VOL. 127 | NO. 250 | Monday, December 24, 2012
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Roberts Benchmark Hotel on Union Sells for $3.2 Million
By Eric Smith
164 Union Ave.
Memphis, TN 38103
Sale Amount: $3.2 million
Sale Date: Dec. 5, 2012
Buyer: MNR Hospitality LLC
Seller: RHG Memphis Hotel Inc.
164 Union Ave. • Memphis, TN 38103
Details: A Nashville investor has paid $3.2 million for the 120-room Roberts Benchmark Hotel at 164 Union Ave. in Downtown.
MNR Hospitality LLC bought the 103,152-square-foot hotel in a Dec. 5 warranty deed from RHG Memphis Hotel Inc. No financing was affiliated with the transaction.
Built in 1958, the hotel sits on roughly half an acre at the northwest corner of Third Street and Union, across from The Peabody hotel and AutoZone Park. The Shelby County Assessor of Property’s 2012 appraisal is $1.7 million.
The sellers of the Benchmark Hotel, formerly the Best Western Benchmark Hotel, dropped their affiliation with a brand name a couple years ago and put the property up for sale in 2011.
Operating under the name Metro Hotels Inc, RHG Memphis Hotel bought the hotel in 1994 for $1.5 million.
3443 Winchester Road, 3474 Winchester Road, 3649 Lake Park Drive, 6431 Arrowbrook
Memphis, TN 38118
Sale Amount: $1.7 million
Sale Date: Dec. 6, 2012
Buyer: JMC Memphis LLC
Seller: Investments Australia LLC
Details: An entity called JMC Memphis LLC has paid $1.7 million for the 496-unit Somerset Park Apartment Homes in Oakhaven.
It bought the apartment complex in a Dec. 6 special warranty deed from Hollywood, Fla.-based Investments Australia LLC.
The apartment complex’s four parcels are 3443 Winchester Road, 3474 Winchester Road, 3649 Lake Park Drive and 6431 Arrowbrook, according to the Shelby County Assessor of Property.
Built in 1972, the Class D complex contains more than 500,000 square feet and sits on 24.45 acres on the south side of Winchester Road, just east of its intersection with Tchulahoma Road. It has a combined 2012 appraised value of $2.2 million, according to the assessor.
The complex’s largest parcel is 6431 Arrowbrook, which contains 196 units and 200,400 square feet in multiple buildings that sit on 10.92 acres, and has an appraised value of $924,000. Next is the 3649 Lake Park Drive parcel, which sits on 7.17 acres, has 160 units and 179,980 square feet with an appraised value of $651,000.
The 3443 Winchester Road parcel sits on 3.9 acres, has 72 units and 70,200 square feet with an appraised value of $347,100. And the 3474 Winchester Road property sits on 2.46 acres, has 44 units and 40,396 square feet with an appraised value of $252,000.
Investments Australia acquired the property near Memphis International Airport last year for $1.1 million from CMPTC Series 2005-C6 Somerset Park LLC.
James G.M. Lenschau, a director with the Memphis office of Martin Tate Morrow & Marston PC, signed the articles of organization for JMC Memphis.
135 N. Pauline St.
Memphis, TN 38103
Sale Amount: $2.2 million
Sale Date: Dec. 14, 2012
Buyer: Shelby County Health Care Corp.
Seller: Kessler/Berwyn Medical LLC – Tennessee Series, Chicago/Pauline Holdings LLC and 135 N. Pauline Properties LLC
Details: The Regional Medical Center at Memphis has closed on its $2.2 million purchase of two buildings at 135 N. Pauline St. as part of its expansion.
Operating as Shelby County Health Care Corp., The MED bought an 82,216-square-foot, six-story building and a neighboring 10,372-square-foot facility Dec. 14 from Kessler/Berwyn Medical LLC – Tennessee Series, Chicago/Pauline Holdings LLC and 135 N. Pauline Properties LLC.
The buildings, which are on the west side of Pauline Street between Poplar and Jefferson avenues near The MED’s campus, will be used as office space for the growing organization.
The MED recently paid $3.4 million for acreage in East Memphis where it will build an outpatient facility.
Built in 1967, the larger of the two buildings sits on 2.77 acres and has an appraised value of $2.3 million, according to the Shelby County Assessor of Property. The other building was built in 1988 and has an appraised value of $452,800.
656 S. Highland St.
Memphis, TN 38111
Loan Amount: $1.1 million
Loan Date: Dec. 14, 2012
Maturity Date: N/A
Borrower: DCTN3 328 Highland Memphis TN LLC
Lender: Paragon National Bank
Details: Texas-based DCTN3 328 Highland Memphis TN LLC has filed a $1.1 million loan through Paragon National Bank on its Family Dollar store at 656 S. Highland St.
It bought the 8,505-square-foot store, which is leased to Family Dollar Stores of Tennessee Inc., in January for $1.3 million from Marketplace Development LLC.
In conjunction with the purchase, DCTN3 328 Highland had filed a $940,900 trust deed through Bank of the Ozarks.
That transaction came one week after related entity DCTN3 330 Highway 61 Memphis TN LLC bought a Family Dollar site at 3390 U.S. 61 (South Third Street) from Marketplace Development for $1.1 million. (See above for details.)
Built in 2011, the 8,505-square-foot Class B building is on 0.6 acres at the northeast corner of South Highland Street and Spottswood Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $974,900.
Marketplace Development bought the property in October 2010 from Circle K Stores Inc. At the time, a 1,012-square-foot vacant Circle K store was on the fenced-in lot.
A build-to-suit Family Dollar store was planned for the site when Marketplace bought it.