VOL. 127 | NO. 192 | Tuesday, October 2, 2012
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Broadway Pizza Buys Building for East Memphis Expansion
By Eric Smith
627 S. Mendenhall Road Memphis, TN 38117
Sale Amount: $365,000
Sale Date: Sept. 13, 2012
Buyer: Ishee’s Broadway Pizza LLC
Seller: Ronald Wayne Austin and James A. Blaylock and Betty A. Blaylock, as Trustees of the James A. and Betty A. Blaylock Revocable Trust, Dated Oct. 29, 2003.
627 S. MENDENHALL ROAD • MEMPHIS, TN 38117
Loan Amount: $310,250
Loan Date: Sept. 13, 2012
Maturity Date: N/A
Lender: First Tennessee Bank NA
Details: Broadway Pizza will expand to East Memphis following the Ishee family’s recent purchase of the 3,600-square-foot building at 627 S. Mendenhall Road.
Ishee’s Broadway Pizza LLC on Sept. 13 paid $365,000 for the property from Ronald Wayne Austin and James A. Blaylock and Betty A. Blaylock, as Trustees of the James A. and Betty A. Blaylock Revocable Trust, Dated Oct. 29, 2003.
Built in 1963, the Class B retail building sits on 0.22 acres at the northwest corner of South Mendenhall and Poplar, behind the Belmont Grill. The property’s 2012 appraisal is $300,000, according to the Shelby County Assessor of Property.
The warranty deed in the Shelby County Register of Deeds lists multiple addresses for the property: 627 S. Mendenhall Road, 629 S. Mendenhall Road, 631 S. Mendenhall Road and 633 S. Mendenhall Road.
Broadway Pizza opened in 1977 and plans to keep open its restaurant at 2581 Broad Ave.
The Mendenhall building is occupied by Ratcliff’s Shoe Service and Give Yoga Memphis.
Ishee’s Broadway Pizza LLC filed a $310,250 loan through First Tennessee Bank NA in conjunction with the purchase. Denny and Dewana Ishee signed the trust deed as members of the buying entity.
4250 E. Shelby Drive
Memphis, TN 38118
Loan Amount: $2.3 million
Loan Date: July 10, 2012
Maturity Date: N/A
Borrower: Hollingsworth Capital Partners – Memphis LLC
Lender: First Century Bank
Details: Clinton, Tenn.-based Hollingsworth Capital Partners – Memphis LLC has filed a $2.3 million loan on the industrial property at 4250 E. Shelby Drive.
The company filed the loan through First Century Bank on July 10, but the Shelby County Register of Deeds didn’t process it until this week.
Built in 1986, the Class B, 585,535-square-foot warehouse sits on 32 acres at the northwest corner of the intersection of East Shelby Drive and Malone Road.
The facility has an appraised value of $8 million, according to the Shelby County Assessor of Property.
Hollingsworth Capital Partners acquired the former Wang’s International building in 2008 via a quitclaim deed from Southeast Office Partners LLC, 33. Hollingsworth filed a $6.4 million loan through First Century Bank at the time of acquisition.
In conjunction with that deal, Southeast Office assigned Hollingsworth its payment-in-lieu-of-taxes (PILOT) agreement with the city-county Industrial Development Board. The PILOT went into effect in September 2004 and has since expired.
2909 Chelsea Ave. and 2863 Chelsea Ave.
Memphis, TN 38108
Loan Amounts: $1.7 million; $1 million
Loan Dates: Sept. 21, 2012
Maturity Dates: N/A
Borrower: Three Star Leasing
Details: The owner of a pair of neighboring industrial facilities on Chelsea Avenue has filed two loans – a $1.7 million deed of trust and a $1 million line of credit – through IberiaBank.
Three Star Leasing filed the loans on 2909 Chelsea and 2863 Chelsea, both of which sit on the south side of Chelsea between Warford Street and the Canadian National Railway Co. rail line.
Fred Edmaiston signed both loans as general partner of Three Star Leasing. That entity is affiliated with Aircon Corp., a company that manufactures “airlocks, filter units, baghouses, cyclones, fans, blowers, ductwork and steel fabrication” at that locale, according to its website.
The 2909 Chelsea property includes 14,543 square feet of space in an office building and warehouse that were built in 1977 and sit on 5.01 acres. The 2012 appraisal is $309,800.
The 2863 Chelsea property includes 49,736 square feet in an office building and warehouse built in 1994 and sit on 7.87 acres. Its appraisal is $1.1 million.
34 Lots in Wolf River Ranch PD
Collierville, TN 38017
Loan Amount: $1.5 million
Loan Date: Sept. 20, 2012
Borrower: Crews Holdings LLC
Lender: Triumph Bank
Details: Crews Holdings has filed a $1.5 million loan through Triumph Bank on 34 lots in Wolf River Ranch Planned Development in Collierville.
Crews Holdings filed the loan Sept. 20; the financing includes an agreement from the bank to “grant a partial release for any lot sold with a payment to the lender of $64,000.”
The lots, most of which have a 2012 appraisal of $75,000 apiece, according to the Shelby County Assessor of Property, are in sections A and B of the development’s Areas D & E, Phase VI.
The subdivision’s Phase VI sits at the confluence of Shelton and Byhalia roads and Wolf River Boulevard.
BCCTT LLC, an entity owned by the four partners of Wolfby LP – Terry Dan, Terry Pagliari, Billy Perry and Charles “Chuck” Schadt – plus Charlie McCrory developed the 350-acre Wolf River Ranch.
Wolf River Ranch’s first phase began in 1997 and evolved into a subdivision called Saddlebrook. Subsequent phases have begun in the past decade with homes built by such local homebuilders as Terry and Terry Inc., Southern Serenity Homes LLC, John Worley Jr. Builders Inc., Hallmark Builders, Landon Homes LLC, Danny Tabrizi and Magnolia Homes.