees of and for Golden Leaf Missionary Baptist Church and Golden Leaf M.B. Church Inc. sold 2434-2442 Chelsea Ave. and 1436 Oakwood St. for $300,000; and Marketplace Development LLC sold 1433 N. Hollywood St. for $12,856. The Chelsea/Oakwood deal closed Sept. 15; the North Hollywood deal closed Sept. 16.