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VOL. 127 | NO. 241 | Tuesday, December 11, 2012


Hickory Hill Warehouse Sells for $15.7 Million

By Eric Smith

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6380 Holmes Road Memphis, TN 38141

Sale Amount: $15.7 million

Sale Date: Dec. 5, 2012

Buyer: IIT Chickasaw LLC

Seller: Industrial Property Fund VI LLC

Details: An affiliate of Denver-based Industrial Income Trust has paid $15.7 million for the 437,740-square-foot warehouse at 6380 Holmes Road in Hickory Hill.

6380 Holmes Road • Memphis, TN 38141

The entity known as IIT Chickasaw LLC bought the industrial property in a Dec. 5 special warranty deed from Industrial Property Fund VI LLC, an affiliate of Atlanta-based Industrial Developments International Inc.

Built in 2004, the Class A warehouse facility sits on 21.76 acres in the Chickasaw Distribution Center at the northwest corner of Holmes and Crumpler roads. The Shelby County Assessor of Property’s 2012 appraisal is $12.2 million.

The purchase marked Industrial Income Trust’s second Memphis acquisition this year. The company in July bought an 890,000-square-foot industrial portfolio in Southeast Memphis from CRP Holdings B LP for $24.3 million.

Prior to this recent sale, the city-county Industrial Development Board quitclaimed the property to Industrial Property Fund VI, which owned the building through the IDB’s payment-in-lieu-of-taxes (PILOT) program.

1945 Sycamore View Road
Memphis, TN 38134

Loan Amount: $4.3 million

Loan Date: Nov. 30, 2012

Maturity Date: Dec. 1, 2022

Borrower: Village of Sycamore Ridge Apartments LLC

Lender: Magna Bank

Details: The owner of the Village of Sycamore Ridge – a 114-unit apartment community at 1945 Sycamore View Road near Bartlett – has filed a $4.3 million multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) on the property.

Village of Sycamore Ridge Apartments LLC, an affiliate of Salt Lake City-based Property Asset Management Inc., filed the loan Nov. 20 through Magna Bank.

Built in 1973, the Class C apartment complex has 148,852 square feet and sits on 15.1 acres on the west side of Sycamore View Road between Summer Avenue and Raleigh LaGrange Road. The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million.

Its visibility on Sycamore View Road and immediate access to Interstate 240 give the complex daily traffic counts of more than 35,000, according to CB Richard Ellis Memphis, which represented the previous owner, Chicago-based TVO Sycamore LLC, in its $3.4 million sale last year to Property Asset Management.

The property’s amenities include three swimming pools, bike/walking trails around a lake, wood-burning fireplaces, private patios, and washer and dryer connections in every unit.

2893 Getwell Road
Memphis, TN 38118

Sale Amount: $2.2 million

Sale Date: Nov. 19, 2012

Buyer: Memphis Heights LLC

Seller: LEDIC Management Group LLC (court-appointed receiver for California Bank & Trust)

Details: The Kensington Manor Apartments at 2893 Getwell Road in Oakhaven have sold for $2.2 million to a Miami Beach, Fla., entity called Memphis Heights LLC.

Following a host of financial woes including foreclosure and bankruptcy, the property sold Nov. 19 in a special warranty deed with LEDIC Management Group LLC acting as court-appointed receiver for California Bank & Trust and the seller.

Kensington Manor is a 545,790-square-foot, 570-unit multifamily complex on 29.19 acres along the west side of Getwell Road between American Way and Knight Arnold Road.

Built in 1973, the Class D property has an appraised value of $3.1 million, according to the Shelby County Assessor of Property’s 2012 data.

An alternate address for the complex is 3836 Chippewa Road, according to a LoopNet listing that also shows the property containing 559 units and 525,280 square feet.

Jeffrey Ezekiel, CFO for Memphis-based LEDIC, signed the warranty deed.

In July 2009, the apartment complex was foreclosed when its Irving, Texas-based owner, Tennessee Bay Kensington Manor LP – whose partners are James Goody, Brian Printz and Jonathan Goody – defaulted on a $12.3 million loan through Vineyard Bank NA and dated Sept. 24, 2007.

According to the warranty deed, “On Sept. 14, 2012, the (Shelby County Chancery) Court entered an order … authorizing the Receiver to sell the Property ... .”

2324 N. Germantown Parkway
Memphis, TN 38016

Sale Amount: $1.5 million

Sale Date: Oct. 31, 2012

Buyer: Sang Ki Yoon and Kyung Hwa Yoon

Seller: Seung Woo Choi, surviving widow of Ki Chon Choi

Loan Amount: $1.3 million

Loan Date: Oct. 31, 2012

Maturity Date: N/A

Lender: First Intercontinental Bank

Details: The Shogun Japanese Steakhouse at 2324 N. Germantown Parkway in Cordova has traded hands for $1.5 million.

Sang Ki Yoon and Kyung Hwa Yoon, doing business as Shogun Japanese Steakhouse, bought the 7,650-square-foot restaurant in an Oct. 31 special warranty deed from Seung Woo Choi, surviving widow of Ki Chon Choi.

Though the property sold in October, the Shelby County Register of Deeds didn’t process the transfer until last week.

Built in 1999, the restaurant sits on 1.5 acres along the east side of Germantown Parkway near its intersection with Varnavas Drive. The Shelby County Assessor of Property’s 2012 appraisal is $1.7 million.

PROPERTY SALES 51 333 19,446
MORTGAGES 68 383 22,433
BUILDING PERMITS 138 688 40,004
BANKRUPTCIES 34 238 12,486