VOL. 127 | NO. 177 | Tuesday, September 11, 2012
Memphis Real Estate Recap
Wilson Auto Group Affiliate Buys Byhalia Road Acreage
By Kate Simone
4.9 acres at Tenn. 385
And Byhalia Road
4.9 ACRES AT TENNESSEE 385 AND BYHALIA ROAD
Sale Amount: $1.4 million (Bumpus Properties); $625,000 (Boshwit Bros.)
Sale Date: Aug. 21, 2012
Buyer: Wilson Real Estate LLC
Seller: Bumpus Properties LLC (2.8 acres); Boshwit Bros. Mortgage Corp. (2 acres)
Loan Amount: $5.3 million
Loan Date: Aug. 23, 2012
Maturity Date: Aug. 23, 2017
Lender: JPMorgan Chase Bank NA
Details: An entity affiliated with Mississippi-based Wilson Auto Group has bought 4.8 acres at the northwest corner of South Byhalia Road and Tenn. 385 and filed a $5.3 million construction loan for the property.
Wilson Real Estate LLC, based in Flowood, Miss., bought 2.8 acres from Bumpus Properties LLC for $1.4 million and the remainder of the property from Boshwit Bros. Mortgage Corp. for $625,000. The Shelby County Assessor of Property’s combined 2012 appraisal is about $723,000.
JPMorgan Chase Bank provided the construction loan, which matures in August 2017.
Wilson Auto Group operates Wilson Hyundai and Wilson Kia in Flowood, as well as Wilson Premier Collection in Ridgeland, Miss.
315 Danny Thomas Place
Memphis, TN 38103
Permit Cost: $92.7 million
Permit Date: Applied September 2012
Owner/Tenant: St. Jude Children’s Research Hospital
Contractor: Flintco LLC
Details: St. Jude Children’s Research Hospital is moving ahead with expansion plans, filing a $92.7 million building permit application for an addition to the Chili’s Care Center at 315 Danny Thomas Place on the hospital’s campus.
The application, filed with the city-county Office of Construction Code Enforcement, lists the scope of work as a nine-story addition to the center, with Flintco LLC as the general contractor.
The state Health Services and Development Agency in August 2011 approved a $190 million tower next to the Chili’s Care Center. The tower, which is under construction, includes patient rooms, research facilities and a proton-beam therapy center used to treat inpatient and outpatient pediatric cancer patients.
3338 Summer Place Lane,
6082 Knightsbridge Road
And 3315 Hickory Hill Road
Sale Amount: $2 million (Emerald Park); $1.6 million (Emerald Square); $1.2 million (Emerald Pointe)
Sale Date: Aug. 28, 2012
Buyer: Emerald Properties LLC
Seller: Emerald Park Apartments LLC, Emerald Square LLC and Emerald Pointe LLC
Loan Amount: $4.8 million
Loan Date: Aug. 28, 2012
Maturity Date: Feb. 10, 2014
Lender: Planters Bank Inc.
Details: Clarksville, Tenn., entity Emerald Properties LLC has paid $4.8 million for three Hickory Hill apartment complexes that faced a series of legal troubles last year.
The purchases were made in three transactions. The 157-unit Emerald Park Apartments at 3338 Summer Place Lane was bought from Emerald Park Apartments LLC for $2 million; the 97-unit Emerald Square Apartments at 6082 Knightsbridge Road was bought from Emerald Square LLC for $1.6 million; and the 92-unit Emerald Pointe Apartments was bought from Emerald Pointe LLC for $1.2 million.
The complexes were built between 1973 and 1975, and the Shelby County Assessor of Property’s 2012 appraisals total $10.9 million.
The three complexes went into foreclosure in June 2011 after then-owner Emerald Apartment Group LLC defaulted on loans for each. Shortly thereafter, Emerald Apartment Group filed a lawsuit for fraud and intentional misrepresentation, claiming the defendants said occupancy and rent collection were higher than they actually were and that expenses were lower than they actually were.
The parties settled the lawsuit in July 2011 for an undisclosed sum, and Emerald Apartment Group sold the properties back to the Atlanta-based former owners.
4727 Pleasant Run Road
Memphis, TN 38118
Sale Amount: $905,000
Sale Date: Aug. 30, 2012
Buyer: Daco Corp.
Seller: Transport International Pool Inc.
Details: Memphis-based Daco Corp. has bought an 11,860-square-foot service garage at 4727 Pleasant Run Road, west of Lamar Avenue, for $905,000. The seller, Transport International Pool Inc., had owned the property since 1994.
Built in 1995, the garage is situated on 14 acres on the south side of Pleasant Run between Pleasant Hill Road and Lamar Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $836,600.
Daco, which is based at 5115 Highway 78, sells, leases and repairs tractor-trailers.