VOL. 127 | NO. 153 | Tuesday, August 7, 2012
Memphis Real Estate Recap
Grant Entity Files $20M Loan For Collierville Construction
By Kate Simone
25 acres north
Of Shea Road
NORTH SIDE OF SOUTH SHEA ROAD • COLLIERVILLE, TN
Loan Amount: $20.4 million
Loan Date: July 31, 2012
Maturity Date: Aug. 1, 2017
Borrower: Westbrook Crossing GP
Lender: Magna Bank
Details: Westbrook Crossing GP, a partnership comprised of Milton and Ruth Grant, has filed a $20 million construction loan to build adjacent to the FedEx World Technology Center in Collierville.
The 25-acre parcel, which Westbrook received via quitclaim from Grant Properties LLC, is on the north side of South Shea Road, northeast of the intersection of South Houston Levee Road and Bill Morris Parkway.
Grant Properties bought the land in 2007 for $2 million, or $80,000 an acre. The Shelby County Assessor of Property’s 2012 appraisal is $462,800.
Milton Grant is part of the Grant family of homebuilders.
Collierville, TN 38017
Loan Amount: $40 million
Loan Date: July 27, 2012
Maturity Date: n/a
Borrower: G&I VII Retail Carriage LLC
Lender: Wells Fargo Bank NA
Details: The new owners of Collierville lifestyle center Carriage Crossing have filed a $40 million loan for the property through Wells Fargo Bank.
G&I VII Retail Carriage LLC, a partnership between an affiliate of Memphis-based Poag Lifestyle Centers and an affiliate of New York-based registered investment adviser DRA Advisors, bought the 60-acre center – formerly known as The Avenue at Carriage Crossing – from Cousins Properties Inc. in May. Though terms of the deal were not disclosed at the time, $55 million in warranty deeds were later filed with the Shelby County Register of Deeds.
Developed by Cousins Properties and Jim Wilson & Associates LLC, Carriage Crossing opened in 2005, bringing the open-air shopping and dining concept to Collierville. The center, which totals more than 700,000 square feet, continually ranks as one of Shelby County’s most valuable properties, as appraised by the Shelby County Assessor.
175 Peabody Place and
149 Peabody Place
Memphis, TN 38103
Loan Amount: $15 million
Loan Date: July 25, 2012
Maturity Date: n/a
Borrower: FWH Memphis Beale Street LLC
Lender: Magna Bank
Details: Fairwood Investors, the entity that acquired Hampton Inn & Suites Memphis-Beale Street in early 2010, has filed a $15 million leasehold loan through Magna Bank for the hotel and adjacent parking garage.
Completed in 2000, the 144-room Hampton is at 175 Peabody Place, at the southwest corner of the intersection of Peabody Place and South Third Street. The garage is adjacent to the west. The Shelby County Assessor’s 2012 appraisal for the two properties totals $17.5 million.
Fairwood, which financed the properties under the name FWH Memphis Beale Street LLC, leases the hotel from Memphis City Center Revenue Corp. through a payment-in-lieu-of-taxes agreement. Fairwood leases the garage from Peabody Place LP.
In late June, Fairwood LLC signed an agreement to acquire The Peabody Little Rock hotel, complete a multimillion-dollar renovation and rebrand the property.
2.7 acres on
Sale Amount: $1.4 million
Sale Date: July 27, 2012
Buyer: Greer Land Co.-Restaurants LLC
Seller: South Bellevue Corp.
Loan Amount: $3.2 million
Loan Date: July 19, 2012
Maturity Date: September 2018
Lender: Paragon National Bank
Details: Greer Cos., the largest franchisee of Cheddar’s Casual Cafe, has bought 2.7 acres at the southwest corner of North Germantown Parkway and Bellevue Parkway in Cordova.
Working as Greer Land Co.-Restaurants LLC, the company paid $1.4 million for the site, which is part of 8.7 acres seller South Bellevue Corp. bought in 2006.
Lexington, Ky.-based Greer Land Co. filed a $3.2 million construction loan through Paragon National Bank at the time of purchase. The company in January applied for a $950,000 building permit for the site.
Cheddar’s opened its first Memphis location, 7864 Winchester Road in Centennial Commons, several months ago.