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VOL. 126 | NO. 173 | Tuesday, September 6, 2011

Villages at Harrison Creek Apts. Sell out of Foreclosure

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3855 Jackson Ave.
Memphis, TN 38128
Sale Amount: $3.9 Million

3855 Jackson Ave. • Memphis, TN 38128

Sale Date: Aug. 26, 2011

Buyer: JK Financial LLC and SK Financial LLC

Seller: Gregory D. Cotton, substitute trustee

Details: The Villages at Harrison Creek apartment complex at 3855 Jackson Ave. in Raleigh sold Aug. 26 for $3.9 million in a substitute trustee’s deed following a foreclosure of the property.

A pair of entities, JK Financial LLC and SK Financial LLC, bought the complex in three parcels from attorney Gregory D. Cotton, who was appointed substitute trustee Aug. 2.

The previous owner, Harrison Creek LLC, an affiliate of St. Louis-based Kohner Properties Inc., defaulted on a $7.3 million loan through Mortgage Electronic Registration Systems Inc. dated Dec. 14, 2004.

The 382-unit Villages at Harrison Creek apartment complex sits on the east side of Jackson Avenue a little south of its junction with Interstate 40.

While the Shelby County Register of Deeds lists the property’s address as 3855 Jackson Ave., the Shelby County Assessor lists it as 3807 Jackson Ave., 3923 Jackson Ave. and 3881 Jackson Ave.

The largest of these is the 3807 Jackson Ave. address. The 6.76-acre parcel contains 208 apartment units in 154,984 square feet. This phase was completed in 1964 and has a 2011 appraised value of $1.4 million.

The 3923 Jackson Ave. parcel is 2.85 acres and contains 98 units in 63,206 square feet. The phase was completed in 1966 and has an appraised value of $849,300.

Last, the 3881 Jackson Ave. parcel is 2.58 acres and contains 76 units in 45,168 square feet. The phase was completed in 1964 and has an appraised value of $566,200.

7161-7221 U.S. 64
Memphis, TN 38133
Sale Amount: $2 Million

Sale Date: Aug. 9, 2011

Buyer: Aerl LLC

Seller: Countryside Center Partnership

Details: An Iowa company called Aerl LC has bought the Countryside Center strip mall on U.S. 64 from Countryside Center Partnership for $2 million.

Aerl bought the 36,112-square-foot, Class A retail center Aug. 9 from a partnership whose representatives include Vickie H. Thomas and Maurice B. Buring.

Built in 1995, the center sits on 3.84 acres along the south side of U.S. 64, also known as Stage Road, near its intersection with Dromedary Drive.

Its address is listed by the Shelby County Assessor of Property as 7221 Highway 64 and by the Shelby County Register of Deeds as 7161-7221 U.S. 64.

The assessor’s 2011 appraisal is $4 million.

Countryside is anchored by Dollar General, which occupies 9,963 square feet on the east side of the center, according to a listing on LoopNet.

Other tenants include Palm Beach Tan, Subway, Budget Car Rental and Continental Cleaners, and seven bays totaling 12,916 square feet are available for lease, according to LoopNet.

6029 Walnut Grove Road
Memphis, TN 38120
Permit Amount: $1 Million

Project Cost: $1 million

Permit Date: Applied September 2011

Completion: N/A

Owner: Baptist Memorial Health Care Corp.

Tenant: DaVita Inc.

Contractor: N/A

Architect: N/A

Details: DaVita Inc. has filed a $1 million permit with the city-county Office of Construction Code Enforcement for a dialysis center at 6029 Walnut Grove Road on the campus of Baptist Memorial Hospital-Memphis.

The permit lists a tenant build-out of 12,446 square feet for DaVita, a Denver-based kidney care company that provides dialysis services for patients with chronic kidney failure and end stage renal disease.

According to the permit, the DaVita center will be housed in Baptist’s 108,955-square-foot building on the northeast corner of the hospital’s campus at Walnut Grove and Humphreys Boulevard in East Memphis.

DaVita operates 15 dialysis centers in the Memphis area that provide a variety of services. The company operates 1,500 outpatient facilities and 700 acute hospital units in the U.S. It employs 34,000 and treats approximately 118,000 kidney patients, according to its website..

3429 Ramill Road
Memphis, TN 38128
Loan Amount: $912,000

Loan Date: Aug. 29, 2011

Maturity Date: N/A

Borrower: Ware Properties Inc.

Lender: Sycamore Bank

Details: Ware Properties LLC has filed a $912,000 construction loan through Sycamore Bank to build a Dollar General store at 3429 Ramill Road in Raleigh.

Coldwater, Miss.-based Ware is the exclusive developer of Dollar General stores in West Tennessee and North Mississippi. Typically, Dollar General builds 9,000-square-foot stores that sit on slightly more than an acre of land.

The company recently bought two parcels for the store. It will build on the sliver of vacant land between Ramill and Raleigh-Millington roads just south of Yale Road.

Ware Properties paid $170,000 for a 1.94-acre parcel from Riche Hulon Herschel. The land’s 2011 appraisal is $20,000, according to the Shelby County Assessor of Property.

And Ware paid $112,500 for a 2-acre parcel from Dorothy R. Patrick and James H. Patrick Sr. The land’s appraised value also is $20,000, according to the assessor.

Ware Properties in August filed a $367,625 permit with the city-county Office of Construction Code Enforcement to build the retail space.

Goodlettsville, Tenn.-based Dollar General Corp. has 26 stores in Memphis.

PROPERTY SALES 91 293 13,051
MORTGAGES 58 168 8,171
BUILDING PERMITS 99 744 30,678
BANKRUPTCIES 34 156 6,220