200 South Parkway W.
Memphis, TN 38109

200 South Parkway W. • Memphis, TN 38109

Sale Amount: $15.9 million

Sale Date: Jan. 10, 2012

Buyer: G&E HC REIT II Memphis SNF LLC

Seller: Tennessee Property Associates LP

Details: An affiliate of Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT II Inc. has bought Parkway Health & Rehab Center at 200 South Parkway W. – one of two local nursing home purchases involving the real estate investment trust and totaling nearly $30 million. The other purchase was for Millington Healthcare Center (details below). Both deals closed Jan. 10.

G&E HC REIT II Memphis SNF LLC bought Parkway for $15.9 million from Tennessee Property Associates LP, which has a Roswell, Ga., address.

Parkway is a 40,884-square-foot, one-story nursing home built in 1995. It is on a 4.1-acre, L-shaped parcel along the north side of South Parkway West at Louisiana Street, in the Kansas Street Urban Renewal Area.

The Shelby County Assessor of Property’s 2011 appraisal is $2.9 million. Tennessee Property Associates LP bought the site in 2005 for $5.5 million.

5081 Easley St.
Millington, TN 38053

Sale Amount: $14 million

Sale Date: Jan. 10, 2012

Buyer: G&E HC REIT II Millington SNF LLC

Seller: West Point Road Associates LP

Details: In a transaction related to the purchase of Parkway Health & Rehab Center, G&E HC REIT II Millington SNF LLC, another affiliate of Grubb & Ellis Healthcare REIT II Inc., bought Millington Healthcare Center at 5081 Easley St. in Millington from West Point Road Associates LP for $14 million.

Millington Healthcare Center is a 32,257-square-foot, two-story facility built in 1992. It is on 1.75 acres on the west side of Easley just north of Navy Road.

The Shelby County Assessor of Property’s 2011 appraisal is $2.9 million. West Point Road Associates received the site via quitclaim in 2007.

3231 Paul R. Lowry Road
Memphis, TN 38109

Permit Costs: $10 million, $1 million

Project Cost: $80 million (construction cost)

Permit Date: Applied January 2011

Owner: Electrolux North America Cooking Products

Tenant: Electrolux North America Cooking Products

Contractor: W.G. Yates & Sons Construction Co.

Details: The general contractor for Electrolux North America Cooking Products’ Memphis plant has filed two building permit applications totaling $11 million with the city-county Office of Construction Code Enforcement.

W.G. Yates & Sons Construction Co. filed $10 million and $1 million applications for property at 3231 Paul R. Lowry Road in southwest Memphis’ Frank C. Pidgeon Industrial Park.

Further information was not available on the portion of the permit released to the public.

Electrolux broke ground on its Memphis facility in early October, and by the end of December had named W.G. Yates & Sons Construction Co. as its general contractor. Philadelphia, Miss.-based Yates has an office on Poplar Avenue.

Construction costs for the plant will total $80 million. Electrolux announced Jan. 17 it had awarded $15.3 million of that, with $14.5 million of the contracts – 94 percent – going to local firms and $6.3 million to minority-owned firms.

The company expects its Memphis plant, which will create more than 1,200 jobs, will be fully operational in 2014. It will manufacture built-in and specialty cooking products and is expected to turn out more than 700,000 ovens a year.

3085 Steele St. and 3158 Steele St.
Memphis, TN 38127

Sale Amount: $1.7 million

Sale Date: Jan. 12, 2012

Buyer: WI Memphis LLC

Seller: Mark Turner, trustee on behalf of The Maclellan Foundation Inc.

Loan Amount: $3.5 million

Loan Date: Jan. 12, 2012

Maturity Date: Jan. 31, 2017

Lender: The Maclellan Foundation Inc.

Details: Memphis-based WI Memphis LLC has bought the 259-unit Pleasant View apartment complex in Frayser for $1.7 million at a trustee’s foreclosure sale. The seller was Mark Turner, trustee, on behalf of The Maclellan Foundation Inc.

WI Memphis lists a local residential address in documents filed with the Shelby County Register of Deeds.

Pleasant View went into foreclosure after its former owner, Chattanooga-based UIGTN LLC, defaulted on a 2009 loan for $2.5 million through The Maclellan Foundation.

The Class D complex is comprised of two parcels on either side of Steele Road between Dellwood Avenue to the north and Whitney Avenue to the south. The west parcel, 3085 Steele, is 6.4 acres with 155 units built in 1973. The east parcel is 4 acres with 104 units built in 1975. The Shelby County Assessor of Property’s 2011 combined appraisal is $1.7 million.

UIGTN bought Pleasant View – then known as Overlook Apartments – at a 2009 foreclosure sale for $1.5 million. It was the second of three complexes, which together totaled 590 units, the company bought in Memphis in the span of less than a year.

UIGTN, a Chattanooga trio of partners whose name derives from the title of its management arm, Urban Investments Group LLC, entered the Memphis market in the summer of 2009 with the purchase of Willow Creek Apartments in Oakhaven. Overlook Apartments followed in October 2009. Then in April 2010, the partnership bought Woodbriar Apartment, also in Oakhaven.