VOL. 127 | NO. 168 | Tuesday, August 28, 2012
Memphis Real Estate Recap
McDonald’s Buys Lamar Retail Center for $850,000
By Eric Smith
2342 Lamar Ave.
Memphis, TN 38114
2342 Lamar Ave • Memphis, TN 38114
Sale Amount: $850,000
Sale Date: Aug. 17, 2012
Buyer: McDonald’s Real Estate Co.
Seller: Mahmood M. Murshed
Details: McDonald’s Real Estate Co. has paid $850,000 for a strip shopping center at the intersection of Lamar Avenue, South Trezevant Street and Deadrick Avenue in the Defense Depot area.
The Oak Brook, Ill.-based fast food giant bought the property Aug. 17 from Mahmood M. Murshed. No financing was associated with the transaction.
The Shelby County Register of Deeds and the Shelby County Assessor of Property each list the property as 2342 Lamar Ave., but the warranty deed shows it as 2340-2352 Deadrick Ave. and 1468-1478 S. Trezevant St.
Sitting just east of the intersection of Lamar and Airways Boulevard, the 0.86-acre property contains a 15,986-square-foot Class D strip shopping center built in 1945. The assessor’s 2012 appraised value is $313,600.
Murshed acquired the property through a quitclaim in 2008 from Adam M. Murshed, who paid $285,000 for it earlier that year.
16.9 Acres on Tournament Drive
Memphis, TN 38125
Sale Amount: $1 million
Sale Date: Aug. 19, 2012
Buyer: Fieldstone Apartments III Co.
Seller: William B. Clark Jr., Trustee of the Ben Clark Agricultural Trust No. 1, and William B. Clark. Jr., Trustee of the Nick Clark Business Trust No. 1
Details: Fieldstone Apartments III Co. has paid $1 million for almost 17 acres of vacant land on Tournament Drive in Southeast Memphis for a new apartment phase.
The company will build a 102-unit apartment complex on the land. It’s the third phase for Fieldstone, which uses the address 3333 Hacks Cross Road and is affiliated with Michael Lightman Realty Co.
Fieldstone bought the property – which is part of a larger parcel – Aug. 19 in a special warranty deed from William B. Clark Jr., Trustee of the Ben Clark Agricultural Trust No. 1, and William B. Clark. Jr., Trustee of the Nick Clark Business Trust No. 1.
The site of the complex is at Tournament Drive’s intersection with Hacks Cross Road, north of Winchester Road.
Fieldstone Apartments in June filed a $7.5 million building permit application with the city-county Office of Construction Code Enforcement for 7986 Tournament Drive.
Memphis-based Patton & Taylor Construction Co. is the general contractor for the project; no architect is listed on the application.
4921 Winchester Road
and 4945 Winchester Road
Memphis, TN 38118
Sale Amount: $1 million
Sale Date: Aug. 14, 2012
Buyer: Nueva Vida Assembly of God Church
Seller: States Resources Corp.
Loan Amount: $820,000
Loan Date: Aug. 17, 2012
Maturity Date: N/A
Lender: States Resources Corp.
Details: The Nueva Vida Assembly of God Church has paid $1 million for the church/school campus at 4921 Winchester Road and 4945 Winchester Road.
The church bought the properties, which sit on the south side of Winchester west of Clearbrook Street, Aug. 14 from States Resources Corp. of Omaha, Neb.
The 4921 Winchester property is an 8.8-acre parcel containing a 35,050-square-foot warehouse building used as a gymnasium, according to the Shelby County Assessor of Property, whose 2012 appraisal is $1.3 million. The 1985 building sits on an L-shaped parcel that includes a football field.
The 4945 Winchester site is a roughly 2.5-acre property containing a 29,948-square-foot church building built in 1960 that is used as a gymnasium, according to the assessor, whose 2012 appraisal is $1.1 million.
Both properties went into foreclosure in 2008 before ending up with States Resources, which bought them the following year in successor trustee’s deeds for $392,279 (4921 Winchester) and $694,412 (4945 Winchester).
7140 E. Shelby Drive
Memphis, TN 38125
Sale Amount: $1.2 million
Sale Date: Aug. 15, 2012
Buyer: Storch Realty Memphis LLC
Seller: Marketplace Development LLC
Details: Storch Realty Memphis LLC has paid $1.2 million for the Family Dollar store at 7140 E. Shelby Drive in Southeast Memphis.
Storch Realty, which lists a Great Neck, N.Y., address, bought the property Aug. 15 from local Family Dollar developer Marketplace Development LLC in a special warranty deed.
The Shelby County Register of Deeds lists the address as 7140 E. Shelby Drive, while the Shelby County Assessor of Property doesn’t have a street address for the property; its 2012 appraisal of the entire parcel is $218,700.
J. Wise Smith signed the warranty deed as manager of Marketplace Development, which bought the land for $250,000 from a host of sellers in February and developed it into a Family Dollar.
The company filed a $500,000 permit with the city-county Office of Construction Code Enforcement last December to build the store.
Although no building information is listed on the assessor’s site, LoopNet shows the property contains an 8,000-square-foot Family Dollar retail store that was listed for slightly more than $1.2 million and categorized as being “in contract.”