VOL. 127 | NO. 207 | Tuesday, October 23, 2012
Brought to you by
Case Management Buys Airport-Area Office Building
By Eric Smith
3171 Directors Row Memphis, TN 38116
Sale Amount: $1.3 million
Sale Date: Sept. 28, 2012
Buyer: Case Management Inc.
Seller: Directors Memphis LLC
Loan Amount: $1.3 million
3171 Directors Row, Memphis, TN 38116
Loan Date: Sept. 27, 2012
Maturity Date: N/A
Lender: Hope Federal Credit Union
Details: Memphis-based Case Management Inc. has paid $1.3 million for the 55,004-square-foot, four-story office building at 3171 Directors Row in Whitehaven.
The company, which provides outpatient case management services to the mentally ill in the Memphis and Shelby County area, bought the building Sept. 28 from Tacoma, Wash.-based Directors Memphis LLC.
Built in 1973, the Class C office building sits on 2.53 acres along the west side of Directors Row near its intersection with East Brooks Road and directly west of Memphis International Airport. The Shelby County Assessor of Property’s 2012 appraisal is $526,900.
The buyer filed a $1.3 million loan through Hope Federal Credit Union. Florence Hervery signed the trust deed as CEO of Case Management.
1265 Riverside Blvd.
Memphis, TN 38106
Loan Amount: $1.3 million
Loan Date: Oct. 2, 2012
Maturity Date: Oct. 5, 2022
Borrower: Pearl River Properties LLC
Lender: First Capital Bank
Details: Pearl River Properties LLC, the owner of the 33,500-square-foot warehouse at 1265 Riverside Blvd. near the entrance to Presidents Island, has filed a $1.3 million loan on the property.
The company, which bought the industrial facility in December 2007 from Sims Properties LLC for $1.8 million, filed the loan Oct. 2 through First Capital Bank.
Built in 2004, the Class B warehouse sits on four acres at the northwest corner of Riverside Boulevard and West Trigg Avenue. The property contains two adjoined buildings.
The Shelby County Assessor of Property’s 2012 appraisal is $1.2 million.
Eileen Liu and Feiyu Chen signed the trust deed on behalf of Pearl River Properties.
4014 Outland Road
Memphis, TN 38118
Loan Amount: $3.1 million
Loan Date: Aug. 28, 2012
Maturity Date: N/A
Borrower: UTSI Finance Inc.
Lender: Comerica Bank
Details: UTSI Finance Inc., the owner of an intermodal yard at 4014 Outland Road in Oakhaven, has filed a $3.1 million deed of trust, assignment of leases and security agreement on the property.
The company, an entity related to Warren, Mich.-based transportation service provider Universal Truckload Services Inc., filed the loan through Comerica Bank in August, although the Shelby County Register of Deeds didn’t process the deed until this week.
UTSI is parent of Mason Dixon Intermodal, which operates the 4014 Outland Road facility. The company’s four parcels on which it filed the loan total 35.58 acres along the east side of Outland, between Winchester and East Raines roads.
All four parcels are in the Raines Road Distribution Center subdivision and have a combined appraised value of $1.2 million, according to the Shelby County Assessor of Property.
UTSI bought the parcels in 2010 from Christopher R. Folk, trustee, under Christopher R. Folk Revocable Living Trust, dated Nov. 16, 2004.
Folk and Lawrence Trine III founded Assure Intermodal in 2002. Mason Dixon Intermodal bought that company in 2006 as its foray into the Memphis market.
3060 N. Germantown Road
Bartlett, TN 38133
1831 Getwell Road
Memphis, TN 38111
Loan Amounts: $9.5 million and $1.3 million
Loan Dates: Oct. 5, 2012
Maturity Dates: N/A
Borrower: JWE ACE LLC
Lender: Bank of America NA
Details: Duluth, Ga.-based JWE ACE LLC has filed loans for $9.5 million and $1.3 million, respectively, for the auto dealerships at 3060 N. Germantown Road in Bartlett and 1831 Getwell Road in Memphis.
The company filed both loans Oct. 5 through Bank of America NA.
JWE ACE opened the Infiniti of Memphis dealership at 3060 N. Germantown Road last year.
The property contains a 30,717-square-foot building on 9.8 acres along the east side of Germantown Road, just north of U.S. 64 in the Wolfchase area. The Shelby County Assessor of Property’s 2012 appraisal is $5.4 million.
Built in 1990, the 24,383-square-foot Wynn Automotive dealership at 1831 Getwell Road sits on 6.3 acres at the intersection of Getwell and Interstate 240. The assessor’s 2012 appraisal is $2.3 million.
That Getwell site was formerly Infiniti of Memphis before the owner bought the Wolfchase land and built the new dealership.
Anna C. Ellis signed the trust deeds as chief manager of JWE ACE.