Raines Road Warehouse Sells for $2.3 Million

By Kate Simone

4049 E. Raines Road
Memphis, TN 38118


Sale Amount: $2.3 million

Sale Date: Aug. 3, 2012

Buyer: BCL-Memphis LLC

Seller: Progression Realty LLC

Details: A Class B warehouse in Airport Industrial Park has sold for $2.3 million, more than four times its price at a foreclosure sale two years ago. Northbrook, Ill.-based BCL-Memphis LLC bought the warehouse at 4049 E. Raines Road from Memphis-based Progression Realty, which paid $501,500 for it in August 2010.

The warehouse, which has more than 140,000 square feet, was built in 1973 and is situated on about 8.6 acres on the south side of East Raines between Pilot Drive to the west and Delp Street to the east.

The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million, down from a 2011 appraisal of $2.8 million.

2469 Elvis Presley Blvd.
Memphis, TN 38106

Sale Amount: $1.1 million

Sale Date: July 31, 2012

Buyer: Retail Property Investments LLC

Seller: Ware Properties LLC

Details: Retail Property Investments LLC, a subsidiary of Goodlettsville, Tenn.-based Dollar General Corp., has bought a newly built store on Elvis Presley Boulevard from the company that developed it.

RPI paid $1.1 million for the location at 2469 Elvis Presley, a 9,020-square-foot store built this year at the southwest corner of Elvis Presley Boulevard and East Alcy Road.

Coldwater, Miss.-based Ware is the exclusive developer of Dollar General stores in West Tennessee and North Mississippi. The company recently sold three other Memphis stores – 2939 Lamar Ave., 3429 Ramill Road and 2875 N. Houston Levee Road – to Retail Property Investments for a combined $3.2 million.

Dollar General operates more than 10,000 stores in 40 states. The company, which trades as DG on the New York Stock Exchange, announced in May it plans to open 625 stores in 2012. It also plans to remodel or relocate 550 stores and increase average square footage by 7 percent.

3569 Democrat Road
Memphis, TN 38116

Sale Amount: $1 million

Sale Date: July 31, 2012

Buyer: TMM LLC

Seller: RGT Foods Inc.

Loan Amount: $700,000

Loan Date: July 31, 2012

Maturity Date: Aug. 1, 2017

Lender: Synovus Bank

Details: TMM LLC of West Virginia has paid $1 million for the new Taco Bell at 3569 Democrat Road in Oakhaven.

The company bought the property in a special warranty deed from RGT Foods Inc., a Memphis-based franchisee of Taco Bell, Long John Silver’s, KFC and Pizza Hut fast-food restaurants in seven states.

Built this year, the 2,128-square-foot restaurant sits on 0.85 acres at the southwest corner of the intersection of Democrat and Lamar Avenue. The Shelby County Assessor of Property’s appraisal is $246,000.

In conjunction with the purchase, TMM filed a $700,000 loan through Synovus Bank. Michael W. Mason signed the trust deed as sole member/managing member for TMM.

RGT bought the vacant property for $362,000 in 1998 and filed a $676,108 building permit in April to build the restaurant.

3595 Millbranch Road
Memphis, TN 38116

Loan Amount: $2.5 million

Loan Date: Aug. 6, 2012

Maturity Date: n/a

Borrower: Winbranch Realty Partners LLC

Lender: Delta Community Credit Union

Details: The owners of Winbranch Apartments at 3595 Millbranch Road have financed the property with a $2.5 million leasehold loan through Delta Community Credit Union.

Winbranch Realty Partners LLC, an affiliate of New York-based Armstrong Capital Management LLC, bought the 460-unit, Class D property in 2010 for $2.4 million. The next year, the company entered into a 10-year payment-in-lieu-of-taxes incentive through the city’s Health, Educational and Housing Facility Board.

The 380,000-square-foot complex is situated on a 25-acre, V-shaped parcel south of Winchester Road, bounded by Millbranch to the east and Interstate 55 to the west. The Shelby County Assessor of Property’s 2012 appraisal is $3 million.

1940 W. Poplar Ave.
Collierville, TN 38017

Loan Amount: $2.2 million

Loan Date: July 31, 2012

Maturity Date: Sept. 1, 2016

Borrower: O&W Properties LLC

Lender: First Tennessee Bank NA

Details: O&W Properties LLC has financed a Class A medical office located in a historic Collierville residence for $2.2 million through First Tennessee Bank NA.

Now a branch of Integrity Oncology, the former home at 1940 U.S. 72 (West Poplar Avenue) was constructed in 1908 and is situated on 2.6 acres on the north side of West Poplar between South Houston Levee and Bailey Station roads.

O&W bought the property in 2004 for $1.6 million. After the purchase, its new owners, Dr. Earle Weeks and Dr. Suhail Obaji – then of Family Cancer Center – added a 10,000-square-foot research facility to the home, according to Integrity Oncology. Integrity opened in the location in 2010.

The Shelby County Assessor’s 2012 appraisal of the property, including the building that now totals 13,600 square feet, is $2.7 million.